According to data from Savills Vietnam, in the first quarter of 2026, the apartment segment in Hanoi showed signs of cooling down in both the primary and secondary markets.
Total primary supply has more than 11,100 units, of which the new shopping basket alone has more than 6,100 units, mainly from suburban areas, down 6% quarter-on-quarter and 23% year-on-year. Savills recorded a market-wide absorption rate of 43%. With new supply, this figure reached 55%, a sharp decrease compared to 84% in the same period last year.
The market recorded a more cautious psychology of buyers in the context that macroeconomic factors are still uncertain. However, new supply still plays the main driving force, accounting for the majority of transaction volume and achieving a higher absorption rate than the market average.
Notably, most of the newly opened projects are outside Ring Road 3, showing an increasingly clear trend of shifting to the suburban area - where the price level is still suitable and supported by transport infrastructure development.
According to Ms. Do Thu Hang, Senior Director of Research and Consulting Department, Savills Hanoi, in the last 9 months of 2026, Grade A and B apartments will dominate the new supply of about 16,700 units. Hung Yen and Bac Ninh are forecast to play an increasingly important role in absorbing Hanoi's unmet demand, which is supported by infrastructure development and expansion of development activities.
In the villa/apartment segment, supply continues to be concentrated in large-scale urban areas in the suburbs. Although transaction activities show signs of stagnation in the short term, primary prices still maintain an upward trend, reflecting the market's long-term confidence in the urbanization process and expansion of the capital's urban space.
Demand for low-rise housing is expected to continue to be supported by the long-term urbanization process and infrastructure development.
The market is also undergoing a structural shift from the core central area to the suburban areas, under the impact of infrastructure and limited inner-city land funds. In the long term, growth will be associated with a multi-polar urban structure, developing along the corridors North, East and West of Hanoi.
Hanoi's retail market in the first quarter of 2026 maintained positive growth momentum with rental prices and occupancy rates both improving year-on-year. The success of commercial center repositioning activities has helped expand customer base and improve operational efficiency.
While the central area continues to play a leading role in rental prices, non-central areas are gradually affirming their position thanks to new supply and synchronous urban planning. In the coming period, the entry of large-scale retail projects is expected to promote competition based on differentiation factors, especially consumer experience and integrated retail models.
Savills experts believe that future retail projects will need to focus more on experience and personalization to adapt to changes in consumer behavior.
In the office segment, the decentralized trend continues to be clear as demand for rent is strongly concentrated in the western region and high-quality projects. Businesses are increasingly prioritizing modern workspaces, convenient transportation connections and cost optimization, instead of just focusing on traditional central locations.
Leasing activities in the first quarter of 2026 were mainly office relocation transactions, reflecting the need to upgrade quality and restructure workspaces. The future supply with a large proportion of Grade A offices shows that the market is entering a stage of upgrading quality and working environment standards.
