While the housing price story is still hot on the National Assembly floor, the Ministry of Construction recently released a report on the real estate market for the third quarter of 2024, highlighting the "galloping" price increase of the apartment segment.

Accordingly, apartment prices in Hanoi have continued to increase in both new and old projects. In particular, in the primary market, the price level has increased by about 4-6% quarterly and 22-25% annually. Some areas even recorded local increases of up to 35-40% compared to the previous quarter.

“The affordable apartment segment, with a selling price of less than VND25 million/m2, has almost no transactions and products for sale,” the Ministry of Construction concluded in the report.

New apartments in Hanoi are mostly in the mid- and high-end segments. Photo: Thanh Vu

To prove the above statement, the Ministry reviewed the selling prices of some projects in the capital. For example, The Zurich subdivision of Vinhomes Ocean Park (Gia Lam district), the price is at 46 - 55 million VND/m2. With The Sapphire subdivision at Vinhomes Smart City (Nam Tu Liem district), the price fluctuates around 47 - 61 million VND/m2.

Next, the Lumi Prestige project (Nam Tu Liem district) has a price of up to 69 million VND/m2. The Ninety Complex (Dong Da district) - a serviced apartment project with a term of 50 years - also has a price reaching 60 - 75 million VND/m2. Not stopping there, the Viha Complex project (Thanh Xuan district) has a price of up to 75 - 97.2 million VND/m2.

Not only in Hanoi, the issue of apartment prices reaching a peak is also a problem in Ho Chi Minh City. In the largest economic center of the country, the Diamond Centery project (Tan Phu district) has prices ranging from 61 to 73.3 million VND/m2. The Glory Heights project - Vinhomes Grand Park (District 9) has prices ranging from 40 to 80 million VND/m2. The Aurora Phu My Hung project (District 7) has prices reaching 88 to 90 million VND/m2.

In some other localities, apartment prices are not less "hot". For example, the Lumiere Spring Bay Project (Hung Yen) has a price of about 60 - 73 million VND/m2. Green Tower Di An (Binh Duong) has a price of around 50 - 60 million VND/m2. Central Park Residences (Nghe An) has a price of about 32 - 45 million VND/m2. Grand Mark Nha Trang (Khanh Hoa) has a price of around 45 million VND/m2...

“The reason for the recent increase in real estate prices is largely due to the impact of a number of factors such as increased fluctuations in land-related costs; affordable housing products are not in sufficient supply to meet market demand,” the Ministry of Construction explained about the price increase of apartments.

However, even with the soaring apartment prices, the transaction volume of this segment is still quite impressive. Accordingly, the total transaction volume of apartments and individual houses in the third quarter of 2024 still reached 38,398 successful transactions. This figure increased by 48.3% compared to the second quarter of 2024 and increased by 29% compared to the same period in 2023.