The supply of new apartments in Hanoi has increased significantly, yet prices continue to rise, setting new records across many areas, including suburban districts.
After a sharp price surge in early 2024, the upward momentum of apartment prices in Hanoi slowed somewhat in Q1/2025. According to Savills data, the average price of newly launched apartments in Hanoi reached VND 79 million/sqm in Q1/2025, up 5% quarter-on-quarter. Meanwhile, the average secondary market price was VND 60 million/sqm, down 1% quarter-on-quarter. However, by Q2, the average primary price had surged to VND 91 million/sqm, a 16% increase compared to the previous quarter.
Field surveys show that numerous new condominium projects have recently launched in Hanoi. Among them, the pricing has been particularly striking to many buyers.
In early July, the Long Bien Central project in the former Long Bien District (now Viet Hung Ward) was introduced with market survey prices ranging from VND 115–130 million/sqm, and an average price of VND 118 million/sqm. These prices exclude the 10% value-added tax (VAT) and the 2% maintenance fee. Developed by Taseco Land, the project includes two 12-story buildings with a total of 422 apartments. This is the first apartment project in Long Bien with a primary price exceeding VND 100 million/sqm — the highest ever in the area.
Also launched in early July and currently open for bookings, Sun Feliza Cau Giay, located at the intersection of Pham Hung – Xuan Thuy – Tran Quoc Vuong (now in Cau Giay Ward), is being offered by Sun Group at prices ranging from VND 140–200 million/sqm. This marks a record high for primary apartment prices in the former Cau Giay District. Covering 2.5 hectares, the project comprises five towers (including one office tower and four residential towers) and provides 1,667 units, ranging from studios to four-bedroom apartments.
In June, the Matrix Premium project by MIK Group, located on Le Quang Dao – Me Tri (now part of Tu Liem Ward), opened for sale at prices of VND 130–150 million/sqm, excluding VAT and maintenance fees. Previously, this project’s prices ranged from VND 90–120 million/sqm during earlier launch phases.
Most notably, the Noble Crystal Tay Ho project, located in the Nam Thang Long – Ciputra urban area and developed by Sunshine Group, is currently offering primary prices from VND 188 to 330 million/sqm — the highest in the current apartment market.
Another high-end project is The Nelson Private Residences at 29 Lang Ha Street, Thanh Cong Ward, Ba Dinh District, co-developed by HD Mon Holdings and Indochina Capital. Prices for units at The Nelson range from VND 135–170 million/sqm, or approximately VND 8.8–14 billion per unit.
Also open for sale is the Endless Skyline West Lake project, developed by Nam Hung JSC. The project comprises one 27-story tower with four basement levels, offering 150 commercial apartments. Units here are priced between VND 100–180 million/sqm. The project topped out in mid-2024 and is expected to be handed over this year.
Other projects priced above VND 100 million/sqm include Hausman Premium Residence by FLC, located in the FLC Premier Parc urban area (now in Dai Mo Ward), with units priced between VND 100–120 million/sqm. The project offers 410 apartments.
In addition to the “club” of projects priced above VND 100 million/sqm, Hanoi’s market is also seeing several projects priced between VND 60–90 million/sqm, approaching the VND 100 million threshold.
For instance, in Dong Da Ward, the Ninety Complex project located on Lang Road is listed at VND 89–100 million/sqm. However, these are service apartments with a 50-year leasehold. The project is backed by Anh Sao Electronics Co., Ltd., with Rox Living as the developer.
In Ha Dong Ward, the Kepler Land project developed by TSQ Vietnam (a subsidiary of TSQ Finance Group, Poland) is priced at VND 80–90 million/sqm.
The Charm An Hung project is also undergoing aggressive marketing campaigns, with prices ranging from VND 70–75 million/sqm. Both of these projects were previously delayed but have been revived since early this year.
In Hoang Mai Ward, the Galia Hanoi project was recently launched after more than a decade of stagnation. Developed by Tan A Dai Thanh – Meyland, its selling price is around VND 82 million/sqm. The project offers 798 apartments.
Also in this area, the Hanoi Melody Residences project, launched two years ago with prices of VND 45–50 million/sqm, is now selling for VND 68–75 million/sqm after a period of suspension.
In Thanh Tri Commune, real estate giant Tan Hoang Minh recently introduced the Greenera Southmark Premium project, with expected prices reaching VND 80 million/sqm. The project will supply 830 apartments to the market.
