The year 2024 marks significant changes in the Vietnamese real estate market, with the explosion of different segments. From apartments, land to private houses, townhouses, villas, all recorded significant price increases, reflecting the heat of the market. Below is a closer look at each segment and optimistic signals for 2025.
Apartments continue to be a bright spot in the market as prices increase sharply in most major cities. According to a report by CBRE Vietnam, the primary selling price of apartments in Hanoi increased by an average of 8-10% compared to last year, reaching VND40-60 million/m2 in the mid-range segment and VND90-120 million/m2 in the high-end segment. Raising the average price of primary apartments to VND72 million/m2. In Ho Chi Minh City, the increase was even higher, ranging from 10-15% depending on the area, especially in District 9 and Thu Duc City.
The mid-range segment continues to be a popular choice thanks to its affordable prices and high liquidity. Many new projects in Hanoi such as Smart City urban area (Nam Tu Liem), Vinhomes Ocean Park 2 (Gia Lam) recorded good absorption rates, with successful transaction rates reaching over 90% during the opening sales.
“2024 is the year that will witness a huge increase in prices in the apartment segment, especially in Hanoi. The market has a lot of room for new products as well as a lot of room for price adjustments,” said CBRE experts.
Along with apartments, land is also a segment that has received great attention, especially in suburban districts of Hanoi and neighboring provinces. In the suburban areas of Hanoi, Dong Anh, Hoai Duc, Gia Lam, and Dan Phuong districts have become hot spots with significant price increases. Many plots of land in Dong Anh, especially in communes such as Hai Boi and Vinh Ngoc, have reached the threshold of 100-150 million VND/m2, an increase of about 25% compared to the beginning of 2024. Dan Phuong district recorded land plots on routes such as Tan Lap and Tan Hoi being offered for sale at prices ranging from 55-65 million VND/m2, an increase of 20-30%.
This upward trend is explained by the benefits from large infrastructure projects and high market sentiment. Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association - commented that land transactions in the suburbs have increased in recent months but have not been really vibrant. Particularly, in the Northern region, some suburban areas of Hanoi have shown signs of local fever, some areas have seen transactions increase and then stagnate. The market has seen more investors "hunting" for land. In addition, land auctions in some localities have also attracted much attention and impacted the market.
Private houses, especially houses in alleys and townhouses, also showed a sharp increase in price in 2024. According to a survey by the Vietnam Association of Realtors (VARs), private house prices in Hanoi and Ho Chi Minh City increased by an average of 12-18%. The value of real estate on central streets such as Hang Bai, Ba Trieu (Hanoi) or Nguyen Hue, Dong Khoi (Ho Chi Minh City) increased by 15-20% compared to the previous year, reaching 1-1.5 billion VND/m2. This is the highest price in history, reflecting the attraction of investment capital into this segment.
The real estate market last year not only recorded price growth but also showed positive signs in restoring investor confidence, stimulating cash flow back into the market. With current signals, many experts believe that 2025 will be the year when real estate will flourish again, the market will welcome more quality supply, creating favorable conditions for both investors and real buyers.
