Experts from CBRE, a real estate investment and services company, reported that primary apartment prices in Hanoi rose by 36 percent in 2024 compared to 2023, the highest increase in eight years, at a press conference on the real estate market held on the morning of January 8.
In 2024, the supply of newly launched apartments in Hanoi tripled compared to the previous year, reaching 30,900 units, the highest level since 2020. Despite this surge in supply, apartment prices remained high. By the end of Q4 2024, the average price of primary apartments in Hanoi was VND72 million per square meter (excluding VAT and maintenance fees), marking a 12 percent quarterly increase and a 36 percent annual rise.
In contrast, HCMC recorded its lowest level of newly launched apartment supply since 2013, with just 5,050 units. The average price of primary apartments in HCMC was VND76 million per square meter, up 24 percent year-on-year. According to CBRE, this price growth was driven by the high-end segment, which accounted for 70 percent of the new supply. Prices for some projects increased by 10-40 percent, with apartments in the Thu Thiem area reaching asking prices as high as VND490 million per square meter.
In the secondary market, apartment prices in Hanoi are catching up to HCMC, averaging VND48 million per square meter and VND49 million per square meter, respectively. This segment saw annual price increases of 26 percent in Hanoi and 7 percent in HCMC.
Explaining the continued rise in apartment prices despite improved supply, Ms. Nguyen Hoai An, Senior Director of CBRE’s Hanoi Branch, stated that 2024 established a high pricing benchmark. While supply is expected to grow slightly in 2025, the market’s recent development suggests new projects are unlikely to be priced lower than previous ones or neighboring developments. Additionally, demand from investors remains strong, sustaining high prices. However, price growth is expected to stabilize, with an average annual increase of 6-8 percent projected.
