Last month, Mr. Le V. successfully sold his nearly 70m² apartment in the Dai Kim Building social housing project (Dinh Cong Ward) for over 5 billion VND. This equates to an astonishing 70 million VND per square meter, nearly five times the original price of approximately 15 million VND/m² when it was handed over almost eight years ago.
A survey of various real estate websites reveals that multiple apartments in Dai Kim Building are currently listed for sale at 70-80 million VND/m², equivalent to over 5 billion VND per unit.
In Hoang Liet Ward, the Rice City Linh Dam social housing project also reports secondary market prices ranging from 4.9 to 5.3 billion VND per unit.
Dai Kim Building social housing project, Dinh Cong Ward, Hanoi. Photo: Hong Khanh |
Other social housing projects, such as @Homes (Hoang Mai Ward), are listed at 4.7-5.2 billion VND per unit, while IEC Thanh Tri, with areas ranging from 60-70m², is priced between 3-4 billion VND.
Even projects located farther from the city center have seen significant price increases. Since early 2024, Hope Residence (Viet Hung Ward) has surged from 2.1-2.3 billion VND to 3.8-4.3 billion VND per unit. Similarly, Thach Ban social housing (Long Bien Ward) has risen from 2.1-2.2 billion VND to 3.9-4.2 billion VND per unit.
Once considered affordable options, social housing projects have transformed into high-value assets after 5-10 years of use, with prices increasing three to fivefold, even approaching the high-end commercial segment.
Newly Launched Social Housing Projects Reach 30 Million VND/m²
Not only is the secondary market booming, but newly launched social housing projects are also setting unprecedented price levels. Before 2023, social housing in Hanoi ranged from 13-17 million VND/m². However, since late 2024, newly launched projects have established a new price benchmark.
The Rice City Long Chau – Thuong Thanh project (Bo De Ward), developed by Him Lam Thu Do and BIC Vietnam, currently holds the highest price at 29.4 million VND/m² (including VAT, excluding maintenance fees). The smallest unit, at 32.3m², costs approximately 950 million VND, while the largest unit, at 77.2m², exceeds 2.26 billion VND.
Previously, the Ha Dinh social housing project (Thanh Liet Ward) held the record with a provisional price of 25 million VND/m², equivalent to 1.75 billion VND for a 70m² unit.
The Dong Anh and Kim Hoa social housing projects (Tien Thang Commune) are priced at 20.6 million VND/m² and 20.2 million VND/m², respectively.
The most affordable project currently is CT3 Kim Chung (Thien Loc Commune), priced at 18.4 million VND/m².
Chart: Hong Khanh
In early October, during a meeting with the Hanoi People’s Committee, Deputy Minister of Construction Nguyen Van Sinh expressed concern over the record-high prices of social housing in Hanoi, which no longer align with the goal of supporting low-income individuals.
“High prices may partly result from weak developer capabilities, prolonged construction timelines, and inflated costs. There may also be instances of policy exploitation to drive up prices. Strict control is necessary to ensure accessibility for those in need,” the Deputy Minister emphasized.
The Ministry of Construction has requested Hanoi to establish a task force to inspect and evaluate social housing projects.
Experts from the Vietnam Real Estate Market Research Institute (VARS IRE) note that the social housing market still faces significant challenges that need to be addressed to accelerate the implementation of the plan to build at least 1 million units between 2021-2030. These challenges include difficulties in controlling speculation and unauthorized transfers of social housing units.
According to VARS IRE, there are cases where individuals purchase social housing units without intending to live in them, instead transferring them in violation of regulations. This distorts the market, increases speculation risks, and prevents those genuinely in need from accessing social housing.
To address this, alongside comprehensive inspections and penalties for companies selling to ineligible buyers and individuals transferring units improperly, VARS IRE recommends that after the mandatory 5-year ownership period, social housing transfers should prioritize eligible buyers verified by competent authorities.
If a unit is transferred to someone ineligible for social housing benefits, the owner must return any policy-related incentives received.
Hong Khanh
– 05:45 14/11/2025
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