This data comes from third-quarter reports by various real estate market research firms. However, according to the Ministry of Construction, the number of apartment and individual house transactions in recent months has decreased compared to earlier this year and the same period last year. The reason is the already high property prices, combined with a “wait-and-see” attitude among buyers.
In Q3 2023, the average primary price (the selling price offered by developers) for apartments in Hanoi was 54 million VND per square meter. Just one year later, in Q3 2024, that price has risen to 69 million VND per square meter, an increase of 15 million VND per square meter. Home buying is becoming increasingly difficult, especially for young people.
“In recent months, prices have skyrocketed very quickly. The same apartment I viewed last month is now hundreds of millions of VND more expensive, and I don’t understand why,” said Le Minh Chi, a Hanoi resident.
Phạm Văn Ngọc, Director of Hanoi Star Land Real Estate Services JSC, commented: “A new wave of investors has entered the market. They’re aggressive and have strong connections with local agents, so they get information quickly. This makes it hard for direct buyers to reach sellers. Most have to go through an intermediary.”
A representative from the Ministry of Construction explained that in addition to supply shortages, rising construction costs and land-use fees are driving the price hikes. There’s also evidence of speculative price manipulation.
As property prices in Hanoi continue to rise, many potential buyers are hesitant. Some are opting to keep renting while waiting for prices to stabilize, while others are choosing to buy homes in other provinces where prices are more affordable.
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Source: Vietnam Insider