The Ministry of Construction assessed that in 2024, apartment prices in some major cities will increase sharply. Typically, in Hanoi, apartment prices will increase by 40-50% compared to 2023 prices, with some projects increasing at higher levels.
Apartment projects in Hanoi have increased in price compared to before. In particular, apartments such as: Ecolife Tay Ho with a selling price of about 72 million VND/m2, Sunshine Garden with a selling price of about 54 million VND/m2, Chelsea Park - Cau Giay with a selling price of about 62 million VND/m2, Trang An Complex with a selling price of about 70 million VND/m2, Legend Tower with a selling price of about 72 million VND/m2.
In Ho Chi Minh City, apartment prices in 2024 will increase by about 20-30% compared to 2023.
Accordingly, The Horizon Phu My Hung project has a selling price of about 125 million VND/m2, The Ascent has a selling price of about 64 million VND/m2, Lu Gia Plaza has a selling price of about 46 million VND/m2, Osimi Tower has a selling price of about 41 million VND/m2, Stown Tham Luong has a price ranging from 29-44 million VND/m2.
According to the Vietnam Real Estate Brokers Association, the apartment market in 2024 in some projects, areas and secondary transactions has increased by about 60-70% compared to 2023.
Not only the apartment market, according to the Ministry of Construction, prices of individual houses and land plots also tend to increase sharply in 2024.
For Hanoi, the selling price of individual houses in the project increased by about 30-40% compared to 2023, some areas and projects have higher increases of up to 60-70%.
Ms. Nguyen Thi Hong Van - Deputy Director, Valuation and Financial Consulting Department, Savills Hanoi - said that in Hanoi, real estate prices still grow mechanically, stemming from natural factors such as: demand, improved income, population growth and urbanization speed.
However, a sudden increase in the near future is unlikely. Because the reason for the previous price increase was mainly due to speculative buying and selling activities.
Recently, Prime Minister Pham Minh Chinh signed an official dispatch requesting ministries, branches and localities to focus on rectifying and handling price manipulation and real estate speculation.
To strengthen control and promptly handle real estate manipulation, price hikes and speculation, the Prime Minister requested the Minister of Construction to preside over and coordinate with the Ministry of Natural Resources and Environment and relevant ministries and branches to study and propose the Pilot Project "Real Estate and Land Use Rights Transaction Center managed by the State", focusing on electronic transactions to increase management efficiency, publicity and transparency; report to the Prime Minister in the second quarter of 2025.
On the side of the Ministry of Finance, the Prime Minister requested the Minister of Finance to study and propose tax policies to limit real estate speculation, ensuring compliance with Vietnam's socio-economic conditions and international practices.
In particular, research a plan to collect tax on the price difference between the land use fee calculation price and the selling price of real estate products of projects, and report to the Government before April 30, 2025.
