According to data recently released by the OneHousing Center for Market Research and Customer Insights, at the end of the third quarter of 2024, the newly opened apartment market in Hanoi recorded an average price of nearly 70 million VND/m2, an increase of 7.6% compared to the previous quarter. This growth shows the heat of the market and the ability to approach the price level of Ho Chi Minh City in the near future.
Mr. Tran Quang Trung - Business Development Director of OneHousing - said that if previously the price of apartments in central locations was around 100 million VND/m2, customers felt it was too expensive, then now, with apartment projects in beautiful locations, the price can be up to 200 million VND/m2.
If criteria such as community and high-class service are met, customers will still accept. Accordingly, customers will be the ones to decide which option is suitable for their budget, financial capacity and ability to meet their life needs.
Based on supply data from OneHousing, the fourth quarter of 2024 is expected to see about 10,000 units open for sale, a sharp increase of 3.2 times compared to the same period last year. In particular, new projects continue to be located in large-scale urban areas in the East and West of Hanoi.
This shows that the demand for housing in high-quality urban areas is still very large and the market still has positive growth prospects in the coming time.
In 2024, OneHousing forecasts that there will be a total of about 29,000 apartments for sale. By 2025, the supply of luxury apartments or apartments in general in Hanoi will not have much improvement compared to 2024.
The land fund for development in the central districts of Hanoi is very limited. In the near future, home buyers will have to move to Vinhomes Ocean Park 2, Vinhomes Ocean Park 3, to Dong Anh, or even to further areas, to the south of the city such as Thanh Tri...
Sharing with Lao Dong, Mr. Tran Quang Trung said: "Many people are still waiting for apartment prices to decrease, I think this waiting is not feasible. Because all input factors of project development enterprises such as land tax costs according to the new price list, construction costs, investment in product design... are all increasing significantly."
In the context of increasingly scarce land funds, to own a beautiful location, especially in the center, businesses have to spend a huge amount of money. When land prices are high, investors making a popular product will certainly lose money. With beautiful locations, project developers will also have to make products worthy of that location, so there is no cheap price.
Pressure from limited supply and rising input costs has forced investors to adjust their strategies, focusing on developing high-end and luxury projects, leading to a shift in the apartment segment in Hanoi.
"Hanoi and Ho Chi Minh City are the two economic locomotives of Vietnam, with mechanical migration, concentrated jobs and places where most people want to settle down... it is difficult to make real estate prices in these two cities cheaper," said Mr. Trung.
