By the end of 2024, the Hanoi apartment market has witnessed significant supply growth, while transaction volume remains vibrant. Many research units have pointed out that the supply and consumption of apartments in Hanoi have recently reached their highest levels since 2021.
According to CBRE, in the third quarter of 2024 alone, the supply of new apartments in Hanoi reached 8,277 products. It is expected that by 2026, Hanoi will provide about 38,000 apartments. Cushman & Wakefield estimates that in the fourth quarter of 2024, about 8,900 new apartments will enter the market.
Meanwhile, the OneHousing Center for Market Research and Customer Insights said that the Hanoi apartment market in 2025 will have about more than 30,000 new apartments.
However, according to experts, this large supply still cannot meet demand in the Hanoi market.
After more than 2 months of looking for a house, Ms. Nguyen Thi Hang (in Thanh Xuan district) still could not close any apartment, partly because the supply of the segment she was looking for was scarce, and partly because the house price was much higher than her finances.
Ms. Hang said she is looking to buy an apartment in the Cau Giay, Thanh Xuan, and My Dinh areas with a budget of about 3 billion VND.
However, when she presented the above criteria, many brokers informed her that "it is difficult to find a newly handed over apartment project with such a financial price".
“A broker in the My Dinh area advised me that with 3 billion VND, I can borrow a little more to buy a 2-bedroom apartment in some apartment buildings that have been handed over for a long time such as The Golden Palace, The Florence, The Iris…” - Ms. Hang said.
Mr. Nguyen Hong Quan - a broker in Bac Tu Liem district - also acknowledged that with a budget of 3 billion, it is very difficult to find a satisfactory apartment.
“Normally, many customers do not know the market price, always thinking that 3 billion VND can buy a 2-bedroom apartment in a newly handed over project. In fact, 3 billion VND can only buy an old apartment that has been handed over for 5 years or more. Even this financial level is difficult to choose” - Mr. Quan shared.
Experts also say that with the rapidly increasing population, apartments are becoming the preferred choice of residents as they are a flexible type and can meet the greatest housing needs on the same land fund.
According to Mr. Tran Quang Trung - Business Development Director of OneHousing, although supply has increased, demand is too great to meet demand, causing apartment prices to rise.
Notably, the average primary apartment price in the third quarter of 2024 reached VND 72 million/m2 (excluding VAT and maintenance fees), which is a high price compared to many people's income.
However, in the journey to 2030, this is just the beginning of a new growth cycle. Mr. Trung added that in 2025, the apartment market will have more super luxury projects, products that are not for the majority.
Given these developments, many customers with real housing needs believe that this is the right time to put down money, when investors launch products at the end of the year with many flexible policies and before entering a new price increase period.
