Hanoi is about to open for sale nearly 14,000 houses, most of which are expensive

In the apartment segment, the apartments that are about to be opened for sale will fluctuate around 70 - 80 million VND/m2. In the low-rise segment, each square meter will cost almost as much as a mini electric car.

In the apartment segment, the apartments that are about to be opened for sale will fluctuate around 70 - 80 million VND/m2. In the low-rise segment, each square meter will cost almost as much as a mini electric car.

The Hanoi Department of Construction has just updated the list of future housing projects eligible for sale in the area. Accordingly, 11 new housing projects have been approved, adding 13,995 units to the market supply.

Of these, apartments continue to dominate with 8,798 units in 5 projects. The low-rise segment has 6 projects, providing 5,197 units.

A new apartment project opened for sale in Ha Dong district. Photo: Thanh Vu

Most of the apartment projects are located in the two urban areas of Ocean Park and Smart City. Of which, the investor Masterise Homes has the largest number of apartments for sale with 2,461 units. These are high-rise products from buildings Z34, U38 and U38A on lot B6-CT01 (Ocean Park 1).

In addition, another project at Ocean Park will also open for sale more than 2,000 apartments in the near future. That is the apartment complex U26A, T26M, Z30 on land lot B4-CT01, invested by CapitaLand.

In the low-rise housing segment, the two largest projects are both located in the western part of Hanoi. The New Life Urban Area - Sunshine Grand Capital was approved to open for sale about 2,300 units. This project spans the areas of Tan Lap, Tan Hoi (Dan Phuong district) and Duc Thuong, Duc Giang (Hoai Duc district).

Also in Dan Phuong district, Vingroup’s Green City urban area has been allowed to open for sale 2,279 units. The project has a scale of 133.4 hectares, located in 4 communes of Tan Hoi, Tan Lap, Lien Ha and Lien Trung (Dan Phuong district). This project was just launched on March 10.

By 2025, housing supply in Hanoi will no longer be scarce. However, another difficult problem has emerged. That is the imbalance between supply and demand, when the high-end segment almost dominates the entire market. Meanwhile, the affordable housing segment is in serious shortage.

According to One Housing Center for Market Research and Customer Insight, the residential real estate market in Hanoi in 2025 is forecast to record more than 30,000 new apartments, equivalent to the peak period of 2016 - 2019.

Of which, 48% of new supply will come from the Eastern area of Hanoi, with projects from Vinhomes Ocean Park 1 - 2. In contrast, supply in the Western area mainly comes from sales of existing projects.

Notably, the Northern region is forecast to contribute 19% of the apartment supply market share thanks to the Vinhomes Global Gate urban area.

Although apartment supply has shown clear signs of recovery, Mr. Tran Quang Trung, Business Development Director of OneHousing, said that selling prices are still unlikely to decrease. The reason comes from the fact that the newly opened supply is mainly in the high-end and luxury segments.

According to the company's forecast, all new apartments in 2025 will be in the high-end (VND50-80 million/m2) and luxury (VND80-230 million/m2) segments. Of which, luxury apartments account for 36%, while the mid-range and affordable segments are completely absent.

With the above situation, the average price for newly opened apartments in 2025 could reach VND 72 million/m2 (excluding VAT and maintenance fees), an increase of 75% compared to the first quarter of 2022.

In the apartment segment, the apartments that are about to be opened for sale will fluctuate around 70 - 80 million VND/m2. In the low-rise segment, each square meter will cost almost as much as a mini electric car.

Comment (0)