(Dan Tri Newspaper) - Experts believe that this year, the selling price of new commercial apartments in Hanoi is expected to decrease by 5-10% compared to 2024 due to improvements in investment procedures and supply.
Apartment prices have cooled down, but homebuyers are still waiting.
Since the beginning of the year, prices of older apartments in Hanoi have shown signs of cooling down. Many homeowners are accepting price reductions of 300-500 million VND per unit compared to the end of last year in order to attract buyers.
According to a survey by Dan Tri newspaper reporters, an apartment in Cau Giay district (Hanoi) with an area of 116m2 and a 3-bedroom design was advertised for sale at the beginning of the year for 83 million VND/m2, equivalent to over 9.6 billion VND. To date, no buyer has been found, so the owner has reduced the price to 78 million VND/m2, equivalent to over 9 billion VND. Thus, in just over a month, the asking price has decreased by nearly 600 million VND.
Similarly, another apartment in Tay Mo ward, Nam Tu Liem district (Hanoi), with an area of 64m2 and a 2-bedroom design, was advertised at 4.3 billion VND at the beginning of the year, but has now dropped to 4 billion VND. In this project, at the beginning of the year, 2-bedroom apartments with an area of 60-64m2 were advertised at 65-67 million VND/m2, but have now uniformly dropped to 61-62 million VND/m2.
At a condominium project in Ha Dong district (Hanoi), apartments with an area of 68-75m2 and a 2-bedroom design, which were advertised for sale at 65-68 million VND/m2 at the beginning of the year, have now dropped to 61-63 million VND/m2.
Although apartment prices have shown signs of cooling down recently, many homebuyers are still hesitant, thinking that prices may fall even further.
Mr. Tran Khanh (Hoang Mai district, Hanoi) said that at the beginning of the year, he viewed a 69m2 apartment with 2 bedrooms in Thanh Tri district. At that time, the owner was asking 53 million VND/m2, with the total value of the apartment being nearly 3.66 billion VND.
An apartment complex in Hanoi (Photo: Duong Tam).
Seeing that the price was still high, Mr. Khanh decided to wait longer. Recently, the homeowner contacted him again and lowered the price to 3.35 billion VND, equivalent to 48.5 million VND/m2. Thus, in just over a month, the price of the apartment has dropped by more than 300 million VND. However, Mr. Khanh believes that the price could drop even further, so he has not yet put down a deposit.
Nguyen Tu, the owner of a real estate brokerage firm in Hanoi, said that apartment prices peaked at the end of last year. Since the beginning of this year, many homeowners have accepted price reductions of 300-500 million VND per unit to find buyers. Some homeowners, in addition to price reductions, are willing to cover all transfer fees.
According to him, many people with genuine needs came to view the apartments but didn't make a purchase. Some believed that apartment prices might fall further, so they weren't in a hurry to "put down money." In reality, even with the price drop, many apartment owners are still making a profit. Now, they want to lock in their profits to move to other investment channels or invest in other areas.
Will apartment prices continue to fall?
According to real estate expert Nguyen Anh Que, the supply of apartments will be limited during the 2020-2024 period due to difficulties in investment procedures, leading to sharp price increases. However, everything follows a cycle and the law of supply and demand, so when prices rise too high, the market will adjust.
He stated that Hanoi's apartment prices peaked in October 2024, both in terms of transaction volume and selling price. From November 2024 onwards, the market showed signs of reversal, investors began lowering prices, transaction volume decreased, and confidence in apartment prices continuing to rise almost disappeared.
This year, investment procedures have improved, and the supply of apartments has increased, including social housing. With a new supply of over 10,000 units in areas such as Dong Anh, Me Linh, Thanh Tri, Nam Tu Liem, and several other districts, people will have more choices. Therefore, this year, the selling price of new commercial apartments is expected to decrease by 5-10% compared to 2024. By 2026, the decrease could reach 10-15%.
Experts predict that apartment prices could fall by 5-10% this year (Illustrative image: Duong Tam).
According to real estate expert Dinh Minh Tuan, the supply of apartments has increased sharply, but prices have also reached very high levels of 70 million VND/m2 in the primary market and 55 million VND/m2 in the secondary market. "The price adjustments have led to a decrease in transactions, and this trend may continue sideways throughout this year," he predicted.
Explaining the declining absorption rate, Mr. Tuan added that the sharp price increase over the past two years has exceeded the affordability of real estate buyers, and even investors have become more cautious. Furthermore, the current apartment segment is mainly high-end and luxury, less suitable for the majority of people with housing needs, leading to a decrease in the absorption rate.
In addition, after a period of rapid price increases, the wait-and-see attitude of buyers also largely affected transactions during this period. Genuine homebuyers haven't found suitable products yet, while investors are selling their properties and waiting.
However, housing demand in Hanoi remains very high, and despite significant price adjustments, the number of searches is still the highest compared to other segments. Currently, investment buyers are still targeting projects with clear legal status, promising locations, or completed apartments that can be resold.
Source: https://dantri.com.vn/bat-dong-san/gia-chung-cu-ha-noi-ha-nhiet-chu-nha-xuong-nuoc-nhung-nguoi-mua-chan-chu-20250325022539232.htm
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