In 2025, Avison Young predicts that Hanoi will have 10 projects opened for sale, contributing a supply of about 13,598 apartments, from a series of major investors such as Vinhomes, Gamuda, Daewoo…
According to Avison Young’s Hanoi apartment market report, 2024 will witness a strong change with increased demand, especially in the West with the development of large urban areas such as Vinhomes Smart City.
Last year’s supply mainly came from projects such as The Sola Park (MIK Group) and Lumi Hanoi, QMS Top Tower and Hanoi Signature. In the fourth quarter alone, the market continued to launch projects such as Imperia Co Loa and The Senique Hanoi (CapitaLand) and Lumiere Springbay (Masterise Homes).
In terms of selling prices, the apartment market in the second quarter recorded a primary price increase of 3 – 6% compared to the first quarter, up to 2,000 – 3,500 USD/m2 (equivalent to 48 – 84 million VND/m2), in which the West recorded the highest increase.
In the third quarter, primary selling prices did not fluctuate much, remaining at 2,500 – 3,500 USD/m2 (equivalent to 60 – 84 million VND/m2), the absorption rate of the whole market improved to 80 – 85%. Some new projects in the West such as Lumi Hanoi Phase 2 recorded about 74.4 million VND/m2, The Miami GS5 (60 million VND/m2) and Hanoi Signature (160.8 million VND/m2).
By the fourth quarter, with the launch of many high-end projects, primary selling prices in the Hanoi area recorded an increase of about 5% compared to the previous quarter, fluctuating at 2,600 – 3,600 USD/m2, equivalent to 62.4 – 86.4 million VND/m2.
By 2025, Avison Young forecasts that Hanoi will have 10 projects open for sale, contributing to the supply of about 13,598 apartments. These projects include Central Residence (Gamuda Land); Eco Smart City Co Linh (investor Thien Huong); Kepler Land (TSQ Vietnam); The Charm An Hung; Noble Crystal Tay Ho – Ciputra; Vinhomes Co Loa; The Reflection West Lake (Kusto Home); Starlake phase 2 (Daewoo); The Nelson, Vinhomes Dan Phuong and BRG’s Smart City project.
Apartment supply tends to improve, but experts say that the high-end and luxury segments will dominate the market, while the affordable segment continues to be scarce, causing many challenges for consumers with real needs.
A recent report by market research unit OneHousing said that new apartments in 2025 will be in the high-end (VND50-80 million/m2) and luxury (VND80-230 million/m2) segments, of which luxury apartments account for 36%. The average selling price of primary apartments can reach VND72 million/m2 (excluding VAT and maintenance fees), an increase of 75% compared to early 2022.
This unit explained that with the change of the new law, input costs increased, investors no longer prioritize the mid-range segment. Instead, they develop the high-end and luxury segments to achieve profit expectations, as well as meet the needs of the growing middle class.
Sharing the same opinion, Ms. Nguyen Hoai An, Senior Director of CBRE Hanoi branch, said that in 2025, the new supply of apartments in Hanoi is expected to continue to be abundant, estimated at more than 31,000 units for sale, higher than in 2024, but mainly concentrated in the high-end segment, with an increase in luxury supply.