Global Property Guide, a leading real estate market research firm based in Northern Europe, has released a report on the sales and rental markets for apartments in 11 major Asian cities. The data, collected from regional market data and official agency reports, offers valuable insights into the region’s property landscape.
Asia apartment sales price survey, source: Global Property Guide.
According to the report, Hong Kong tops the list as the most expensive city in Asia for apartment sales, with an average price of over $25,802 per square meter, or approximately VND 645 million per square meter. Taipei follows closely behind at $17,551 per square meter, equivalent to VND 439 million per square meter.
Singapore, Tokyo, Bangkok, Kuala Lumpur, Mumbai, Manila, and Tbilisi complete the list, with average prices ranging from $423 million to $55 million per square meter. Hanoi, Vietnam’s capital, ranks 10th, with an average price of $2,068 per square meter (around VND 52 million per square meter), slightly higher than Jakarta, Indonesia’s capital.
Asia apartment rental price survey, source: Global Property Guide.
Another Global Property Guide report highlights that Hanoi offers relatively affordable rental rates compared to other Asian cities. Focusing on one-bedroom apartments, Hanoi ranks 10th out of 11 cities, with an average monthly rent of $688 (approximately VND 17 million). This is just 15% of Singapore’s rental rates, which top the region at $4,590 per month (VND 115 million).
Recent surveys also indicate that Hanoi’s apartment prices continue to rise, with no signs of cooling down, in both central and peripheral areas.
For instance, Vietnam’s Ministry of Construction’s Q1 2024 real estate market report showed continuously increasing apartment prices in Hanoi, both in the primary and secondary markets. Prices in projects like Phuong Dong Green Home ranged from VND 35.5 million to VND 48.9 million per square meter, while Trinity Tower’s prices were VND 41.6 million to VND 55.8 million per square meter. TSQ Mo Lao and Masteri West Heights offered apartments at even higher rates, reflecting a growing trend in the city’s property market.
Research by VARS further emphasizes this trend, revealing that Hanoi’s apartment prices have been on a consistent upward trajectory for several consecutive quarters. In Q1 2024, apartment prices in Hanoi were 48% higher than in Q1 2019 and 8% higher than in Q4 2023, marking the most significant increase in the past five years.
Dr. Nguyen Van Dinh, President of the Vietnam Real Estate Brokers Association, forecasts that primary apartment prices will continue to rise by an average of 3-8% in 2024. This is due to a short-term supply issue, as the number of newly licensed commercial housing projects is limited and declining, especially in the affordable and middle-class segments. As a result, homeownership for many Hanoi residents will become increasingly challenging.
