The website Batdongsan. com.vn’s real estate market report for the first quarter of 2024 announced that the current selling price of affordable apartments in Hanoi has been as high as in Ho Chi Minh City.
In the first quarter, apartments in the capital city had an average price of VND46 million per square meter in the housing market while the price in Ho Chi Minh City was VND48 million per square meter.
In early 2018, the selling prices of apartments in Hanoi and Ho Chi Minh City were VND27 million (US$1,080) and VND31 million per square meter respectively. After six years, the average price increase rate of apartments in Hanoi is up to 70 percent even exceeding that of Ho Chi Minh City.
Worse, condo prices in some places increased by 55 percent.
In the first two months of this year, the real estate prices at the primary market soared high in Hanoi hiking by 17 percent compared to the same period in 2023. Data from Batdongsan.com.vn revealed that more people from Ho Chi Minh City have been finding apartments in Hanoi in real estate searches increased 7.5 times from the first quarter of 2021 to the present time whilst the number of searches for apartments in Ho Chi Minh City by city dwellers only increased two times simultaneously.
Explaining the sharp increase in prices of Hanoi apartments, Deputy General Director Nguyen Quoc Anh of Batdongsan.com.vn, said that the supply of apartments in Hanoi is still limited, even though the government and related agencies in the capital city have had measures to remove bottlenecks related to legal procedures for investors, but recent new projects only have just provided about 20,000 - 30,000 apartments per year, while normal demand is up to 70,000 - 80,000 apartments.
In addition, the demand for an apartment in Hanoi is still high.
Ho Chi Minh City people are increasingly interested in Hanoi apartments because the prices are quite stable and lower than in the southern largest city.
