Experts commented that in the Hanoi market, the apartment for sale segment has recorded many positive recovery signals in recent times.
Supply has improved compared to five years ago, but prices remain high, making it difficult for customers with real housing needs to afford due to limited budgets.
Compared to the previous 5 years, the total supply of new apartments in 2024 in Hanoi reached 24,996 units, the highest since 2020. Although the supply of apartments has improved, apartment prices continue to remain high. The primary asking price (the price sold directly from the investor) reached VND75 million/m2, up 9% quarter-on-quarter and 29% year-on-year.
Apartments priced above VND4 billion accounted for 59% of total units sold, up significantly from 2% in 2020. Apartments priced between VND2 billion and VND4 billion accounted for 40%. Apartments priced below VND2 billion accounted for only about 1% of the market share.
In the period of 2012 - 2013, in Ho Chi Minh City, the price of mid-range apartments was only about 22 - 25 million VND/m2, high-end apartments were about 30 million VND/m2, while the salary of office professionals was about 20 million VND/month. After more than a decade, the price of mid-range apartments was at 50 - 65 million VND/m2, but the salary of office professionals was only about 25 million VND/m2.
From this evidence, economist Dinh The Hien commented that currently, real estate prices are increasing rapidly, making home ownership out of reach for people. Salaries cannot keep up with the increase in real estate prices. Current prices are still higher than the affordability of most people, especially in large cities such as Ho Chi Minh City and Hanoi. Housing prices are still far exceeding the income growth of most people. Whether housing prices can decrease or not is a difficult question, a huge challenge for the real estate market.
Ms. Do Thu Hang, Senior Director of Consulting and Research Department of Savills Hanoi, commented that the price of apartments for sale in the primary market in Hanoi continues to be high. Even the segment of class C apartments, which was considered low-cost commercial housing with an average price at the previous time only fluctuating from 30 - 40 million VND/m2, has now reached about 50 million VND/m2. Apartments with lower prices are very rare.
High prices are significantly affecting the affordability of customers with real housing needs. This is a big problem for the affordable housing segment. However, the high-end segment still records good demand, Ms. Hang said.
A survey by Savills Vietnam shows that although Class B apartments dominate the new supply with a market share of about 97%, they still achieve a good absorption rate of 85% thanks to clear legal status and reputable investors. Therefore, Ms. Hang believes that the current problem of the market is the lack of supply of low-cost and affordable apartments, but it is undeniable that there is a great demand for the higher-priced apartment segment.
In 2025, the supply of new apartments in the Hanoi market is expected to reach 25,200 units. Of these, Class B continues to lead, accounting for 88% of future supply. From 2026 onwards, about 70,000 apartments from 91 projects will be launched for sale. Dong Anh, Hoai Duc and Hoang Mai are expected to contribute about 52% of the market share.
Savills experts commented that currently, the market is out of balance in terms of supply, but with the adjustments from the Land Law, the Real Estate Business Law and the Housing Law, in the coming time, areas suitable for developing affordable housing will be more focused. Because the law of supply and demand shows that when there is demand, supply will certainly gradually be met.
On the other hand, buyers can still have other options to seize the opportunity to own a house. Because although it only accounts for a small proportion, it cannot be said that the supply of apartments under 2 billion VND has completely disappeared, but mainly the number currently available on the primary market is increasingly scarce. In the secondary market, these apartments still exist, although most are located in areas far from the center and have small areas.
In addition, in terms of planning, there are still many projects in the pipeline. Therefore, the segment of apartments priced under 2 billion VND may continue to be supplemented in the near future. If this supply does not appear from the commercial market, social housing will be an alternative solution. When more social housing projects are launched on the market, it will contribute positively to solving the housing needs of the people.
Sharing about the opportunity to own a house, Ms. Hang said: "Owning a house requires a complete knowledge base, and it also takes time to accumulate finances. Especially for young people, when they first graduate and leave school, most of them do not have enough resources to buy a house right away, so accumulating finances is inevitable. Buyers can look for financial support packages. Using leverage helps shorten the time to own real estate, however, a reasonable financial plan is needed to ensure affordability."
In addition, another strategy to consider is to look for real estate in areas further away from the city center, where prices are more reasonable. This may require flexibility in moving, but is a viable solution for those with limited budgets. Not to mention, the strong development of Hanoi's transport infrastructure in the coming years with a number of prominent projects such as Tu Lien, Ngoc Hoi, Tran Hung Dao bridges and component project 3 of Ring Road 4 - Capital Region will support the connection between Hanoi and neighboring areas to become more convenient.
Even if you are not ready to buy a house, renting is still a suitable solution. This is also a popular trend in many countries, especially when house prices are high and young people need time to accumulate finances. Currently, there are many options for renting houses with good quality, meeting living needs while waiting for the opportunity to buy a house.
In general, owning a home is not just a simple purchasing decision but also requires a smart financial strategy. Whether choosing to buy outright, rent a house or invest in real estate in any segment, each person needs to consider carefully based on their financial conditions and personal plans - experts recommend.
According to VNA
Source: https://doanhnghiepvn.vn/kinh-te/gia-cao-nguoi-co-nhu-cau-mua-nha-o-rat-kho-khan/20250221102712513
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