The primary market for apartments in Hanoi has not shown any signs of cooling down. (Photo: MarketTimes)
Hanoi’s primary and secondary apartment markets have slowed down since the beginning of 2025, with a decrease in successful transactions. This is in stark contrast to the “skyrocketing” prices seen in 2024.
In early 2024, Ms. Thuy Hang from Cau Giay, Hanoi, invested in an 81-square-meter apartment in Florence My Dinh, Nam Tu Liem, for VND 4.6 billion. When the market was booming in late 2024, she rejected an offer of VND 5.6 billion, expecting further price increases in 2025. However, when her child went abroad for studies in March 2025 and she needed money, she put the apartment up for sale. Despite engaging a broker, it took a month to find a buyer, and the deal was only finalized after she reduced the price by VND 300 million.
According to Mr. Tuan, a real estate broker in Cau Giay and Nam Tu Liem, the liquidity of the secondary apartment market has slowed down since the beginning of 2025. While prices have not dropped significantly, the number of potential buyers has visibly decreased. A broker specializing in primary market sales also acknowledged a decline in apartment transactions, mainly due to high prices. Many potential buyers with genuine housing needs are priced out of the market and are waiting for prices to drop.
The Batdongsan.com.vn report on Hanoi’s real estate market for April 2025 revealed a decrease in interest across all segments. For instance, interest in apartments decreased by 19%, while interest in detached houses, rental rooms, and shophouses dropped by 20%, 20%, and 22%, respectively. The number of listings also showed a downward trend, with apartments, detached houses, shophouses, and rental rooms decreasing by 6%, 5%, 7%, and 9%, respectively.
Meanwhile, the buying and selling market witnessed only slight adjustments in the number of listings, indicating that sellers are still optimistic about long-term demand. However, compared to the previous month, there was a notable decline in interest across all segments. Specifically, interest in land plots, apartments, detached houses, and shophouses decreased by 18%, 20%, 14%, and 14%, respectively. The number of listings followed a similar pattern, with land plots, detached houses, apartments, and shophouses decreasing by 6%, 5%, 9%, and 7%.
According to Savills Hanoi’s report for Q1 2025, both supply and the number of sold units decreased compared to the previous quarter. Primary market prices increased by 5% quarter-on-quarter and even surpassed the same period last year.
The secondary market is also undergoing adjustments. Out of 400 studied units, 47% saw price reductions compared to the previous quarter. The continuous price increases have influenced the decisions of end-users and investors alike. As a result, sellers are now more willing to adjust their asking prices to meet the buyers’ expectations.
In the primary market, land resources are concentrated in large urban areas, and the remaining land is being developed for high-end projects. As a result, the prices remain higher than the market average and have even increased compared to the previous quarter.
According to Ms. Do Thu Hang, Senior Director of Research and Consulting at Savills Hanoi, the demand for affordable housing is always high. If projects are located outside the city’s ring roads or in neighboring provinces, the prices will be more reasonable. However, for projects with high asking prices, transaction speed will be slower.
Currently, the reality is that the supply of Grade B apartments in Hanoi remains stable, with 90% of sold units belonging to this segment. On the other hand, Grade C apartments with prices below VND 50 million are scarce. If more Grade C apartments were available, they would attract a significant portion of the demand that is currently interested in this segment.
Commenting on the apartment market in 2025, Ms. Hang expected continued adjustments in secondary market prices. Regarding the primary market, some projects are about to launch new products, so prices in this segment are unlikely to see significant reductions.
The Perils of Apartment Living: Why Your $350,000 Might Not Buy Happiness in Hanoi
The apartment market has seen a shift with soaring prices, prompting many homebuyers to pivot and explore alternative options. This has led to a growing trend of buyers turning their attention to the search for homes located on quaint alleyways in Hanoi.
“Price Slashed: Condo Owners Offer Massive Discounts to Secure Quick Sales”
Many apartment owners are opting to reduce their rental prices in a bid to attract tenants and quickly recoup their investments.
The Capital’s Cooling Condo Market: A Post-Frenzy Standstill in Hanoi’s Property Prices
There are signs that apartment prices in many areas of Hanoi are stabilizing, with no further increases in sight. As a result, many sellers are willing to take a loss and offer discounts of up to VND 100-300 million per apartment to find buyers.
The Flatlining Condo Prices: Investors Anxious Over ‘Holding Duds’
After the Lunar New Year, apartment prices tend to stabilize, a trend that often sparks fears of losses among investors who bought at the peak.
A Modest $270 Million of Corporate Bonds Were Repurchased Prematurely in November
Data from the Vietnam Bond Market Association (VBMA), compiled from HNX and SSC sources, revealed that there were 29 private corporate bond issuances valued at approximately VND 24.4 trillion in November 2024.
