Detached houses have witnessed notable price increases in recent years, second only to apartments. According to Batdongsan.com.vn, compared to the first quarter of 2023, the selling price of detached houses in Hanoi surged by 52%. This is evident in the data, with prices rising from 125 million VND per square meter in January 2023 to 197 million VND per square meter in November 2024, marking a 1.5-fold increase over nearly two years.
As of November, the average selling price of detached houses in Hanoi stood at 197 million VND per square meter.
The real estate market, specifically for detached houses in Hanoi, has witnessed a positive trajectory in terms of transaction volume and interest across all price ranges. This is particularly evident in various districts of Hanoi, including Nam Tu Liem (up by 43%), Hoang Mai (28%), Dong Da (21%), Ha Dong (26%), and Thanh Xuan (12%), when compared to the beginning of 2023.
According to real estate brokers specializing in traditional housing, the sweet spot for Hanoi’s detached house market is in the range of 5 to 6 billion VND per unit, which is currently experiencing the most vibrant transaction activity. As the year draws to a close, the abundance of capital and the surge in home buyers have further fueled the market. The rate of increase for detached houses in Hanoi varies from 15 to 25% compared to six months ago, depending on the area.
A survey by Batdongson.com.vn revealed that in Nam Tu Liem district, for detached houses with an area of 30-40 square meters, located in alleys where cars cannot enter, such as My Dinh, Trung Van, Phu Do, etc., prices have increased from 4.6 to 5.2 billion VND per unit to 5 to 5.8 billion VND per unit. For those with a car accessible area of 30-40 square meters, prices have risen from 6.3 to 7 billion VND to 7 to 7.8 billion VND. In the Ha Dong district, for similar car-accessible houses with an area of 30-38 square meters, prices have increased from 6.2 to 7 billion VND to 7 to 7.7 billion VND. In areas such as La Khe, Phu Lam, Duong Noi, Kien Hung, and Yen Nghia, which offer houses with an area of 30-40 square meters but without car access, prices have risen from 3 to 4 billion VND to 3.7 to 4.9 billion VND.
Mr. Thinh, a real estate broker specializing in traditional housing in the Thanh Xuan area, shared that the prices of detached houses in Hanoi have been on a continuous upward trend over the past two years. In 2023, the focus of consumer interest and transaction volume was primarily on detached houses priced below 4 billion VND per unit. However, starting around March to April of this year, the pace of transactions picked up, before slowing down again around July to August. Nonetheless, following the sharp increase in apartment prices, detached house prices also rose, establishing a new price level.
Presently, options in the 4-billion-VND range are scarce and typically located in areas distant from the city center or in deep alleys. The current sweet spot for buyer interest has shifted to the 5 to 6 billion VND per unit range, with houses in this price bracket experiencing the most vibrant transaction activity. On the other hand, detached houses priced from 7 to 8 billion VND per unit are witnessing slower transactions.
“It is understandable that new price levels have been established given the context of strong demand and price increases in the apartment segment, which caters to practical needs,” shared the broker.
As the year draws to a close, the demand for permanent residences intensifies, resulting in a significant increase in the number of people seeking to purchase detached houses in Hanoi compared to other times of the year. According to brokers specializing in this segment, the number of prospective buyers has increased by 40 to 50% compared to the previous quarter, with market liquidity being directly proportional to this rising demand.
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