Over the past week, reports of falling apartment prices, compensation progress for land acquisitions at major projects and plans to renovate ageing apartment blocks in Hanoi have attracted considerable attention from readers.
Recent surveys of property groups and online real-estate trading platforms show that a wave of "cut-loss" apartment listings has emerged across several segments, from mid-range to luxury developments, spanning central districts and newly developed urban areas.
Several apartments in the western and south-western parts of the city have recorded substantial price reductions.
A roughly 70 sq m apartment in the 19T Kien Hung development was previously listed at VND 4.4 billion (USD 167,000) but is now being offered for VND 2.8 billion (USD 106,000).
In Duong Noi Urban Area, a 55 sq m apartment has also fallen by around VND 1.2 billion (USD 45,600) from its previous asking price and is now listed at about VND 2.7 billion (USD 103,000).
In the Ngoai Giao Doan area, many apartments that previously changed hands for around VND 110-120 million (USD 4,200-4,600) per sq m are now being offered at around VND 75-80 million (USD 2,900-3,000) per sq m.
Dang Hung Vo, a professor and former deputy minister of natural resources and environment, now the Ministry of Agriculture and Environment, said apartment prices had been pushed beyond levels justified by normal market conditions.
When prices continue rising without being supported by genuine housing demand and buyers' ability to pay, liquidity inevitably declines, he said.
Against this backdrop, Dang Hung Vo said a correction in apartment prices should not necessarily be viewed as a negative development. Instead, it could provide an opportunity for the market to return closer to fundamental values while making homes more accessible to people with genuine housing needs.