After a period of rapid growth, Hanoi apartments have shown a slight price decrease in the last months of the year. Purchasing power is slowing down, and asking prices have also decreased slightly for homeowners who need to sell quickly. However, most homeowners who need to sell at this time are selling at a profit, not at a loss.
Hanoi Apartments: The Truth About Cutting Losses
From December 2024 to the present, Hanoi apartments have no longer recorded continuous price fluctuations in a short period of time but have tended to go sideways. The transaction volume has also decreased significantly compared to the period from November 2024 and before. A survey by Batdongsan.com.vn noted that at the Vinhomes Smart City project, in the secondary market, in November 2024, the studio apartment was commonly offered for sale at 2-2.2 billion VND/apartment, but from December 2024 to the present, some homeowners needed to sell urgently, the offering price only fluctuated from 1.980-2 billion VND/apartment. Also at this project, the 1-bedroom + 1 apartments, the common offering price was 3.1-3.2 billion VND/apartment, but up to the present, the offering price is fluctuating at 2.9-3 billion VND/apartment. The selling price of 2-bedroom, 1-bathroom apartments also decreased slightly from 3.7-3.8 billion VND/apartment to 3.5-3.6 billion VND/apartment. The selling price of 2-bedroom, 2-bathroom apartments also decreased from 4.2-4.3 billion VND/apartment to 4-4.1 billion VND/apartment.
Slight price reductions were also recorded in some other projects. For example, also in Nam Tu Liem, a 2-bedroom, 2-bathroom apartment in the Golden Field project, with a common asking price of 4.7-4.9 billion VND/unit, is currently being offered for sale at most 4.7 billion VND/unit. At the Golden Palace project, during the hot period, 2-bedroom, 2-bathroom apartments were offered for sale at 4.7-4.9 billion VND/unit, but at present, many apartments are being offered for sale at a common price of 4.7 billion VND/unit. In Cau Giay district, a 2-bedroom, 1-bathroom apartment in A14 Nam Trung Yen, which was once offered for 3.6-3.7 billion VND/unit, is now being sold by some owners in a hurry, with a slight price reduction to 3.5-3.6 billion VND/unit. The offering price reduction of 100-200 million VND/unit also appeared in a series of other projects such as Hanoi Center Point, Handiresco Complex, HomeCity, Central Field, Bac Ha Tower, Ciputra Hanoi…
However, according to real estate brokers, homeowners are selling at a profit, not a loss. Mr. Nguyen Ngoc Tan, an apartment broker in Thanh Xuan district, said that in early 2023, his client bought a 3-bedroom apartment in a project on Nguyen Tuan Street (Thanh Xuan) for more than 5 billion VND, but a week ago transferred it to another client for 8.9 billion VND. This price has decreased slightly compared to the average price of a 3-bedroom apartment in the project by about 200 million VND – the asking price in November 2024. Sharing the same opinion, Ms. Khanh Van, an apartment broker in Ha Dong, said that many homeowners who want to make a quick transaction have accepted a reduction of 100-200 million VND/apartment compared to 2 months ago. This reduction is only a profit cut, not a loss cut.
Hanoi Apartment Prices Will Continue to Increase in 2025
Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, said that in the short term, the supply of residential real estate in 2025 will continue to grow, about 10% compared to 2024, and will be contributed more evenly by regions, when many projects have been cleared of obstacles and re-implemented in 2025. Many projects also have plans to “launch” to take advantage of the market’s recovery opportunities. The real estate supply is expected to be mainly contributed by large urban areas in the provinces and cities in the Northern region of major investors. Notably, the apartment segment, mainly the segment priced from 50 million VND/m2 or more, continues to “lead” the market, with an increase in luxury supply.
Supply is growing but still scarce compared to demand and mainly comes from large urban projects of large investors, so it will continue to help newly launched housing projects maintain high “anchored” selling prices. Meanwhile, the secondary price level will continue to grow slowly with a lower increase, from 7-10% compared to 2024. The reason is because the current price level is quite high. The slowing growth in the market is also due to the fact that many old apartment products, lacking infrastructure and utilities, have transfer prices that are too high compared to their actual value.
The Chairman of the Vietnam Real Estate Brokers Association emphasized that housing projects opened for sale in 2025 will still receive attention, be transacted, and be well absorbed, but the absorption rate is likely to slow down. The apartment segment will continue to “dominate” market liquidity. However, apartment liquidity will still be concentrated in large urban projects. Housing demand, especially investment demand, will continue to shift to suburban areas and tier 2 and tier 3 provinces and cities, where prices are lower and there is more room for growth in the future.
