After a period of continuous price increases, in the last months of 2024, the apartment segment in Hanoi gradually "cooled down", investors' interest tended to shift to other markets with low price levels, no price increase or little price increase in the past 2 years.
However, the real estate segment in Hanoi has never been "hot" with the most popular type being houses in small alleys with prices of about 3-4 billion VND/unit and apartments with prices under 3 billion VND/unit.
According to the investigation of the Lao Dong Newspaper, with the rapid growth of the apartment segment in recent times, apartments priced under 3 billion VND are increasingly scarce, many people working in Hanoi who want to buy a house have accepted to go to suburban areas, far from the center to buy a house. However, to buy an apartment in the suburbs at this price is not easy, people mainly have to look for projects that have been used for 3-5 years.
According to Mr. Nguyen Duc Huy (30 years old, from Dak Lak), he determined that it was difficult to buy a house in the inner city with a budget of less than 3 billion, so he looked for apartment projects in districts and towns on the outskirts of Hanoi. After a period of research, he decided to buy a 70m2 apartment for 2.9 billion VND in an apartment building that had been handed over and put into use for more than 4 years in Thanh Tri district.
“I work in Cau Giay, but the job is flexible in terms of time, there is no need to come early to check in like other companies, so traveling 10km every day to work is not a big problem for me. It is a bit far but I can buy a house at a reasonable price and within my financial capacity, so I decided to buy it,” said Mr. Huy.
Similar to Mr. Huy, Ms. Linh (33 years old, Quang Ninh) also said that she has been looking to buy a house for several months now, but in inner-city districts, it is almost impossible to find a 2-bedroom apartment for about 3 billion VND, including old and new apartments.
“Following the past few months, I saw that housing prices were increasing too quickly. To buy a 2-bedroom apartment for a family of 4, I expanded my search to the suburbs and finally decided to buy an apartment worth nearly 3 billion VND, with an area of 60 square meters in an urban area in Gia Lam district, Hanoi,” Ms. Linh shared.
According to a survey, in the current market, apartments under 3 billion are increasingly scarce, only a few apartment projects in suburban areas, used for 3-5 years or more, have this price.
Typical projects include: Eurowindow River Park in Dong Anh with an average price of about 44-47 million VND/m2; Vinhomes Ocean Park project in Gia Lam with a price of about 44-50 million VND/m2; Thanh Ha urban area in Ha Dong with a selling price of about 35-40 million VND/m2; Xa La urban area in Ha Dong with a price of about 40-49 million VND/m2; Linh Dam urban area in Hoang Mai district with a price of about 35-40 million VND/m2; Tu Hiep Plaza apartment building in Thanh Tri with a price of about 40-45 million VND/m2...
In the current real estate market, most of the newly launched projects are in the high-end and luxury segments, while products in the mid-range and affordable segments are scarce. In Hanoi, commercial apartments priced under 35 million VND/m2 are almost non-existent, and the prices of new products on the market are quite high, averaging 60-120 million VND/m2.
Forecasting the trend of apartment prices in the coming time, Mr. Nguyen Quoc Anh - Deputy General Director of PropertyGuru Vietnam - commented that the price level of apartments in the coming time is very difficult to decrease. However, the expert predicted that the market next year will be flat and stay at a high level, not as hot as it is now.
