According to online data for the first quarter of 2025 from Batdongsan.com.vn, the level of real estate interest increased sharply in provinces with similarities in natural area and population size. For example, the number of searches for Ha Nam real estate on Batdongsan.com.vn increased by 30%, the number of searches for Ninh Binh real estate increased by 90% compared to the previous month (when there was no merger information). Similarly, the number of real estate searches in Da Nang increased by 39%, Quang Nam increased by 96%...
In the first quarter of 2025, Batdongsan.com.vn has introduced 3 leading segments in the real estate market.
Accordingly, the land plot is the type of real estate that records the strongest growth in both searches and posting in the first quarter of 2025. Accordingly, the ground search increased by 50% compared to the same period in 2024, an increase in higher than the apartment (15%). During the growth in the first quarter of the year of the ground type, Hanoi recorded an increase of 52%, much higher than in Ho Chi Minh City (31%). The price of Hanoi land plots recorded an increase of 42% compared to the beginning of 2023, this figure in Ho Chi Minh City was 7%.
The level of interest and the number of apartment listings increased after Tet. Accordingly, in March 2025, the number of apartment searches in Hanoi and Ho Chi Minh City both recorded a growth of 13% compared to February. The number of apartment listings in Hanoi recorded an increase of 20%, in Ho Chi Minh City an increase of 30%.
Notably, in the past 3 years, in Hanoi and Ho Chi Minh City, apartment prices have continued to increase while rental prices have been stable. In Hanoi, the average apartment price increased from 39 million VND/m2 in early 2023 to 63 million VND/m2 in the first quarter of 2025. These figures in Ho Chi Minh City are 47 million VND/m2 and 59 million VND/m2 respectively.
The supply of new projects in two key markets, Hanoi and Ho Chi Minh City, recorded some mixed developments. Accordingly, Hanoi apartment projects have a differentiation between suburban and inner-city areas while Ho Chi Minh City is not too far apart. New supply in Hanoi is mainly in the high-end and luxury segments, concentrated in suburban districts. For Ho Chi Minh City, the supply of new apartments is concentrated in the East but with diverse segments.
In addition, the townhouse segment also recorded many notable developments. The search for townhouses for sale in March 2025 recorded a fairly strong increase in Hanoi and Ho Chi Minh City, respectively, at 35% and 27%.
Notably, while the price of townhouses in Hanoi increased sharply by 30% compared to the first quarter of 2023, the price of houses on the street surface of Ho Chi Minh City decreased slightly by 2%. In contrast, the rental price of street houses in Ho Chi Minh City increased by 23% but in Hanoi, the price increased only 8%. This division leads to rental yields in two markets. Accordingly, the benefits of street houses in Ho Chi Minh City reached 2.3%, in Hanoi was 1.4%.
High prices and low rental yields make rental townhouses no longer an attractive investment channel. The strong development of e-commerce also puts pressure on direct industries that are a potential source of demand for rental townhouses.
Ms. Pham Thi Mien - Deputy Head of VARS Market Research and Investment Promotion and Consulting Department - commented that the market will have a clear improvement in the second quarter when supply recovers thanks to policies to remove legal problems on the basis of economic growth, strong development of transport infrastructure, stable interest rates at low levels...
It is forecasted that the apartment segment will continue to lead the supply and market liquidity with prices maintaining a stable growth momentum. Primary selling prices increased sharply as supply was positioned and developed in the increasingly high-end segment. Meanwhile, secondary prices continue to move sideways, decreasing slightly in some markets, which have increased "hotly".
The segment of land plots and individual houses in provinces and cities with developed economies and infrastructure being implemented in practice is also favored by many investors. The plots of land divided into plots, legal guarantees in areas with infrastructure continue to record good price increase rates.
Cash flow tends to flow into districts and communes, when the price level in the city is too high, there is not much room for growth.
