Up to 200 Million VND per Square Meter
The Q3/2025 report from One Mount Group’s Market Research and Customer Insight Center highlights that Hanoi’s real estate market remains vibrant, with 8,100 newly launched apartment units, a 9% decrease compared to the same period last year but still higher than the 2023-2025 average.
Hanoi’s new supply is primarily concentrated in the Eastern and Western districts, notably Van Giang (Hung Yen) accounting for 11% of total launches, alongside large-scale projects like Lumière Prime Hills, Sun Feliza Suites, Kepler Land Mo Lao, and Masteri Trinity Square. The Western area remains the leader with its well-developed infrastructure and abundant land reserves, contributing approximately 36% of the new supply.
Average apartment prices in Hanoi reached 85.6 million VND/m², while in Ho Chi Minh City (pre-merger) they stood at 95.4 million VND/m².
Meanwhile, Ho Chi Minh City, post-merger, witnessed a significant surge with 5,500 units, a 261% increase compared to the same period in 2024, marking the highest recovery in three years. This momentum is driven by new legal regulations that have begun to take effect, gradually improving supply, though distribution remains uneven. Over 60% of new launches are in Binh Duong, while central HCMC still faces a scarcity of new projects due to prolonged legal procedures.
Average apartment prices in both major cities continued to rise sharply, exceeding 20% compared to the same period last year. Specifically, in Hanoi, the average price reached 85.6 million VND/m², while in HCMC (pre-merger) it was 95.4 million VND/m². New projects launched in Q3/2025 approached 108-131 million VND/m², reflecting a trend toward high-end products.
Pricing structures show that over 50% of new supply in both Hanoi and HCMC exceeds 100 million VND/m². Notably, in Western Hanoi, newly launched projects start at 104 million VND/m². Post-merger HCMC has a broader price range, from 30 to 200 million VND/m², but mid-range units are primarily in Binh Duong, while the city center maintains the highest market prices.
Similarly, CBRE Vietnam’s market report indicates that new condominium projects priced above 100 million VND/m² are increasingly common in both major cities. In Hanoi, total new supply reached over 10,300 units, with 20% priced above 120 million VND/m² (excluding VAT and maintenance fees). This quarter recorded the highest number of launches priced above 100 million VND/m². High-priced projects consistently entering the market pushed primary sale prices up by an average of 16% from the previous quarter and 41% year-on-year.
In HCMC, approximately 2,550 new units were launched in Q3/2025, primarily in the high-end segment, with prices ranging from 60 to 120 million VND/m². New projects in the central core area averaged 120-150 million VND/m², with some exceeding 230 million VND. Compared to last year, new condominium prices in HCMC increased by about 31%.
According to Savills Vietnam’s Savills Property Index (SPPI), Hanoi’s housing index in 2024 increased by an average of 14.9 points per quarter, indicating strong buyer sentiment recovery, coinciding with a wave of launches from reputable developers.
By Q2/2025, the housing index rose by 5 points from the previous quarter, reaching 191.1. Average sale prices were recorded at 63 million VND/m², a 4% quarterly increase. Despite easing supply shortages, prices remain high. Long-term factors such as positive net migration and rapid urbanization continue to support this demand.
Increasing Supply to Address Cost Challenges
Mr. Tran Minh Tien, Director of One Mount Group’s Market Research and Customer Insight Center, noted that according to One Mount Group’s calculations, a middle-income household (200 million – 1.3 billion VND/year) needs an average of 9-10 years to afford a standard 70 m² apartment (priced at 85-95 million VND/m², excluding VAT). Meanwhile, lower-income households (200 million VND/year) are nearly unable to access commercial housing, requiring over 35 years of savings to afford it.
“This highlights the growing gap between income and real estate prices, posing significant challenges for housing affordability in major cities like Hanoi and HCMC,” said Mr. Tien.
With current price levels, genuine homebuyers have almost no chance of entering the market.
Mr. Vo Huynh Tuan Kiet, Director of CBRE HCMC’s Residential Department, noted that high prices are slowing apartment sales. Absorption rates reached about 68%, down from 90% in the previous quarter. According to Mr. Kiet, a healthy real estate market must balance sale prices, income, and absorption capacity.
Ms. Do Thu Hang, Senior Director of Research and Consulting at Savills Hanoi, forecasts that in the long term, alongside National Assembly Resolution No. 171/2024/QH15 and policies promoting housing projects from 2025-2030, Hanoi will see additional supply from suburban areas. Additionally, solutions for developing social housing and affordable apartments are being accelerated. Some social housing projects are priced around 25 million VND/m².
“For commercial apartment development, besides construction costs, land costs also contribute significantly to pricing, as do profit expectations. If cost issues are addressed effectively, the market can introduce more affordable products, meeting the substantial demand from urban residents,” said Ms. Hang.
According to Savills Vietnam, Hanoi’s real estate market in the coming period will witness clear segmentation by area and project quality. Pilot housing projects, along with institutional reforms and infrastructure investments, are expected to positively impact price levels.
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