Market data from PropertyGuru Vietnam shows that compared to the previous month, in the buying and selling market, the level of interest in private houses in Hanoi decreased by 12%, the number of listings decreased by 11%; the level of interest in land in Hanoi decreased by 27%, the number of listings decreased by 5%, similarly in the segment of townhouses in Hanoi, it was 14% and 6% respectively. The Hanoi villa market is no better with the level of interest decreasing by 12%, the number of listings decreasing by 6%.

The apartment market in Hanoi since the beginning of the year has only had one "quiet period" in April and May, while at other times of the year, prices have shown an upward trend, especially increasing in the last months of the year.

For example, in Thanh Xuan district, a 2-bedroom, 2-bathroom apartment at the Imperial Plaza project in August 2024 had a price of 5.2-5.3 billion VND/apartment, but now the selling price has increased to 5.4-5.5 billion VND/apartment.

During the same time period, the price of 2-bedroom, 2-bathroom apartments at the Rivera Park project also increased from 5.5-5.6 billion VND/apartment to 5.7-5.9 billion VND/apartment. The price of 2-bedroom, 2-bathroom apartments at the Goldseason project also increased from 5.4-5.5 billion VND/apartment to 5.6-5.8 billion VND/apartment.

In Nam Tu Liem district, 2-bedroom, 1-bathroom apartments at Vinhomes Smart City project, in August, the price of this type of apartment was offered at 3.5-3.6 billion VND/apartment, but now it has increased slightly to 3.7-3.8 billion VND/apartment. Golden Palace project, the selling price for an area of ​​85m2 in August was still popular at 4.7-4.8 billion VND/apartment, but now the selling price is over 5 billion VND/apartment.

In the same time period, the price of a 2-bedroom, 2-bathroom apartment at Mon City apartment complex has increased from the common price of 4.1-4.2 billion VND/apartment to 4.3-4.5 billion VND/apartment. At the Sudico My Dinh project, the 57m2 apartment has also increased slightly, from 3.6-3.7 billion VND/apartment to 3.8 billion VND/apartment.

In Cau Giay district, apartment A10 Nam Trung Yen, with 2 bedrooms, 1 bathroom, area of ​​66m2, the asking price continues to increase, from 4.6-4.7 billion VND/apartment to 4.8-5.2 billion VND/apartment.

Projects A14 Nam Trung Yen, buildings B10, A6 Nam Trung Yen also recorded an average price increase of 100-200 million VND/apartment in the past 2 months. Apartments in the Home City project, 2-bedroom, 2-bathroom type, also continued to increase in price from 4.8-5.1 billion VND/apartment to 5.2-5.5 billion VND/apartment. An increase of about 300 million VND in the past 2 months was also established at the 219 Central Field Trung Kinh project.

Ms. Nguyen Hoai An, Senior Director of CBRE Vietnam in Hanoi, said that the selling price of apartments in Hanoi will continue to increase in the coming time. The reason is that in the last quarter of 2024, the new supply is forecasted to record more than 10,000 units, bringing the total number of newly opened apartments for sale in the whole year of 2024 to nearly 30,000 units, nearly three times the number of apartments opened for sale in 2023 and the highest supply in the past 5 years. A large proportion of the supply is expected to be concentrated in the high-end segment.

Meanwhile, more luxury projects will be launched for sale at the end of the year, continuing to push up primary prices in the final quarter of the year. In addition, secondary prices will continue to increase in the context of abundant primary supply, but with a more stable increase.

Sharing the same view, according to Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, the primary selling price of Hanoi apartments will continue to increase because although the supply has improved, it is still very difficult to meet the demand. Because most of the new supply continues to be completed at a high standard with high investment costs, especially costs related to land. Therefore, the primary price level is very difficult to decrease. The increase in primary prices has led to an increase in the selling price of Hanoi apartments in the secondary market.

Commenting on the impact of this price increase, Mr. Dinh said that in the long term, it will cause great instability for the market. Therefore, the management agency needs to soon take measures to "clear" the way for the affordable commercial housing and social housing segments. Along with that, investors need to step up research and product development in line with the trends and affordability of the majority of people, limiting the situation of being completely out of sync with high-end and luxury products.