The Hanoi real estate market is recording strong changes, especially in the apartment segment. According to a survey, new apartment projects opening for sale in the period from late 2024 to early 2025 all have high prices exceeding 60 million VND/m2, even in suburban areas such as Gia Lam and Ha Dong.
CBRE data shows that the average price of primary apartments in Hanoi has reached 72 million VND/m2, the highest level in the history of the capital's real estate market.
New projects launched recently mainly focus on the high-end and luxury segments. In the central area of Hanoi, projects such as Endless Skyline West Lake (Tay Ho district) have prices ranging from 90-115 million VND/m2; Lumi Hanoi (Nam Tu Liem) ranges from 70-80 million VND/m2. Even suburban areas such as Dong Anh and Gia Lam, which are expected to provide affordable housing, only have projects priced from 75 million VND/m2 or more, such as Masteri Grand Avenue (90-120 million VND/m2) or The Lake (75-85 million VND/m2).
In the secondary market, apartment prices recorded a record increase, pushing the market up. According to CBRE data, the average price of secondary apartments in Hanoi has reached 48 million VND/m2, an increase of more than 26% compared to 2023.
Some projects recorded strong increases such as Goldmark City (Bac Tu Liem) with a common selling price of 65-75 million VND/m2, an increase of 52.4% compared to 2023. At The Legacy project (Thanh Xuan), the average price is 72.8 million VND/m2, an increase of nearly 50%. Apartments at Imperial Plaza (Thanh Xuan) range from 54.3-63.1 million VND/m2, commonly around 58.9 million VND/m2, an increase of 33.8% compared to 2023.
Suburban areas are no exception. Secondary apartments at Vinhomes Grand Park (Long Bien) have an average price of VND51.3 million/m2, up 45.2%. Meanwhile, An Binh City (Bac Tu Liem) has a common price of VND67.8-82.1 million/m2. These are prices that are difficult for real buyers to access, even for apartments that have been used for many years.
The fact that primary and secondary apartment prices are constantly hitting new peaks reflects a clear imbalance between supply and demand. According to Ms. Nguyen Hoai An - Senior Director of CBRE Vietnam, most of the newly launched projects are in the high-end segment, with prices already high. The main reason is the increase in input costs, including construction materials, labor and finance. This makes investors focus on the high-end segment to optimize profits, ignoring the huge demand of people in the mid-range and low-end segments.
It is forecasted that the supply of apartments in Hanoi will increase in 2025, however, the price level will continue to increase, making finding apartments in the mid-range segment, priced under 60 million VND/m2, a big challenge.
These developments not only put great pressure on homebuyers but also reduce the sustainability of the market. Experts say that to cool down housing prices, it is necessary to promote the development of social housing projects, along with removing legal obstacles to unblock supply. At the same time, there should be specific support policies to help homebuyers access preferential loans, thereby reducing financial pressure.
