“Hanoi Homeowner Stunned: $650,000 Property Surges to $1 Million in Just One Year”

Mr. Nguyen Nam (33, an office worker in Hanoi) was astonished when his house, purchased a year ago for 8 billion VND, attracted buyers willing to pay up to 15 billion VND—a 7 billion VND increase in just one year of ownership.

Back in September 2024, after six months of tirelessly viewing properties and working with numerous agents, Mr. Nam finally secured a 40m², 5-story house in the Khuong Dinh area. The property’s rare features—direct car access in front and a wide alley allowing two vehicles to pass—met all the criteria set by him and his wife.

Initially listed at 8.6 billion VND, Mr. Nam negotiated the price down to 8.4 billion VND after three rounds of bargaining.

“When we finalized the purchase, my wife and I didn’t feel we overpaid. We were simply relieved to find a house that met our criteria and budget. However, after moving in, neighbors informed us that a similar house just a few doors down had sold two months prior for 7.8 billion VND, 600 million VND less than what we paid. We felt a twinge of regret but consoled ourselves that no other house at the time matched this one in terms of suitability,” Mr. Nam recalled.

After one year, Mr. Nam noted a sharp rise in property prices in the area. A 32m², 6-story house with an elevator, located in an alley above his, is listed at 400 million VND/m², totaling 12.8 billion VND. However, this property lacks direct car access. Another 54m², 5-story house is priced at 24 billion VND, or nearly 414 million VND/m².

“Agents informed me that prospective buyers are actively seeking properties in my neighborhood and expressed interest in viewing my house at 15 billion VND. I was stunned by the price surge in just one year. My wife and I agreed that if we hadn’t purchased last year, we wouldn’t be able to afford such a well-located house now. It’s impossible to keep up with the rising property prices,” Mr. Nam shared.

According to Batdongsan.com.vn’s data on Hanoi’s real estate market, after apartments, private houses are the segment with the most significant price fluctuations. This is driven by the perceived safety of property investment and the high priority Hanoi residents place on homeownership.

Mr. Dinh Minh Tuan, Southern Regional Director of Batdongsan.com.vn, stated that private house prices are rising rapidly due to increasing demand and a shrinking supply. As of September 2025, the average price of private houses in Hanoi stands at 233 million VND/m², a 17% increase since the beginning of the year.