The Hanoi real estate market is in an adjustment phase, with prices decreasing in some segments and caution from investors.
In the first quarter of 2025, the low-rise housing market in Hanoi recorded a clear price decrease in both the villa, townhouse and commercial townhouse segments.
According to Savills, primary prices for villas and townhouses decreased by 14%, with an average of VND282 million and VND239 million/m2 of land respectively, while commercial townhouses decreased by 12% to VND278 million/m2 of land.
The absorption rate of the whole market reached 41%, an increase of 13 percentage points over the same period in 2024, showing signs of improvement in buyer sentiment.
Primary transactions continue to shift strongly to suburban areas, notably Dong Anh district with 52% of total transaction volume, followed by Dan Phuong (43%).
In contrast to the decline in the primary market, selling prices in the secondary market recorded an upward trend. villas increased by 10% to VND195 million/m2, townhouses increased by 15% to VND227 million/m2, commercial townhouses increased by 9% to VND266 million/m2.
Although trading in the secondary market has shown signs of improvement, the current transfer price is still high. According to Savills, the secondary selling price of villas has increased by an average of 29%/year, townhouses by 22%/year and commercial townhouses by 11-16%/year in recent times.
According to CBRE Vietnam, it is expected that this year, Hanoi will welcome about 6,700 low-rise houses for sale. Primary selling prices are expected to increase by about 8% by the end of this year.
Meanwhile, the Hanoi residential land market recorded about 4,000 transactions in the first quarter, down 59% quarter-on-quarter and 54% year-on-year. The transaction volume decreased in most key areas, in which the West, East and inner-city districts only reached about 1,200 transactions per area.
In the apartment market, after a period of rapid growth, the strong increase in apartment prices in Hanoi has somewhat slowed down in the first quarter of 2025 with the lowest quarterly price increase in nearly 2 years, according to CBRE. The primary apartment selling price reached about 75 million VND/m2 (excluding VAT, maintenance fees), a slight increase compared to the previous quarter.
In the secondary market, the increase in selling prices in the first quarter also slowed down. Currently, the apartment transfer price has reached about 50 million VND/m2, a peak of 3% compared to the previous quarter.
