According to a survey by Lao Dong Newspaper reporters, apartment prices in the suburbs of Hanoi are also climbing, not far behind those in the central area. For example, in the Dong Anh area, apartments at the Masteri Grand Avenue project in Dong Hoi commune (Dong Anh, Hanoi) are being sold at a price of 100-120 million VND/m2. A 74m2 apartment in this project is being sold for 8.3 billion VND, equivalent to 112.16 million VND/m2.
Or the project in Gia Lam (Hanoi), the apartment at The Senique Hanoi is also being sold at a price of more than 80 million VND/m2. Brokers at this project said that there is a 96.8m2 apartment with 3 bedrooms for sale at 7.9 billion VND, equivalent to 81.61 million VND/m2.
In Long Bien, apartments in the Sunshine Green Iconic project are being sold at prices ranging from 60-79 million VND/m2. According to PropertyGuru Vietnam, the selling price at this project has increased by 36.6% over the past year (from Q3/2023 - Q3/2024).
Even used apartments in these areas have increased in price following the market. Apartments at Thang Long Capital are fluctuating around 43-55 million VND/m2; Gemek Tower project is priced at around 42-50 million VND/m2...
According to One Housing data, the average selling price of primary apartments in Hanoi has increased for 11 consecutive quarters, from VND40 million/m2 in early 2022 to about 72 million VND/m2 in the third quarter of 2024. This increase is mainly due to the high-end and luxury segments accounting for the majority of the market share. Even in areas far from the center such as Long Bien district, Gia Lam district... the price offered by investors is also from 62 million VND/m2.
According to this unit, new apartment prices are climbing in the suburbs even though supply has become less scarce. The primary market in the third quarter alone increased by more than 200% year-on-year, reaching nearly 8,700 units, but was concentrated in new subdivisions and projects in the West (Nam Tu Liem district, Hoai Duc district, Quoc Oai district...) and the East.
Assessing the apartment segment, Ms. Nguyen Hoai An - Senior Director of CBRE Vietnam - said that most of the newly launched projects are located in existing urban areas with high prices. In addition, the high selling prices are partly due to the large investment demand, and cash flow is still pouring into products serving real housing needs in the center. Therefore, market liquidity is still maintained positively.
According to Dr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association, to reduce apartment prices in Hanoi, it is necessary to make efforts to speed up the progress of social housing construction projects. Proactively regulate supply by effectively using planning tools, adjusting planning, and allocating more clean land funds to help investors implement social housing projects as soon as planning is established.
In the long term, to stabilize the price of apartments in particular and housing products in general, there needs to be strong participation from the State. In particular, it is necessary to continue promoting the development of transport infrastructure, shortening the travel time from satellite areas to the city center, and the supply from the suburbs will reduce housing prices.
