Buyers take advantage of "putting down money", Hanoi apartments in 2024 will grow well

By the end of 2024, the apartment market in Hanoi will witness a significant price balance with Ho Chi Minh City, even tending to surpass in some segments.

By the end of 2024, the apartment market in Hanoi will witness a significant price balance with Ho Chi Minh City, even tending to surpass in some segments.

Apartment prices in Hanoi increase by 30-60%

According to the Vietnam Real Estate Market Research Report 2024 and Market Forecast 2025 of Dat Xanh Services Institute of Economics - Finance - Real Estate (DXS - FERI), apartments are the type of property that will increase in price in all regions nationwide.

In terms of selling prices, the Hanoi market has witnessed significant growth and has a higher price increase rate than Ho Chi Minh City. By the end of 2024, the average apartment selling price in Hanoi was almost equal to that in Ho Chi Minh City and even surpassed that in Ho Chi Minh City in some segments. Specifically, A+ segment apartments in Hanoi cost from VND200-250 million/m2, an increase of 30-40% compared to 2023.

Meanwhile, segment A apartments recorded prices of 120-150 million VND/m2, up 35-50%. Segment B apartments were priced from 80-110 million VND/m2, up 40-60% and segment C apartments were priced from 55-70 million VND/m2, up 45-50% year-on-year.

Hanoi apartment market to grow well in 2024 (Photo: Bloomberg).

According to experts from DXS – FERI, the good growth in Hanoi partly comes from the psychology of wanting to invest in large cities with high liquidity instead of spreading investment into other channels. In addition, another important reason is the psychology of fearing that selling prices will continue to increase, so consumers take the opportunity to “spend money” at “acceptable” prices.

From the second quarter of 2025, the real estate market is expected to enter a period of clear recovery. By early 2026, the return and emergence of many diverse product types will mark a new, more stable chapter for the real estate industry. Thanks to meeting real housing needs, apartments are expected to continue to be a bright spot in the overall picture of the market.

Bustling apartment market in the East of Hanoi

Dr. Nguyen Minh Phong, former Head of Economic Research Department, Institute for Socio-Economic Development Research, said that in the first 3 quarters of 2024, the real estate market in Hanoi and Ho Chi Minh City recorded 23,900 primary apartments traded, an increase of 28% compared to the total number of transactions in the whole year of 2023.

Hanoi's apartment market is expected to be supplemented with a large number of new apartments in the 2025-2026 period, estimated at 23,000-30,000 units in 2025 and about 24,000 units in 2026.

This supply is nearly three times higher than in 2023 and mainly comes from the West and East of Hanoi, in which the East is dominating the West, accounting for 48% of new supply.

According to Savills Vietnam's Q3/2024 market report, in the first 9 months of 2024, Hanoi recorded more than 12,000 newly launched apartments, mainly concentrated in the West and East of the capital. Notably, the East has become the focus of the real estate market in the last months of 2024, with the emergence of many new projects.

The real estate market in the East of Hanoi has witnessed a period of steady growth over the past 5 years. This development is not only measured by the number of new projects but also clearly demonstrated by the quality of products, the completion of infrastructure and the significant increase in real estate value. This has attracted the attention of many investors, both domestic and international, affirming the position of the area as an attractive destination.

Overview of Vinhomes Ocean Park urban area (Photo: Vinhomes)

Standing out in the real estate market in the East of the Capital are two large urban areas, Vinhomes Ocean Park (Gia Lam) and Vinhomes Ocean Park 2 (Hung Yen), with an ideal living environment, a series of modern amenities and large-scale landscapes.

With the trend of searching for modern and convenient living space, urban projects in the East of Hanoi are considered to be the right choice for consumers' needs. The harmonious combination of nature, utilities and high-class services has created an "all-in-one" living experience and contributed to raising the position of this area. Possessing many outstanding advantages, the East promises to become the new focal point of the Hanoi real estate market in the future.

Source: https://baodautu.vn/batdongsan/nguoi-mua-tranh-thu-xuong-tien-chung-cu-ha-noi-nam-2024-tang-truong-tot-d241877.html