A new apartment project comprising five towers located on Vo Chi Cong Street (Tay Ho District, Hanoi) has just opened its reservation books, offering units at a price range of USD 6,800–10,700 per sq. m, equivalent to VND 170–268 million per sq. m (excluding VAT).
The development features a range of apartment sizes, from 105 to 284 sq. m, including one- and two-bedroom units priced between VND 13 and 39 billion, or approximately VND 229 million per sq. m. Notably, the sky villa units within this project are being advertised at prices ranging from VND 25 to 85 billion, equivalent to VND 238 million per sq. m. However, these are rumored prices and may not be final.
In the surrounding area, the transfer price of villas and adjacent land in the Ciputra urban area fluctuates between VND 290 and 350 million per sq. m, indicating fierce competition among different types of real estate as the prices of luxury apartments are becoming comparable to those of villas and adjacent land plots.
Listing for the transfer of a luxury apartment at a price of approximately VND 200 million per sq. m.
Less than 200 meters from this project are three 25-story towers developed by a Singaporean investor and recently handed over in August 2024. Located on Lac Long Quan Street, these towers offer 173 apartments with areas ranging from 94 to 330 sq. m. Launched in 2022 at a price of VND 120 million per sq. m, some units in this development are now being offered for transfer at prices ranging from VND 150 to 180 million per sq. m.
Meanwhile, the scarcity of affordable housing is driving up prices in the luxury and high-end segments. This price increase in apartments is also causing a corresponding rise in the prices of other real estate types, such as villas and adjacent land plots.
Villa and adjacent land prices in Hanoi have soared recently, especially in the western part of the city, where many new residential projects and modern infrastructure developments are located.
Data reveals that many adjacent land plots and villas have experienced more than a 30% increase in transfer prices over the past year. Currently, the average transfer price of adjacent land plots has surpassed the threshold of VND 188 million per sq. m, while the average villa price stands at approximately VND 178 million per sq. m.
For instance, a land plot adjacent to the Geleximco project, a urban area developed since 2007 along Le Trong Tan Street in Hoai Duc District, is now being sold at a price of nearly VND 300 million per sq. m, almost double the transaction price in the same period last year. This represents a 70% increase in just one year.
Villa and adjacent land prices in Hanoi have soared in recent times.
Similarly, at the Hinode Royal Park project, villa and adjacent land prices have skyrocketed. According to Property Guru data, prices in this project have increased by 83% over the past year.
According to Do Thi Thu Hang, Senior Director of Consulting and Research at Savills Hanoi: “The villa/adjacent land segment in projects has not shown signs of recovery, with high price increases but low liquidity. Meanwhile, neighboring markets still have new supply at competitive prices, and there is more demand for purchases.”
Specifically, according to Savills’ report for the first half of 2024, new supply reached 128 units, up 38% quarter-on-quarter but down 2% year-on-year. The new supply came from two existing projects in Ha Dong: An Quy Villa with 54 villas and An Lac Green Symphony in Hoai Duc with 12 new adjacent land plots, and Him Lam Thuong Tin with 11 new shophouses.
Primary supply reached 608 units from 16 projects, down 9% quarter-on-quarter and 24% year-on-year. Villas dominated the primary supply, accounting for 39%, due to new launches in this quarter.
In the first half of the year, primary villa prices in projects increased by 9%, reaching VND 178 million per sq. m. Adjacent land prices decreased by 2% quarter-on-quarter to VND 188 million per sq. m, mainly because the high-priced units had been sold, and only the lower-priced units remained. Shophouse prices also increased by 3% quarter-on-quarter to VND 288 million per sq. m.
Affordable Housing in Bac Ninh – “A Golden Opportunity for Young Homeowners”
With property prices soaring in Hanoi and Ho Chi Minh City, finding affordable, well-appointed accommodation is becoming increasingly challenging. However, in Bac Ninh, one forward-thinking corporation remains steadfast in its commitment to developing quality social housing projects, providing a much-needed lifeline for local residents.
Unveiling the Enforcement of the 2024 Land Law
“Today, the Ministry of Natural Resources and Environment hosted a conference in Hanoi to announce and elaborate on the decrees detailing the implementation of the 2024 Land Law. The event underscored the ministry’s commitment to transparency and public engagement in land-related matters.”
The Capital’s Auction of ‘Abandoned’ Redevelopment Properties
The Hanoi Department of Construction has proposed to the People’s Committee a plan to auction off surplus resettlement housing to recoup costs. This comes in response to the growing number of vacant units, with the aim of efficiently utilizing resources and ensuring the effective management of public funds.
