Ms. Nguyen Thuy Linh (Hanoi) and her husband bought an apartment in the Tran Phu area (Ha Dong, Hanoi) last August for 2.2 billion VND. The apartment is 67 square meters wide, equivalent to about 33 million VND/m2. However, according to Ms. Linh, the price of apartments in her area has increased to a common price of more than 40 million VND/m2.
"My husband and I still prefer to live in a ground-level house, so we have researched the selling prices of apartments in the area. If we sell this apartment now, my husband and I will make a profit of about 600 million VND with a price of 2.8 billion VND. However, we have not decided to sell because we have not found a new house that is suitable and closer to work," said Linh.
In fact, according to a survey by Lao Dong Newspaper reporters, apartment prices in Hanoi continue to increase and show no signs of cooling down.
Apartments at the My Dinh Song Da - Sudico Urban Area project (Nam Tu Liem, Hanoi) had an average selling price in the first 2 months of 2023 of 30 million VND/m2. However, at present, the common selling price of apartments in this project has increased to 51.1 million VND/m2. The selling price has increased by 29.4% over the past year (from September 2023 to September 2024).
Or in Van Quan (Ha Dong, Hanoi), the SUD - 143 Tran Phu project increased by 38.3%, and is being advertised for sale at a common price of about 45.5 million VND/m2. Meanwhile, in September 2023, the apartment price in this project was commonly sold at 32.9 million VND/m2.
Or The Sparks project (Duong Noi, Ha Dong) increased by 64.4%, and is being offered for sale at around 45 million VND/m2. The Royal City project (Nguyen Trai, Thanh Xuan) increased by 45.8%, and is being offered for sale at a common price of around 83.4 million VND/m2...
Market data released by Savills Vietnam in the third quarter of 2024 showed that the average primary price of apartments in Hanoi reached VND69 million/m2, up 28% year-on-year. The popular price segment is apartments over VND4 billion, accounting for 70% of the number of apartments sold. Apartments from VND2 billion to VND4 billion account for 29% of the market share.
According to Ms. Do Thu Hang - Senior Director of Research and Consulting Department of Savills Hanoi - apartments in Hanoi are still attractive thanks to their suitable total value, versatility and profit potential compared to other investment channels.
Ms. Trang Bui - General Director of Cushman & Wakefield - also noted that the average primary price of apartments in Hanoi reached about 70 million VND/m2, up 26% year-on-year. Compared to the same period last year, this price increase was driven by increasing new supply from the high-end and luxury segments, while the supply of affordable apartments remained limited.
According to Dr. Nguyen Van Dinh - Chairman of the Vietnam Association of Realtors (VARS), the supply of apartments in Hanoi has increased in recent times but still cannot meet the needs of the people. In addition, most of the new supply continues to be completed at high standards with high investment costs and land costs.
With the current high investment costs, investors also expect higher profits than before. Therefore, the price level of primary apartments is very difficult to decrease. The high price of apartments in the primary market has led to a sudden increase in prices in the secondary market.