Also in this commune, the Bluegem Tower project by Nam Dai Phong is priced around VND 60 million/sqm.
| No. | Project Name | Location | Price (mil VND/sqm) | Developer |
|---|---|---|---|---|
| 1 | Noble Crystal Tay Ho | Ciputra, Tay Ho | 188 – 330 | Sunshine Group |
| 2 | Sun Feliza Cau Giay | Cau Giay | ~180 | Sun Group |
| 3 | Endless Skyline West Lake | Tay Ho | 100 – 180 | Nam Hung |
| 4 | The Nelson Private Residence | Ba Dinh | 135 – 170 | HD Mon & Indochina |
| 5 | The Matrix Premium | Me Tri, Tu Liem (old) | 130 – 150 | MIK Group |
| 6 | Long Bien Central | Viet Hung, Long Bien | 115 – 130 | Taseco Land |
| 7 | Hausman Premium Residence | Dai Mo | 100 – 120 | FLC |
| 8 | Masteri Grand Avenue | Dong Anh | 90 – 120 | Masterise Homes |
| 9 | Imperia Signature Co Loa | Dong Anh | 87 – 115 | MIK Group |
| 10 | The Ninety Complex | Dong Da | 89 – 100 | Anh Sao – Rox Living |
| 11 | Kepler Land | Ha Dong | 80 – 90 | TSQ Vietnam |
| 12 | The Victoria – Vinhomes Smart | Nam Tu Liem (old) | 72 – 89 | MIK Group |
| 13 | The Senique Hanoi – Ocean | Gia Lam | 65 – 89 | Vinhomes |
| 14 | Galia Hanoi | Hoang Mai | ~82 | Meyland |
| 15 | Greenera Southmark Premium | Thanh Tri | ~80 | Tan Hoang Minh |
| 16 | The Charm An Hung | Ha Dong | 70 – 75 | An Hung Urban |
| 17 | The London – Ocean Park | Gia Lam | 65 – 71 | Vinhomes |
| 18 | The Lake – Ocean Park | Gia Lam | ~70 | Masterise |
| 19 | The Paris – Ocean Park 1 | Gia Lam | 60 – 72 | Vinhomes |
| 20 | Bluegem Tower | Thanh Tri | ~60 | Nam Dai Phong |
Notably, suburban areas such as Dong Anh and Gia Lam — traditionally considered fringe zones — are now recording project prices between VND 60–120 million/sqm, especially in large-scale urban developments like Vinhomes Global Gate (Dong Anh) and Vinhomes Ocean Park (Gia Lam).
In Gia Lam, new supply from Vinhomes Ocean Park 1 includes subzones like The Senique Hanoi (VND 65–89 million/sqm), The Paris (VND 60–72 million/sqm), The Lake by Masterise (approx. VND 70 million/sqm), and The London (VND 65–71 million/sqm).
In Dong Anh Commune, the Masteri Grand Avenue subzone by Masterise Homes in the Vinhomes Global Gate urban area is selling at VND 90–120 million/sqm. Meanwhile, Imperia Signature Co Loa by MIK Group is priced at VND 87–115 million/sqm.
At Vinhomes Smart City, new supply has emerged from The Victoria subzone by MIK Group, with prices ranging from VND 72–89 million/sqm.
Why Are Prices So High?
Amid this upward trend, Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Realtors (VARS), explained that the fundamental cause of persistently high prices is the imbalance between supply and demand.
“In a city of over ten million people, there are tens of thousands of new housing needs every year, yet only a few thousand new units are launched. This scarcity naturally drives up prices. Sellers can demand higher prices simply because the supply is limited,” he said.
He also noted that input costs for real estate development have risen sharply — including land lease/use fees, compensation for site clearance, financial costs, construction materials, and building investment. All of these contribute to higher final product prices.
“The government is currently reviewing amendments to the 2024 Land Law, which will include adjustments to land valuation and pricing methods to ensure greater fairness,” he added.
Despite high prices, the absorption rate of new supply has reached 63%. “This is an impressive rate given the high price level, indicating a severe supply-demand imbalance that is distorting the market,” Mr. Dinh stated.
Future Outlook
Looking ahead, Mr. Dinh forecast that if no timely policy intervention occurs, apartment prices in Hanoi will likely continue to rise. Only when supply improves and government costs and policies are adjusted appropriately can prices be expected to stabilize or decrease — otherwise, price reductions are unlikely.
Ms. Do Thi Thu Hang, Senior Director of Advisory and Research at Savills Hanoi, also pointed out that the biggest bottleneck in Hanoi’s apartment market is the increasing scarcity of new projects within the inner-city area (inside Ring Road 3).
She emphasized that most recent launches have been in the high-end segment, offered by reputable developers with clear legal status, high construction quality, and prime locations.
For example, projects in the Tay Ho Tay area such as Celestine and K8H1 are seeing launch prices starting from VND 100 million/sqm. At the same time, existing inventory in mega-developments like Vinhomes Smart City and Vinhomes Ocean Park is gradually depleting, which is helping push overall market prices higher.
Sharing the same view, Mr. David Jackson, CEO of Avison Young Vietnam, noted that prices above VND 100 million/sqm used to be limited to projects in prime inner-city locations. Today, high-end developments are expanding to the western (My Dinh, Tay Mo) and eastern (Dong Anh) fringes, with prices approaching those of central districts – ranging from VND 80 million to over VND 100 million/sqm, pushing the average primary price range to VND 80.9–130.5 million/sqm.
Mr. Jackson observed that developers with available land reserves are likely to prioritize the high-end segment to offset rising land, construction, and labor costs — aiming to optimize profit margins. As a result, a reversal in primary prices is unlikely, and the high-price trend is expected to continue in the short and medium term.
