Competing to Drive Condo Prices Above 100 Million VND/m²
Currently, on the market, the Lancaster Legacy condominium project by Trung Thuy Group is trading at around 230 – 280 million VND/m². This price is significantly higher than the price set by the developer, which was 200 – 230 million VND/m².
The Lancaster Legacy condominium project by Trung Thuy Group is being sold at 230 – 280 million VND/m². Photo: Dai Viet.
According to a sales consultant at Eaton Park—a condominium project located on the frontage of Mai Chi Tho Street by Gamuda Land—the selling prices of apartments in this project have increased compared to pre-Tet 2025. Currently, a 60 m² one-bedroom apartment is priced at nearly 10 billion VND. Two-bedroom apartments of 80 m² are now selling for 15-17 billion VND. Three-bedroom units are being offered at prices ranging from 18 to 20 billion VND.
In Hanoi, numerous newly launched projects are also priced between 100 – 300 million VND/m². Specifically, the Noble Crystal Tay Ho project by Sunshine Group is trading at around 188 – 300 million VND/m². The Sun Feliza Cau Giay project is expected to be priced at 180 – 200 million VND/m².
Meanwhile, the Long Bien Central project is rumored to be priced at 115 – 130 million VND/m², excluding 10% VAT and 2% maintenance fees. The Nelson Private Residence project by HD Mon & Indochina is being advertised at 135 – 170 million VND/m².
Similarly, The Matrix Premium project entered the market with an average price of 130 million VND/m², excluding VAT and maintenance fees. The Hausman Premium Residence project (part of the FLC Premier Parc urban area in Dai Mo Ward) has prices ranging from 100 – 120 million VND/m².
The latest data from the Ministry of Construction shows that in the first nine months of the year, apartment prices in Hanoi and Ho Chi Minh City have remained high and are trending upward compared to the same period last year. Specifically, the average primary selling price of apartments in Hanoi ranges from 70 – 80 million VND/m², a 33% increase compared to the same period in 2024. Notably, some luxury condominium projects in Hanoi have recorded selling prices of 150 – 300 million VND/m².
In Ho Chi Minh City, the average primary selling price of apartments over the past nine months is approximately 75 million VND/m², with some high-end projects priced at 150 million VND/m² and above.
The Eaton Park project is trading at 18 – 20 billion VND for three-bedroom apartments.
The Ministry of Construction’s report also emphasizes that real estate prices have been increasing annually but do not accurately reflect true value, remaining high compared to the average income of most citizens.
Notably, the Ministry warns of ongoing hoarding, price manipulation, and speculation. These practices drive up real estate prices, causing supply-demand imbalances and exceeding the affordability of most citizens.
Challenges in Home Ownership
Data from the Vietnam Real Estate Market Research Institute (VARS IRE) shows that in Q2/2025, apartment prices in Hanoi, Da Nang, and Ho Chi Minh City surged significantly.
Compared to the previous quarter, average selling prices increased by nearly 88% in Hanoi, nearly 70% in Da Nang, and over 48% in Ho Chi Minh City. Currently, average prices are 75.5 million VND/m² in Hanoi, 66.4 million VND/m² in Da Nang, and 77.1 million VND/m² in Ho Chi Minh City.
VARS IRE notes that buying a home has never been easy, even for high-income earners, and home ownership is becoming increasingly difficult as the gap between income and housing prices widens.
The real estate market lacks affordable housing options.
In a report on the real estate sector, Saigon-Hanoi Securities Corporation (SHS) states that Vietnam’s price-to-income ratio for housing is among the highest globally. By mid-2025, this ratio reached 27.3, meaning the average apartment price is over 27 times the average household income.
However, in reality, adhering to the financial safety principle of allocating no more than one-third of income to housing, SHS estimates that Vietnamese households would need to save for 80 years to afford a typical home.
According to SHS, while household incomes increase by one step, housing prices leap by three. For instance, in Hanoi, from 2014 to 2025, average per capita income grew by 6.4% annually, but average apartment prices rose by nearly 12% annually, increasing from 25 million VND/m² to 75 million VND/m². Housing price pressures have become a structural issue in the economy. Meanwhile, rising living costs further erode savings intended for home purchases.
Buying for Speculation
According to a survey by DKRA Group, investors account for a larger proportion of buyers compared to actual residents, making up 70-80% of sales. Most of these buyers already own at least two properties and use idle funds rather than loans. They prioritize profitability, clear legal status, rental potential, and liquidity.
Additionally, a survey by Property Guru Vietnam reveals that 60% of recent condominium transactions were made by investors. These investors, with their inherent risk tolerance, heavily leverage financial tools to purchase properties, confident that condominium prices will continue to rise in the future.
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Unveiling a series of mega-projects across Vietnam, Vingroup has become the focal point of market attention. Yet, few know that behind these colossal ventures lies a decades-long journey of silent preparation—transforming visions and ideas on paper into feasible, legally sound projects. This meticulous process ensures there’s no risk of oversupply, making each development a testament to strategic foresight and execution.
Successful Auction of Two Prime Land Plots Near Long Thanh Airport for Over 6.7 Trillion VND
Two prime plots of land in Binh An Commune, adjacent to Long Thanh Airport, have been successfully auctioned by Dong Nai Province, fetching over 6.7 trillion VND.
Restoring Land Prices to Their True Market Value
The government should implement an anti-speculation tax, imposing a progressive tax on vacant land or short-term transactions.
State-Established Online Real Estate Valuation and Trading Center to Pilot Soon
The Ministry of Construction has proposed a two-year pilot implementation period, set to take place from 2026 to 2027.
Who Can Afford the $4,300 per Sq. Ft. Luxury Condo Market?
According to experts, the segment of apartments priced at 100 million VND per square meter is not tailored for the majority of buyers seeking a primary residence, as their income levels cannot sustain such high costs.
