Hanoi Apartments Hit $6,500/m², While Landed Property Transactions Stall

Maintaining High Levels

According to the latest report from JLL Vietnam, while the apartment segment is booming with abundant supply and demand, the landed property market remains relatively subdued, accumulating and awaiting infrastructure boosts to enter a new cycle. However, both markets share a common trait: primary sale prices remain at high levels.

In the final quarter of 2025, the high-end apartment segment (including luxury and ultra-luxury) became 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 like Vinhomes Global Gate (Dong Anh) and the Ruby and Long Bien Central series (Long Bien). Extended payment policies and diverse offerings stimulated demand from both end-users and investors.

New supply also surged in Q4/2025, with nearly 5,700 units launched, bringing the total 2025 supply to approximately 9,400 units. Leading developers such as Masterise and MIK continued to dominate the Northern market, adding around 3,500 high-end units.

However, attention was notably drawn to the West Lake West area with The Prime project (Daewoo E&C), marking a new development phase for the Starlake urban complex. With limited units and rising market sentiment in West Lake West, the project quickly gained interest from domestic and international buyers.

This dynamism pushed primary sale prices for high-end apartments to $4,300/m², a 37.5% year-on-year increase. Notably, the market saw a wave of luxury projects priced between $5,000 and $6,500/m². In the secondary market, prices rose nearly 19% year-on-year to $3,520/m², particularly in West Lake West and along Ring Road 2.

Landed Property Market Cools Down

JLL Vietnam’s report also highlights a slowdown in the landed property segment during Q4/2025, with only 426 units sold, bringing the total 2025 transactions to around 4,400. The primary cause 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, villas priced above $8,000/m² faced liquidity challenges due to high total values and ample secondary market options.

Average primary sale prices cooled to $9,700/m² of land, a nearly 7% year-on-year decline. However, this reduction does not indicate market decline but rather reflects new supply in more peripheral, competitively priced locations.

In reality, shophouses in major urban complexes maintained very high prices, ranging from $10,000 to $17,000/m². Confidence in the market was evident in the secondary channel, where prices rose nearly 19% year-on-year to $8,700/m².

Ms. Le Thi Huyen Trang, Managing Director and Head of Consulting 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 high-end to luxury, expanding to areas like Dong Anh, Long Bien, and Cau Giay.

“Consistent primary price increases over the past year have set a price foundation for new projects, with increasingly upscale positioning, expected to average above $5,000/m², and even branded real estate potentially surpassing $6,500/m².

Additionally, landed property supply is forecast to rebound strongly, particularly in peripheral areas linked to future road networks. 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 satellite city development.”