According to Onehousing Center for Market Research and Customer Insight, updated to the fourth quarter of 2024, the supply of newly opened apartments in Hanoi for the whole year of 2024 will reach about 35,000 units, higher than the previous forecast of 22,000 - 24,000 units.
The absorption rate of projects opened for sale is up to 80-90% thanks to the diversity of customer types buying for living and investment.
In terms of price, in the third quarter of 2024, the average price of new apartments in Hanoi will reach VND 70 million/m2 (excluding VAT and maintenance fees), an increase of 75% compared to the first quarter of 2022 and is forecast to continue to grow in 2025.
Mr. Tran Minh Tien - Director of OneHousing Market Research and Customer Insight Center - commented that in 2025, apartments will continue to be the leading type of real estate market in Hanoi.
This person analyzed that every year, Hanoi increases by 200,000 people, the demand for housing is increasing. In the budget range of 3-5 billion VND, apartments will still be the preferred type of choice when most housing projects are often located on wide roads, fire prevention is guaranteed, and there are many internal and surrounding facilities.
Notably, investors are increasingly paying more attention to construction quality and handover standards, along with many preferential sales policies with loan interest support packages.
This has recently helped apartments become a new investment channel, attracting more customers to buy for investment to accumulate and increase assets, helping to significantly increase absorption in the market.
However, the market report of the Vietnam Association of Realtors (VARS) said that the real estate market is increasing many new sources of supply but low-cost housing is almost "extinct", while high-end housing projects continue to land in Hanoi with the lowest price of nearly 70 million VND/m2. In particular, housing products are increasingly experiencing a serious imbalance between supply and demand.
According to experts, the high-end apartment segment often brings higher profits, encouraging investors to focus on this group. However, the consequence is a serious imbalance between supply and demand, reducing the ability to access housing for the majority of people with low-middle incomes.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association - analyzed that if Hanoi apartments and other residential real estate segments continue to increase and there are no early intervention measures, it will cause great instability for the real estate market.
Experts emphasize that management agencies need to soon take measures to "unblock" affordable commercial housing and social housing projects. Investors need to step up research and product development in line with trends and affordability of the majority of people, limiting the situation of surplus and large phase deviation towards high-end and luxury products.
