After the Lunar New Year holiday, the price level of apartments in Hanoi is still stable. In some projects, some apartments are even being sold at lower prices than before Tet. Homebuyers are still keeping a wait-and-see attitude before deciding to spend money.
Apartment Prices in Hanoi Are Going Upside Down
The Hanoi apartment market after the Lunar New Year 2025 has not recorded any notable fluctuations in selling prices. In general, apartment selling prices are still stable compared to before Tet. This is in stark contrast to last year, when after Tet, Hanoi apartment selling prices continuously fluctuated – starting a period of continuous price increases in 2024.
A survey by Batdongsan.com.vn after Tet recorded that apartment selling prices in many projects did not fluctuate compared to before Tet. Specifically, at the An Binh Palza project (Nam Tu Liem), the selling prices of 2-bedroom, 1-bathroom apartments with a 50-year ownership period still fluctuated from 3.3 to 3.5 billion VND/apartment. For the same area, apartments with long-term ownership still have asking prices of 4.3 to 4.4 billion VND/apartment. The 3-bedroom apartment line with long-term ownership and an area of over 80m2 is still offered for sale from 6-6.2 billion VND/apartment, the 3-bedroom apartment line with 50-year ownership is still offered for sale at around 5 billion VND/apartment.
Similarly, at the FLC Complex project, located on Pham Hung Street (Nam Tu Liem District), the selling price of apartments after Tet has not fluctuated significantly. The type of apartment over 50m2 is still priced from 3.9-4.2 billion VND/apartment. The type of apartment over 70m2 still maintains the selling price before Tet of 5.2-5.5 billion VND/apartment. Also in Nam Tu Liem District, the 2-bedroom, 2-bathroom apartment at the Golden Palace project is still maintaining the selling price from the end of 2024 at 4.6-4.7 billion VND/apartment. The Garden Hill project still has a price of 4.5-4.7 billion VND for a 2-bedroom, 2-bathroom apartment. At the Golden Field project, the selling price of a 2-bedroom, 2-bathroom apartment generally maintains the previous common price level of about 4.7 billion VND/apartment. However, in this project, there are about 2-3 units on the market that the owners need to sell urgently, so they accept to reduce the price to 4.5-4.6 billion VND/unit.
In Thanh Xuan district, the selling price of Hanoi Center Point apartments with 2 bedrooms and 2 bathrooms is still the same as before Tet with the common selling price of 5.7-5.8 billion VND/apartment. Apartments at Gold Season project (Thanh Xuan) still maintain the price of about 8 billion VND for 3-bedroom products and about 6 billion VND for 2-bedroom products. The same price is also happening with apartment projects in Cau Giay district such as HomeCity, Central Field, Discovery Complex…
Buyers Are Still Waiting
According to a survey by Batdongsan.com.vn with brokers and trading floors, the group of customers who buy for real estate are still in a wait-and-see mode for price developments after Tet. Mr. Do Minh Cuong, an apartment broker in Thanh Xuan district, said that the customers who have real estate needs and have been taken care of by him since before Tet, most of them have not yet started looking at houses again. The question he receives the most from customers after Tet is: “Will house prices decrease?“. According to Mr. Cuong, the transactions that occur after Tet are entirely concentrated in apartments where the owners have reduced the price by about 150-200 million VND/apartment compared to the selling price before Tet. However, the number of discounted apartments is currently very small, most of the owners are still “anchoring” high prices when offering for sale.
Ms. Thu Trang, who is currently renting an apartment in Gemek (Hoai Duc), said that her family has been looking to buy an apartment since last year but has not yet found a suitable apartment due to the high price increase. This year, Ms. Trang’s family continues to look for a house with the hope that the house price is going sideways and then will decrease. “Many brokers when consulting me told me that the apartment price will not decrease but will only go sideways like now. If the apartment price only goes sideways, it will still be beyond my family’s ability to pay. We will be forced to buy social housing. I hope that in the near future, the number of social housing projects will increase.”
If the psychology of real buyers is still waiting and hoping that housing prices will decrease in the future, then from an expert’s perspective, housing prices will hardly decrease. Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, commented that in 2025, apartment prices will hardly tend to decrease. The reason is that the new primary supply present in the market in 2025 will focus mainly on the high-end and luxury segments in large urban areas. That is why apartment prices will continue to be “anchored” high. The supply from social housing projects is likely to increase in 2025 but will still be extremely small compared to people’s needs. The supply of low-cost commercial housing is still extremely scarce. Therefore, the apartment price level will hardly tend to decrease, only maintaining a horizontal level.
