According to a survey by Lao Dong Newspaper reporters, most of the newly opened apartment supply is in the high-end and luxury segments, lacking products in the mid-range and affordable segments. Newly opened commercial housing with prices below VND35 million/m2 no longer appears, the market no longer has primary products in this segment.
The average price of 38-45 million VND/m2 only appears in one project, Grand Sunlake at 135 Tran Phu (Ha Dong). Projects with prices of 40 million VND/m2 mainly appear in used apartments in suburban areas.
In Hoai Duc district, there are a number of projects with common selling prices in the third quarter of 2024 under 40 million VND/m2 such as: CT Number One in Van Canh commune (31.5 million VND/m2); Tan Viet Tower project in Duc Thuong commune (32.8 million VND/m2)...
In Long Bien district, there are some projects with common selling prices in the third quarter of 2024 of about 40 million VND/m2 such as: Viet Hung urban area apartment in Duc Giang ward (40.1 million VND/m2), Sai Dong urban area apartment in Sai Dong ward (40.4 million VND/m2)... In Dong Anh district, there are apartments at Thang Long Green City project with common prices at 31.5 million VND/m2.
According to the report of the Ministry of Construction in the third quarter of 2024, 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, especially in some areas, prices increased locally by about 35% to 40% depending on the location compared to the previous quarter.
In the market segment of affordable apartments (with selling price under 25 million VND/m2), there are almost no transactions and products for sale; mid-range apartments (with price from about 25 million VND/m2 to under 50 million VND/m2) still account for a high proportion of transactions and supply in the market, the remaining order is luxury and super luxury apartments (with price over 50 million VND/m2).
According to recent data from Savills Vietnam Research Department, apartment prices for sale in Hanoi are still on the rise. For example, in the third quarter of 2024, the primary selling price was at VND69 million/m2, up 6% compared to the previous quarter and 28% compared to the same period in 2023.
In the secondary market, the average price of apartments in the third quarter of 2024 is VND 51 million/m2, an increase of 10% compared to the previous quarter and 41% compared to 2023.
Also according to Savills Vietnam, in large cities such as Hanoi and Ho Chi Minh City, the current housing market lacks supply at reasonable prices as the market share of this segment has decreased from 60% in 2016 to only 35% in 2024, and primary apartments under 2 billion VND/unit have completely disappeared.
Regarding this issue, Ms. Nguyen Hoai An - Director of CBRE Hanoi - commented that currently, apartment products for living and investment in the market are quite diverse, however, the price level is also higher than previous years. Therefore, waiting for housing prices to decrease is not feasible.
