Market Trends in Hanoi's Real Estate

Recent data analysis of over 400 projects in Hanoi reveals a noticeable trend: the average price of old apartment projects has decreased by 1% since the last quarter of 2024. This shift is corroborated by findings from Batdongsan, a leading property listing platform, indicating a broader market adjustment.

Photo by VnExpress/Ngoc Thanh

Notable Declines in Key Projects

Specific projects such as Hanoi Paragon, Mipec Rubik 360, and Master West Heights have seen year-on-year price drops ranging from 2-6%. For instance, a 64-square-meter apartment in Long Bien District is now listed at VND4.4 billion (US$169,400), marking a 3.9% decrease from the previous year.

Primary Market Stability vs. Secondary Market Adjustments

While the primary market remains stable with prices holding at VND79 million per square meter, the secondary market is experiencing adjustments. Experts attribute this to sellers aiming for quick profits and shifting investments to other assets.

Future Outlook

With an influx of new condo supply, particularly in suburban areas, and a potential focus on more affordable segments, the market is poised for further changes. Industry leaders anticipate a recalibration towards sustainable demand alignment, especially with units priced below VND2 billion.