According to the report on housing and real estate market in the third quarter of 2024 of the Ministry of Construction, apartment prices in Hanoi continued to increase in both new and old projects, the price level of new projects increased by about 4-6% quarterly and 22-25% annually.
According to many real estate research channels, the price level of newly opened apartments in Hanoi has reached 69 million VND/m2 in the third quarter of 2024.
Mr. Nguyen Quoc Anh (Deputy General Director of Batdongsan.com.vn) said that currently, apartments are a type of property with a fairly stable level of interest and price growth in the market.
Accordingly, the average selling price of apartments in 2021 ranges from 34 - 37 million VND/m2. In 2022, the average selling price of apartments ranges from 38 - 40 million VND/m2. In 2023, the average selling price of apartments ranges from 39 - 42 million VND/m2. In 2024, the average selling price of apartments ranges from 45 - 51 million VND/m2.
Especially in the Northern market, apartments are the segment that receives positive attention in 2024. The markets leading in terms of interest in apartments include Hanoi and Hung Yen with a growth rate of 7% compared to the second quarter of 2024, followed by Hai Phong with a growth rate of 6%.
Compared to the same period last year, the apartment projects with the best price increase in the Hanoi market include Times City with an increase of 39%, Goldmark City with an increase of 38%, Vinhomes Ocean Park Gia Lam with an increase of 38%, Vinhomes D'Capital with an increase of 27%, Vinhomes Smart City with an increase of 26%.
In Ho Chi Minh City, the apartment projects with the best price increases in the market are Lavida Plus with an increase of 24%, The Era Town with an increase of 19%, Masteri Thao Dien with an increase of 18%, The Opera Residence with an increase of 13%, and Empire City Thu Thiem with an increase of 13%.
According to Mr. Nguyen Quoc Anh, high-end and luxury apartments are gradually taking up a larger proportion of the apartment supply in big cities, specifically in the three key markets of the country: Hanoi, Ho Chi Minh City and Da Nang.
Notably, luxury apartments in Da Nang showed good growth in both selling price and interest level, while the market in the other two major cities, Hanoi and Ho Chi Minh City, tended to move sideways.
Mr. Nguyen Quoc Anh predicts that from 2025 onwards, the market will enter a stable phase, with strong development of investment types such as land, townhouses and luxury apartments.
Meanwhile, experts also recommend that investors be cautious and research carefully before making a decision, because although the market is on the path to recovery, there are still potential factors that can affect long-term stability.
Ms. Nguyen Hoai An - Senior Director of CBRE Vietnam branch in Hanoi said that the selling price of apartments in Hanoi will continue to increase in the coming time.
There will be more luxury projects launched for sale by the end of 2024, continuing to push up primary prices in the last quarter of the year. In addition, secondary prices will continue to increase in the context of abundant primary supply, but with a more stable increase.
