Apartment prices are rising rapidly due to the dominance of the high-end segment.

Apartment prices in Hanoi have increased by 14% year-on-year.

A recent report by the Ministry of Construction assesses that apartments are the type of real estate least affected by negative market impacts over the past year. This is because this type of property serves the needs of actual housing.

According to the Ministry of Construction, in the third quarter of this year, interest in apartments showed signs of recovery, with demand for buying increasing by 1% and demand for renting increasing by 6% compared to the previous quarter. Apartments priced between 2 and 4 billion VND were the most sought-after. In major cities, there are now signs of good absorption, concentrated in the segment of apartments and houses priced under 10 billion VND in the central core areas.

In Hanoi, on the primary market, the average selling price of newly launched apartments in the third quarter increased by nearly 7% quarter-on-quarter, 14% year-on-year, and reached approximately VND 50.8 million/m2.

"The upward trend in selling prices is due to the overwhelming proportion of new supply in the high-end segment (over 90%). In addition, some developers have adjusted prices upwards and launched additional units on higher floors," the Ministry of Construction report stated.

Giá bán căn hộ tăng nhanh do phân khúc cao cấp áp đảo - 1 — The average selling price of newly launched apartments in Hanoi in the third quarter reached approximately 50.8 million VND/m2 (Illustrative image: Ha Phong).

Furthermore, in the secondary market, the average selling price of apartments continued its upward trend from the previous quarter, reaching approximately 32 million VND/m2, an increase of 2.7% quarter-on-quarter and 0.8% year-on-year. Many districts in Hanoi recorded an increase in secondary market selling prices in the third quarter compared to the second quarter.

Affordable apartment projects include Anland Premium Duong Noi (Ha Dong district) with asking prices around 31 million VND/m2; One 18 Ngoc Lam (Long Bien district) with asking prices around 27.5 million VND/m2; Eurowindow River Park (Dong Anh district) with asking prices around 25.2 million VND/m2…

Mid-range apartments such as Moonlight 1 - An Lac Green Symphony (Hoai Duc district) are offered at prices ranging from 39-42 million VND/m2; Hoang Thanh Pearl (Nam Tu Liem district) is offered at prices ranging from 45-50 million VND/m2; Sakura subdivision of Vinhomes Smart City (Nam Tu Liem district) is offered at prices ranging from 43 million VND/m2; and The Miami subdivision of Vinhomes Smart City (Nam Tu Liem district) is offered at prices ranging from 46 million VND/m2.

Luxury apartments at TNR The Nosta project (Dong Da district) are being offered for sale at around 60-75 million VND/m2; Han Jardin apartment project is being offered for sale at around 51-82 million VND/m2; West B building in Masteri West Highs subdivision - Vinhomes Smart City (Nam Tu Liem district) is being offered for sale at around 61 million VND/m2.

Luxury apartment prices remain unchanged.

Similar to Hanoi, in the Ho Chi Minh City market, in the third quarter, the majority of newly launched apartments came from subsequent phases of existing projects. The primary selling price of apartments in the Ho Chi Minh City market in the third quarter reached over 60 million VND/m2.

In the secondary apartment market, the average price reached VND 45 million/m2, a 3% increase compared to the previous quarter. Meanwhile, secondary prices in the luxury and affordable segments remained almost unchanged compared to the second quarter.

The quarterly increase was mainly due to secondary market price increases in the high-end and mid-range segments, especially for projects adjacent to the city center such as Binh Thanh District and Thu Duc City.

Affordable apartment projects in Ho Chi Minh City include: Diyas Sky studio apartments (Tan Binh District) with asking prices ranging from 25.5-32 million VND/m2; and Citi Alto apartments with asking prices ranging from 29-34 million VND/m2.

Mid-range apartment projects include An Gia Skyline (District 7) with an asking price of approximately 39 million VND/m2; Happy Valley (District 7) with an asking price of approximately 48.2 million VND/m2; and Royal Park Riverside (District 8) with an asking price of approximately 35 million VND/m2.

Luxury apartments in The Beverly Solari - Vinhomes Grand Park (District 9) are being offered at prices ranging from 47-66 million VND/m2; the Empire City-The Monarch project in Thu Thiem Urban Area is priced at approximately 200 million VND/m2; and the Thao Dien Green project (District 2) is being offered at approximately 100 million VND/m2.

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