Apartment prices in Hanoi have tripled over the past decade. Illustrative photo
A decade ago, the average price of an apartment in the capital ranged from VND 18 million to VND 25 million per square metre (approximately USD 700 to USD 970). By 2024-2025, primary market prices had surged to VND 50 million to VND 70 million per square metre (approximately USD 1,900 to USD 2,700), with premium projects in central and western districts fetching VND 100 million to VND 150 million per square metre (approximately USD 3,900 to USD 5,800).
In 2015, thousands of units at the 12-building HH Linh Dam complex in Hoang Liet Ward were sold for VND 13.5 million to VND 15.5 million per square metre (approximately USD 520 to USD 600). Today, resale prices have jumped to VND 35 million to VND 45 million per square metre (approximately USD 1,350 to USD 1,750), depending on location and upgrades.
The Dai Kim Building, a social housing project launched more than seven years ago at nearly VND 15 million per square metre (approximately USD 580), now sees units listed for VND 70 million to VND 80 million per square metre (approximately USD 2,700 to USD 3,100), representing a fivefold increase.
Even newer developments have seen rapid appreciation. Phuong Dong Green Park in Yen So Ward opened sales in 2020 at VND 27 million to VND 30 million per square metre (approximately USD 1,050 to USD 1,160). Today, resale prices range from VND 75 million to VND 80 million per square metre (approximately USD 3,100 to USD 3,500).
Market analysts attribute the surge to limited land supply, developers shifting focus to mid- and high-end products, rising construction and material costs, and expanding urban infrastructure.
Meanwhile, incomes have not kept pace. According to the Vietnam Association of Realtors’ Institute for Real Estate Market Studies (VARS IRE), average monthly income in Hanoi rose from VND 4.1 million (approximately USD 160) in 2014 to VND 8.3 million (approximately USD 320) in mid-2025. During the same period, average apartment prices climbed from VND 25 million per square metre (approximately USD 970) to VND 75.5 million per square metre (approximately USD 2,930).
In 2014, a household with two average earners dedicating all income could purchase a 70-square-metre apartment, priced at around VND 1.75 billion (approximately USD 68,000), in 18 years. Today, the same household would need nearly 27 years to afford a similar unit, now costing VND 5.3 billion (approximately USD 205,000).
VARS IRE warns that without comprehensive measures, such as expanding affordable housing and tightening price controls, the dream of home ownership will remain elusive for most young people.