The Paradox of Hanoi’s Landed Property Prices: Why Are Resale Homes Priced Higher Than New Launches?

According to Vo Huynh Tuan Kiet, Director of Residential Real Estate at CBRE Vietnam, secondary market transaction prices for landed properties in Hanoi are higher than primary prices. This reflects the concentration of secondary transactions in central and near-central areas, where real demand remains strong.

In Q4/2025, the new supply of landed properties in Hanoi reached 654 units, with the majority coming from the Van Giang urban area (Hung Yen).

For the entire year of 2025, the total new supply recorded was over 3,800 units. Although this figure is 40% lower than in 2024, it remains a substantial annual launch volume for the Hanoi market.

The 2025 supply decreased compared to the previous year, while market demand remained high. Specifically, over 5,800 units were successfully transacted, surpassing the number of new launches.

Vo Huynh Tuan Kiet, Director of Residential Real Estate at CBRE Vietnam

The market recorded stable liquidity in the final quarter, with 820 units sold. This figure brought the total transactions for 2025 to 5,852 units, exceeding the year’s new supply. The participation of foreign developers like CapitaLand in the low-rise segment has attracted significant buyer interest and intensified market competition.

The large supply in suburban areas has impacted average selling prices. As of the end of Q4/2025, the average primary price for landed properties was 187 million VND/m² (including construction, excluding VAT, maintenance fees, and pre-discounts). This price remained stable compared to Q3 but was 15% lower than the previous year, primarily due to the dominance of suburban primary inventory in 2025.

Mr. Kiet emphasized that the current supply is heavily concentrated in outlying areas, which has adjusted the overall market price by year-end.

In the secondary market, prices remained stable in Q4, averaging 201 million VND/m². Buyers are cautious due to rising interest rates and are weighing options against upcoming large-scale urban projects.

In 2026, the Hanoi landed property market is expected to welcome approximately 6,600 new units. The 2026 supply is anticipated to be diverse, including projects in both inner-city districts and suburban areas, from both domestic and foreign developers. The increasing presence of foreign developers is expected to drive primary market prices upward. Meanwhile, secondary market fluctuations will continue to correlate with interest rate movements, macroeconomic factors, and the progress of key infrastructure projects connecting the city center to satellite towns.