Ms. T. Huong from Ha Nam province shared that her family has been unable to find an apartment in Hoang Mai district, Hanoi, due to the extremely high prices over the past several months. However, since the end of November, there have been signs of stagnation, and prices have even dropped by 100-300 million VND.
“For a project in Dai Kim ward, Hoang Mai, which I inquired about in October, the agent informed me last week that the owner needed to sell urgently and was willing to reduce the price by over 200 million VND. My family is still considering waiting a bit longer, expecting the price to drop further,” Ms. Huong shared.
A survey of several real estate listing websites reveals a decreasing trend in apartment prices in Hanoi during November and December.
For instance, apartments in a residential building in Nam Tu Liem district were commonly advertised for nearly 63 million VND per square meter in October but have dropped to around 61 million VND per square meter in November.
Similarly, a condominium in Long Bien district is now advertised at a range of 50-60 million VND per square meter, whereas the average price in October was 55-65 million VND per square meter.
 Hanoi apartment prices stall, no longer “hot.” Photo: Nam Khanh |
Not only apartments but also land in Hanoi show signs of cooling down. Mr. T. Cong recently finalized a land deal in Thanh Oai district, sharing that two months ago, the land was listed at 74 million VND per square meter. Noticing a decrease in land prices in the area since November, he and his wife returned last week and successfully negotiated a price of 59 million VND per square meter.
Mr. Duy Dang from Cau Giay district, Hanoi, shared that at the beginning of December, he viewed a house in Yen Hoa ward. According to the neighbors, the house was sold for 5.4 billion VND in September. After the new owner renovated and added interiors, the asking price was set at 9.8 billion VND.
However, just five days later, the agent informed him of a 300 million VND reduction in the asking price. As of now, the price has been further lowered by 100 million VND to 9.4 billion VND.
According to a leader of a real estate exchange in Ha Dong, Hanoi, the city’s real estate prices have undergone adjustments over the past two months, with a decreasing trend becoming more prevalent.
“Two-bedroom apartments priced between 3 and 4 billion VND remain in high demand but are scarce. Most of the available inventory consists of two-bedroom apartments priced at around 5 billion VND, which exceeds the financial capacity of many families. After a period of surging prices, transactions have significantly decreased as buyers pause their search. Unable to sell, many owners are forced to lower their asking prices, leading to a downward trend in certain areas,” the leader commented.
Apartment market no longer “hot”
Commenting on the reduced liquidity in Hanoi’s apartment market, Mr. Pham Duc Toan, CEO of EZ Property, attributed the recent price surge to a supply-demand imbalance. He believes that Hanoi apartment prices have now peaked, causing many potential buyers to postpone their plans, resulting in low transaction volumes.
Economist Dr. Dinh Trong Thinh shared a similar perspective, stating that 2024 witnessed a rapid increase in apartment prices in Hanoi, affecting both primary and secondary markets, including older projects. During the peak period, prices even increased daily or weekly. However, Dr. Thinh anticipated a stabilization in the market, with the “hot” trend likely to subside.
Mr. Toan predicted that apartment prices would struggle to rise further but also noted the challenge in expecting an immediate decrease. He emphasized the need to address the supply-demand gap to cool down the market.
In reality, Hanoi’s housing market is gradually alleviating the shortage of housing supply. Notably, there are positive signs in the affordable housing segment, with several social housing projects being initiated or permitted after a long period without new developments.
Recently, a social housing project offering over 460 apartments in Uy No, Dong Anh, was commenced, with an expected completion date of October 2026.
Earlier this month, another social housing project in the new urban area of Ha Dinh, Thanh Tri, broke ground. The plan includes a 25-story building with 440 apartments. The construction is expected to take 30 months.
Additionally, at the end of November, the CT1 apartment building, with nearly 600 units of social housing in Thuong Thanh ward, Long Bien, received its construction permit.
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According to the Hanoi Department of Construction, the city currently has 69 ongoing social housing projects. From 2021 to the present, approximately 0.64 million square meters of social housing floor space, comprising over 10,270 apartments, have been completed across eight fully finished projects and three partially finished projects. Around 0.345 million square meters of social housing floor space and 5,923 apartments are expected to be completed in 11 projects during 2024-2025. Hanoi is considering approving two projects in Tien Duong, Dong Anh, spanning 80 hectares, with the hope of commencing construction in the first quarter of next year. The city is also reviewing and adding approximately 15 new land areas to develop social housing projects, with around 2,000 apartments planned for each area. Among these, 2-3 areas will be allocated for constructing worker housing near industrial zones. |
Hong Khanh
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