Recently, the apartment market has witnessed a sharp increase in prices, not only in new projects but also in apartments that have been used for many years. From commercial housing to social housing, prices have skyrocketed, even 2-3 times higher than a few years ago.
Mr. Vo Huynh Tuan Kiet - Director of CBRE Vietnam's housing marketing department - said that as of the fourth quarter of 2024, the price of primary apartments in Hanoi will reach 72 million VND/m2 (excluding VAT).
In 2024, primary apartment prices increased by 36% year-on-year and 12% quarter-on-quarter, a record increase in the Hanoi apartment market.
According to a survey by Lao Dong Newspaper reporters, the common selling price of secondary apartments at the Goldmark City project (Bac Tu Liem district, Hanoi) in early 2025 is around 65-75 million VND/m2, an increase of 52.4% over the same period in 2024.
Or like the old apartment at The Pride project (Ha Dong district, Hanoi) a year ago was priced at about 28-32 million VND/m2, now it has increased to 50-54 million VND/m2.
At the Thang Long Number One project (Nam Tu Liem district, Hanoi), the selling price is fluctuating between 58-65 million VND/m2, while more than a year ago it was only 39-43 million VND/m2.
At the D'Capitale project (Cau Giay district), the advertised price is 87-90 million VND/m2 compared to 54-65 million VND a year ago.
Some projects in suburban areas such as Vinhomes Smart City (Nam Tu Liem district) have a common price of 64.8 million VND/m2, an increase of 38.8% after one year.
Notably, some social housing projects that are eligible for transfer are also being offered for sale at prices as high as commercial housing.
Typically, the Dong Mo Dai Kim social housing project in Hoang Mai district currently has a selling price ranging from 50-55 million VND/m2, a sharp increase compared to the original price of about 15 million VND/m2 when it opened for sale in 2017.
Similarly, social housing apartments at the Rice City Linh Dam project (Hoang Mai, Hanoi) have been in use for more than 7 years, and the current resale price ranges from 45-55 million VND/m2, more than 3 times higher than the purchase price at the time of handover in 2016. When the apartments were opened for sale, the price was only 15 million VND/m2.
In a recent market report, the Construction Economics Institute under the Ministry of Construction said that the rapid increase in prices has caused apartment prices to increasingly exceed household incomes, especially for low-income groups in Hanoi and Ho Chi Minh City.
In Hanoi, the apartment market heated up in the late first quarter and early second quarter of 2024, causing prices to skyrocket in both the primary and secondary markets. Compared to the end of 2023, housing prices at that time increased by nearly 18%, with some projects even having prices increase by more than 40%.
After a period of rapid growth, transferred apartments have also established a new price level with nearly 40% of products priced above VND5 billion. More than 19% of the market share belongs to the VND1.5-3 billion segment. Meanwhile, apartments under VND1.5 billion account for less than 3% and are showing signs of disappearing.
The report also said that the price increase of old apartments is mainly due to "following" the new supply of high prices. Most projects opening for sale in Hanoi in 2024 have prices above 50 million VND per square meter.
