According to a survey by Lao Dong Newspaper reporters, projects in the price range of 38-55 million VND/m2 are all located in areas far from the center, in districts and suburbs of Hanoi.
A typical example is the Grand Sunlake project (another name is HESCO Van Quan apartment building) at 135 Tran Phu, Ha Dong district. This is an apartment project invested and developed by a joint venture between the Irrigation Equipment Joint Stock Company (HESCO) and the Thang Long Vietnam Housing and Urban Development Corporation.
The project consists of a 50-storey twin tower, a 45-storey tower and two 16-storey office buildings. On the market, apartments at Grand Sunlake are selling for an average price of 38-48 million VND/m2.
Regarding progress, Grand Sunlake has been topped out and is in the final construction phase. The apartment is expected to be handed over in the fourth quarter of 2025. This project is currently guaranteed and offers interest-free loans for 18 months.
In addition to the two projects above, Ha Dong district also has a number of apartment projects that have not officially opened for sale but are maintaining good construction progress, even entering the completion stage such as The Charm An Hung or Kepler Land Mo Lao.
Of which, The Charm An Hung apartment building has been topped out and entered the completion stage but has not yet opened for sale. Meanwhile, the Kepler Land project in Mo Lao started construction in April 2022 but has now stopped construction. If it is successful in launching to the market in the near future, these projects are expected to add to the mid-range segment, a type of product that does not have many new sources of supply on the market today.
Another project that is currently on the market is The Wisteria. The project is located in the Hinode Royal Park urban area, Hoai Duc district. The project has a scale of 3 towers with 25 floors above ground and 2 basements, the project provides a total of 840 apartments.
The Wisteria was first launched at a price of 39 - 45 million VND/m2, and has since increased significantly. Currently, apartments here are sold at 45-55 million VND/m2. The project is under construction at a fairly fast pace and is expected to be handed over to buyers in the second quarter of 2025.
In the current market, the supply of new apartments is mostly high-end, luxury projects, lacking products in the mid-range and affordable segments, so the average price of primary products in Hanoi is quite high, around 60-120 million VND/m2.
Assessing the scarcity of affordable and mid-range housing, experts say that part of the reason is due to the rapid increase in apartment prices. Ms. Nguyen Hoai An - Senior Director of CBRE Hanoi Branch - commented that Hanoi apartment prices have recorded very strong growth and have increased continuously since the fourth quarter of 2023, including both the primary and secondary markets.
"Personally, I work in the market and have experienced several real estate cycles. This is a rare time, and almost the first time, that the apartment market in Hanoi has recorded such a rapid price increase in such a relatively short time," Ms. Nguyen Hoai An shared.
