Contrasting Trends in Hanoi’s Housing Market: Apartment Boom Amidst Detached Home Slump

High-End Condominiums: Market Spotlight

According to the latest report from JLL Vietnam, in the final quarter, the high-end apartment segment (including Luxury, Premium, and Ultra-Luxury) has become the market’s focal point, with 5,000 units absorbed. The primary drivers were pre-launch activities in Northern and Eastern Hanoi, led by major projects such as Vinhomes Global Gate (Dong Anh), along with the Ruby and Long Bien Central projects (Long Bien). Extended payment policies and diverse offerings have stimulated demand from both end-users and investors.

New supply also surged in Q4 with nearly 5,700 units launched, bringing the total supply for 2025 to approximately 9,400 units. Leading developers like Masterise and MIK continued to dominate the Northern market by adding around 3,500 luxury units. However, special attention was directed toward the West Lake area with The Prime project (Daewoo E&C), marking a new development phase for the Starlake urban complex. With limited units and rising market interest in West Lake, the project quickly garnered attention from domestic and international buyers.

This dynamism has pushed primary market prices for high-end apartments to $4,300/m², a 37.5% surge year-on-year. Notably, the market has seen a wave of luxury projects priced between $5,000-$6,500/m². In the secondary market, prices also grew impressively by 18.7% annually, reaching $3,520/m², particularly in West Lake and along the Ring Road 2.

Landed Homes: Temporary Cooldown

The landed home segment recorded slower transactions in Q4, with only 426 units sold, bringing the total for 2025 to around 4,400 units. The main reason was limited new supply, with just 225 units launched in the quarter, and less attractive inventory. Transactions were primarily driven by investors targeting lower-priced segments, such as small townhouses and villas in areas like Gia Lam, Dan Phuong, and Thanh Tri. Meanwhile, high-end villas priced above $8,000/m² faced liquidity challenges due to their high total value and buyers’ preference for secondary market options.

Average primary market prices softened slightly to $9,700/m², down 6.9% year-on-year. However, this decline does not reflect a market downturn but is mainly due to new supply in more peripheral, competitively priced locations. In reality, shophouses in major urban developments maintained very high prices, ranging from $10,000-$17,000/m². Confidence in the market remains strong in the secondary channel, where prices rose sharply by 18.9% annually, reaching $8,700/m².

Ms. Le Thi Huyen Trang, Managing Director and Head of Advisory and Research at JLL Vietnam, commented: “2026 promises to be a vibrant year for both segments. The apartment market will continue to see diverse launches, from luxury to ultra-luxury, expanding to areas like Dong Anh, Long Bien, and Cau Giay.

Consistent primary market price increases over the past year have set a pricing foundation for new projects, with increasingly upscale positioning, expected to average above $5,000/m², and even ‘Haute Couture Real Estate’ potentially exceeding $6,500/m².

Additionally, landed home supply is forecast to rebound strongly, particularly in peripheral areas linked to future infrastructure. Hanoi’s push for key infrastructure projects like the West Thang Long Avenue and the Olympic Sports City will revive long-dormant land banks, fueling the growth of satellite cities.”