List of areas in Hanoi with skyrocketing apartment prices in the first half of 2024

According to Batdongsan.com.vn's real estate market report for the first half of 2024, the most vibrant real estate market in the past half year was Hanoi apartments. The demand for buying apartments in Hanoi peaked in March 2024, up nearly 60% compared to the end of 2023.

Currently, although the interest in apartments has cooled down, prices have not decreased. According to the Price History tool of Batdongsan.com.vn, the selling price of apartments in Hanoi in May 2024 was equal to that of Ho Chi Minh City, reaching 50 million VND/m2.

At the same time, apartments are still the type with the best liquidity in the market, 48% of brokers participating in the survey of Batdongsan.com.vn said that apartments are in a period of strong growth.

Especially in the Hanoi market, apartments are a series of types with outstanding growth rate, leading the growth momentum of the entire real estate market.

The areas with notable price increases by mid-2024 include Thanh Tri with an increase of 56%, Gia Lam with an increase of 26%, Long Bien with an increase of 19%, Ha Dong with an increase of 18%, Tay Ho with an increase of 17%, and Nam Tu Liem with an increase of 16% compared to the end of 2023.

Projects with good price growth include Khai Son City with a 30% increase, Xa La New Urban Area with a 28% increase, Kim Van - Kim Lu Urban Area with a 27% increase, Eco City Viet Hung with a 23% increase, Times City with a 22% increase and Vinhomes Ocean Park Gia Lam with a 18% increase.

Market Overview Report for the first 6 months of 2024. (Source: Batdongsan.com.vn)

Data from Batdongsan.com.vn shows that compared to other cities in the world , the difference between apartment prices and Vietnam's GDP is still not too high.

It is estimated that to buy a 50m2 apartment in Bangkok (Thailand), people need to spend more than 47 years of income, in Manila (Philippines) it is more than 56 years, in Kuala Lumpur (Malaysia) it is nearly 17 years. In Hanoi and Ho Chi Minh City, people need to spend about 14-15 years of income to buy an apartment of similar area.

Mr. Dinh Minh Tuan - Southern Regional Director of Batdongsan.com.vn commented that currently there is no sign of a "bubble" in the apartment market. He said the factors that create a "bubble" are over-inflated demand, more investment demand than real demand; prices are pushed up compared to the economy and other types; and loose monetary policy creates conditions for capital control in the market.

“The population growth rate in the two major cities shows that the real demand for apartments is still very high. The forecast for the total housing demand in the period 2021-2030 in Hanoi is 89 million square meters of floor space, in Ho Chi Minh City is 107.5 million square meters of floor space. Despite such high demand, current apartment prices in Hanoi and Ho Chi Minh City are not too high compared to other cities in the world.

Meanwhile, the interest rate for buying houses is not expected to be low when the mobilization interest rate has just been adjusted to increase. Therefore, there is no "bubble" phenomenon in the apartment market. In fact, the limited supply and high opening prices have caused the recent strong growth" - Mr. Dinh Minh Tuan explained .

Source: https://www.nguoiduatin.vn/diem-danh-khu-vuc-tai-ha-noi-co-gia-chung-cu-tang-phi-ma-nua-dau-2024-a670597.html