Hanoi’s apartment market continues its upward trajectory, according to PropertyGuru Vietnam, with prices trending higher over the past two months. This surge follows a period of stagnation, where apartment prices in the city remained stagnant for over a month.
A key factor driving this trend is the high demand coupled with a scarce supply of new properties. This dynamic isn’t unique to the apartment segment; it’s also affecting other real estate sectors, such as land and private housing.
In Q2 2024, new supply witnessed a quarterly decline of 34% and an annual drop of 25%, with only 2,697 units entering the market. Primary supply stood at 10,317 units, a decrease of 20% quarterly and 49% annually. The majority of apartment sales in the first half of the year were in the Grade B segment, accounting for 96% of the 5,085 units sold. This segment offers a balance between living costs and quality of life, providing essential daily services that appeal to homebuyers.
Hanoi’s apartment market continues to witness rising prices.
In Nam Tu Liem district, apartment prices at Mon City for 2-bedroom, 2-bathroom units have risen from VND 3.5-3.6 billion to VND 3.7-3.9 billion. Similarly, 3-bedroom apartments in the Sudico My Dinh project have increased from VND 4.4-4.6 billion to VND 4.6-4.8 billion. Apartments in the large-scale urban area of Vinhomes Smart City have also seen average increases of VND 150-250 million compared to two months ago.
In Hoai Duc, the Gemek project has experienced a slight increase from VND 2.7-2.8 billion to VND 2.75-2.9 billion for 2-bedroom, 2-bathroom units. The Golden An Khanh project has also seen average price hikes of VND 200 million compared to just over a month ago. In Cau Giay district, 2-bedroom, 2-bathroom apartments in the Home City project are now priced at VND 4.7-4.9 billion, reflecting an average increase of VND 200-300 million from two months ago. In Nam Trung Yen, 2-bedroom apartments have seen their prices climb from VND 2.8-3 billion to VND 3.1-3.4 billion.
In Thanh Xuan district, Gold Season’s 2-bedroom, 2-bathroom apartments have witnessed a price jump from VND 4.2-4.4 billion in May to VND 4.4-4.6 billion currently. Similar increases of VND 250-300 million are also evident in projects like Thong Nhat Complex, Bohemia, Hanoi CenterPoint, Times Tower, and Golden Palace in the same district.
Is it worth selling an apartment for billions of dong with the continuous fluctuation in apartment prices and constant calls from real estate agents all day?
Recently, there have been many customers asking for advice on whether to sell their apartments in a bustling area to buy elsewhere or to enjoy a significant price difference. Mr. Le Quoc Kien, a real estate investment advisor, has some recommendations for investors.
The CBRE Boss on the Housing Price Paradox: How Did Hanoi’s Property Prices Reach Kuala Lumpur Levels When Incomes Are a Quarter Less?
While Kuala Lumpur residents boast a fourfold income advantage over those in Hanoi, the two cities exhibit surprisingly comparable housing prices. The income growth of locals has lagged behind the surging property prices in major cities such as Ho Chi Minh City and Hanoi, according to the director of CBRE Vietnam.
