The real estate market is witnessing a clear difference between Hanoi and Ho Chi Minh City in 2024. According to a report from Batdongsan.com, real estate prices in Hanoi have increased significantly in most segments, far surpassing Ho Chi Minh City.
In November 2024, the selling price of apartments in Hanoi reached 61 million VND/m2, surpassing that of Ho Chi Minh City (55 million VND/m2). For private houses, the selling price in Hanoi recorded strong growth, reaching 197 million VND/m2, an increase of 58% compared to January 2023. Meanwhile, the average selling price of private houses in Ho Chi Minh City was 108 million VND/m2, a decrease of 10% compared to January 2023.
The average selling price of land in Hanoi in November 2024 is 70 million VND/m2 and in Ho Chi Minh City it is 57 million VND/m2. Although most of the new supply has a high price level, the absorption rate in Hanoi is still quite positive.
According to data from Batdongsan.com, the number of Hanoians searching for real estate in Ho Chi Minh City in November 2024 increased by 7% compared to January 2024. In contrast, the number of Ho Chi Minh City people searching for real estate in Hanoi decreased by 12% in the same period.
Previously, according to data from Savills Vietnam, in the third quarter of 2024, new apartment prices in Hanoi surpassed Ho Chi Minh City with an average of about 69 million VND/m2, while Ho Chi Minh City reached about 68 million VND/m2.
Mr. Dinh Minh Tuan - Southern Regional Director of Batdongsan.com - said that the main reason for this difference lies in the infrastructure development and abundant supply in Hanoi, while the Ho Chi Minh City project is facing legal difficulties. Hanoi has recently focused on investing in transport infrastructure such as new metro lines, ring roads, and large urban areas in the West and East. This development not only increases the liquidity of projects but also creates many incentives for investors.
In contrast, Ho Chi Minh City is currently facing legal problems related to new projects, causing the supply in this area to be very limited. Real estate demand in Ho Chi Minh City is also low due to economic and population fluctuations, leading to slow real estate price increases.
Mr. Pham Duc Toan - General Director of EZ Property - said that apartment prices have only been hot locally in Hanoi recently due to the imbalance between supply and demand. Up to now, apartment prices in Hanoi have exceeded the peak. Apartment liquidity has been very low recently.
Mr. Toan predicts that in the coming time, apartment prices will hardly increase further. However, it will also be very difficult for apartment prices to decrease immediately, except in cases where people who need money reduce the price to sell quickly.
From an economic perspective, Associate Professor, Dr. Dinh Trong Thinh stated that in the coming time, apartment prices will hardly decrease. However, the price increase up to this point has slowed down somewhat, following a more stable trend, no longer in a feverish state like many previous months.
