Photo: Ngoc Hien
At the announcement of the Real Estate Market Highlights for the third quarter of 2025, Ms. Nguyen Hoai An - Senior Director of CBRE Vietnam commented: "The Hanoi apartment market is entering a period of strong growth in both scale and price, reflecting a clear shift in product structure and home buying behavior".
According to CBRE, in the third quarter of 2025, the total supply of newly launched apartments in Hanoi reached more than 10,300 apartments, marking the second quarter in the past 5 years with new supply exceeding the 10,000-unit mark. In the first 9 months of the year, the total supply reached nearly 21,100 units, an increase of 10% over the same period in 2024. Notably, there were up to 2,000 apartments with a selling price of over 120 million VND/m2 (excluding VAT & maintenance fee, discount), a record high number since CBRE started monitoring the market.
New apartment selling price exceeds 90 million VND/m2
The report shows that the average selling price of new apartments in Hanoi has exceeded 90 million VND/m2, higher than the average price in Ho Chi Minh City in the same period. This is the highest price ever in the capital's apartment market. Compared to the second quarter, it is about 14% higher than the previous quarter, and compared to the same period last year, the increase is up to 40%.
CBRE representative said that the increase in selling prices clearly reflects the shift in market structure, when most of the new supply is concentrated in areas with favorable locations, good infrastructure and developed by investors with strong potential.
Not only central areas such as Tay Ho, Cau Giay, Long Bien, but also suburban areas such as Dan Phuong (Hanoi) and Van Giang ( Hung Yen ) also recorded common prices from 70 - 110 million VND/m2; areas far from the center have also approached the threshold of 70 - 80 million VND/m2. The price gap between the central and suburban areas is increasingly narrowing, showing that the general price level of the market has entered a new phase.
However, despite the high price increase, trading and buying activities are still bustling. Specifically, the total transaction volume reached more than 11,100 apartments in the third quarter, the highest since 2018. The average absorption rate reached 70 - 80%, showing that the demand for investment and asset accumulation remains stable, with no signs of slowing down.
According to CBRE, many investors have taken advantage of the positive market sentiment to aggressively launch existing product portfolios, especially in projects near the center and along new traffic routes. This has caused prices to continue to rise, especially in areas that were once considered “affordable”.
Potential sustainability risks
In the secondary market, the average transfer price reached about 58 million VND/m2, up 19% over the same period last year. Although this increase is slower than the "hot year" of 2024, house prices have still tended to increase in the last two quarters, showing that demand remains stable - especially from buyers with long-term investment purposes.
Experts say that this price increase trend comes from three main reasons. First, the scarcity of new supply in the mid-range and low-end segments has forced a large number of buyers to turn to the secondary market - where there are already handed-over apartments, good locations and clear legal status. Second, the "holding on" mentality of investors after the period of price escalation has caused the actual transaction volume to decrease but the listed price to increase. And third, the demand for long-term investment remains stable thanks to low interest rates, causing many investors to choose real estate as a safe haven.
Ms. Nguyen Hoai An, Senior Director of CBRE Hanoi Branch. Photo: Ngoc Hien
However, if secondary prices continue to climb at a high rate while real demand is compressed, the market may face the risk of imbalance. It is important to diversify supply and expand the reasonable price segment to maintain sustainability.
CBRE forecasts that in the fourth quarter of 2025, Hanoi will have about 11,000 new apartments, bringing the total annual supply to more than 32,000 units. This supply will appear in suburban areas, with prices of 50-60 million VND/m2, contributing to "cooling down" the market next year.
The affordable housing "gap" is growing larger
"If 2023 - 2024 was a period of lack of supply and product thirst, then 2025 will witness a reversal, when the supply is abundant but the price is pushed too high compared to the average affordability. This is the 'reshaping cycle' of the market, when the high-end and luxury segments absolutely dominate, while the mid-range and affordable segments almost disappear," Ms. Hoai An commented.
Specifically, 95% of the current supply is priced above 60 million VND/m2, the segment below 60 million only accounts for less than 5% of the market. Accordingly, this gap is creating great pressure on real housing demand, especially for young people and middle-income households.
Overall, the Hanoi real estate market remains healthy thanks to low interest rates, increased credit and a stable macro- economy . However, rapid price increases and the imbalance between segments are posing major challenges for both management agencies and businesses.
Moving towards the 2026-2027 period, if credit, planning and tax policies are properly regulated, Hanoi can enter a healthy development cycle where product quality and sustainability are top priorities.
Source: https://vtv.vn/ha-noi-gan-nhu-tuyet-chung-can-ho-gia-duoi-60-trieu-dong-m2-100251014153202066.htm
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