Ms. Do Thi Thuy Lien (39 years old, from Hung Yen) said that due to the need for housing, the couple has been looking for a house since June 2024. However, due to the high price of land and apartments, the couple has not dared to decide and is waiting any longer.
For nearly 6 months, many brokers have called to come see the property, but Lien and her husband were not interested.
According to Ms. Lien, a few days ago, a broker called to say that the market has cooled down. Many houses and land are being sold by owners who are “giving in” to get rid of their properties.
“After hearing the broker say that house prices had dropped, my husband and I went to see a few houses in Hoang Mai district. Some houses were listed for sale with prices reduced by more than VND100 million, and some were even reduced by nearly VND200 million.
However, I learned that those houses were previously sold at prices much higher than the market price. Currently, my family is still considering waiting a little longer for the price to drop further," said Ms. Lien.
According to Lao Dong's research, on some real estate listing sites, it can be seen that apartment prices in November and December 2024 in Hanoi are starting to slow down, even decreasing slightly.
For example, an apartment in a building in Nam Tu Liem district, in October 2024, was commonly advertised for sale at around 68 million VND/m2, by the end of December 2024, it had dropped to around 65 million VND/m2.
Not only apartments, real estate in Hanoi also shows signs of cooling down. According to many real estate brokers, the end of the year is the time when many customers want to buy houses for Tet, so homeowners who want to sell their properties will be forced to reduce the selling price to attract customers.
Mr. Tran Van Duc, a long-time real estate broker in Hanoi, said that every year, at the end of the year, many homeowners who want to recover cash flow or are under pressure to pay off debts will deeply reduce prices to easily sell their houses.
Since the beginning of November, he has received information about house price reductions from many places, most of the houses have a reduction of 100 - 200 million VND.
For example, a 4-storey, 30m2 house in a 2m alley in Co Nhue (Bac Tu Liem district) was previously offered for sale at 4.7 billion VND, now reduced to 4.5 billion VND. Or 2 5-storey, 25m2 houses in Dong Da district were offered for sale at 5 billion VND in October, now reduced to 4.85 billion VND by the owner.
"Most apartments that were offered for sale a long time ago but still cannot be sold, by the end of the year, the owner will usually lower the price to push the goods out. Because after Tet every year is a quiet period for the market, it takes about 2-3 months for transactions to start coming back" - Mr. Duc said.
According to real estate experts, to cool down housing prices, it is necessary to solve the problem of the gap between supply and demand in the market. In fact, the apartment market in Hanoi is gradually relieving the "thirst" for a shortage of housing supply.
Recently, a social housing project with more than 460 apartments in Uy No commune, Dong Anh district was started and is expected to be completed in October 2026.
In early December 2024, another social housing project in the new urban area of Ha Dinh (Thanh Tri district) was implemented. According to the plan, this social housing area will have 440 apartments in a 25-storey building.
Previously, at the end of November, CT1 apartment building with nearly 600 apartments in the social housing area in Thuong Thanh ward, Long Bien district was granted a construction permit.
