According to a report by Savills Vietnam, the number of apartments in Hanoi’s primary market in the fourth quarter of 2023 reached 11,911, down 41 percent on-year. The average apartment price in Hanoi in the quarter was around VND58 million per square metre, up 7 percent against the third quarter and 12 percent on-year. This has recorded a rise in the city’s primary apartment prices for 19 consecutive quarters.
Do Thu Hang, Senior Director of Consulting and Research Department at Savills Hanoi, said that the housing market in Hanoi has witnessed a shortage in the affordable apartment segment. The completion of metro lines and ring roads is expected to drive a trend of gradual relocation away from the city centre.
Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, beside the low supply, the prolonged implementation of apartment projects has further added to the shortage in Hanoi. Meanwhile, many projects are also stalled due to legal complications, affecting supply.
According to a recent report conducted by the Ministry of Construction, most of the apartments in Hanoi and HCM City are from VND25 million (USD1,000) per square metre, while the high-end segment is priced at VND35-70 million per square metre.