Due to no need to live, Mr. Nguyen Duc Tuan rented out an apartment at The Tonkin apartment building (Nam Tu Liem district, Hanoi) with an area of 49 square meters, fully furnished for 11 million VND/month.
However, in early December 2024, the tenant returned the house. After a period of not finding a tenant, Mr. Tuan decided to sell it. The price Mr. Tuan offered was more than 3.8 billion VND (about 78 million VND/m2).
Meanwhile, as a person looking to buy a house, Ms. Tran Thi Ha Phuong (34 years old, Hoang Mai district, Hanoi) informed that in mid-2024, she and her husband were quoted a price of 3.7 billion VND for a 70m2 apartment on Ngoc Hoi street (Hoang Mai district). But up to now, the price of this apartment has increased to 4.6 billion VND, making her family very surprised.
Ms. Phuong added that she was very surprised that the price of apartment buildings in recent months has shown no signs of cooling down. Currently, apartments with similar locations and areas to the one Ms. Phuong is offering are being offered for sale at an average price of 3.9 - 4.8 billion VND/unit.
In another case, Mr. Vo Manh Dien (living in Ha Dong district, Hanoi) shared that his family made a profit of about 400 million VND after only a few months of closing the purchase of an apartment. Mr. Dien shared that at the end of August 2024, he closed the purchase of an apartment in Quang Trung ward, Ha Dong district to stabilize his life.
At the time of purchase, Mr. Dien's 60m2 apartment cost 3.8 billion VND. Now, a broker is asking to buy his apartment back for 4.2 billion VND.
In fact, according to experts, in recent days, although apartment prices have temporarily calmed down compared to a few months ago, they are still sky-high, beyond the means of those with real housing needs.
While many brokers also admit that a paradox is occurring when the demand for housing and apartment transactions increases at the end of the year, especially near Tet, many projects have had no transactions for several months.
Real estate and apartment prices are too high, beyond the ability of buyers with real housing needs. The lack of transactions does not rule out the possibility that real estate and apartment prices are still virtual prices due to "price gouging" by homeowners and brokers.
Dr. Nguyen Van Dinh - Vice President of the Vietnam Real Estate Association - said that legal problems of real estate projects lead to a shortage of supply, pushing up real estate prices. After nearly 3 years when the market lacked projects, the price of apartments and real estate in Hanoi increased by 40 - 50%.
According to Mr. Dinh, due to the huge demand in the market while the supply and projects are very scarce, it has led to the situation where brokers, trading floors, project investors, and those with supply sources have built prices with large profit margins, leading to prices being too high. Along with that, it is not excluded that speculators and investors continue to "pump and patch, pushing prices very high".
