Rich people in Hanoi are looking to buy luxury and super luxury apartments the most.

The real estate market overview and apartment market focus report published by PropertyGuru Vietnam on November 13th attracted attention by showing that the luxury and ultra-luxury apartment segment, priced from 80 million VND/m² to billions of VND/m², is attracting interest and purchases from wealthy Hanoi residents.

According to Mr. Nguyen Quoc Anh, Deputy General Director and Business Director of PropertyGuru Vietnam, Hanoi leads in the percentage of people searching for luxury and ultra-luxury apartments in 2024. Specifically, Hanoians account for 43% of the total number of people searching to buy luxury and ultra-luxury apartments, while Ho Chi Minh City accounts for 33%, Dong Nai 1%, Da Nang 1%, Hai Phong 2%, and other provinces 20%.

According to the structure of apartment housing in major cities in Q3/2024, affordable apartments (asked for sale below 35 million VND/m²) accounted for 1%, mid-range apartments (asked for sale between 35 and 55 million VND/m²) accounted for 32%, high-end apartments (asked for sale between 55 and 80 million VND/m²) accounted for 45%, and luxury and ultra-luxury apartments (asked for sale from 80 million VND/m² and above) accounted for 22% of the total apartment supply. Prominent in the luxury and ultra-luxury apartment segment are branded products priced from several hundred million VND/m² to billions of VND/m².

In Hanoi, the proportion of luxury and ultra-luxury apartments in the total apartment supply increased from 2% (Q1/2020) to 22% (Q3/2024). Meanwhile, in Ho Chi Minh City, this rate also increased from 5% to 23%.

In addition, from Q1 2020 to Q3 2024, the proportion of high-end apartments in the total apartment supply in Hanoi also increased rapidly from 4% to 45%. Similarly, in Ho Chi Minh City, the proportion of high-end apartments also increased from 23% to 28%.

The real estate market is projected to pick up from the second quarter of 2025. (Illustrative image: Minh Duc).

Forecasting the nationwide real estate market in the coming period, Mr. Quoc Anh predicted that from now until the first quarter of 2025, the market will continue to consolidate, buyers will still focus on actual housing needs, and the most popular products will be detached houses and townhouses.

Market development during this period depends heavily on project legal aspects, funding sources, and monetary policy.

" From Q2/2025 to Q4/2025, the real estate market will enter a boom phase, with buying and selling demand focusing on land plots and project villas. And from Q1 to Q4/2026, the market will enter a stable cycle, with increased liquidity across all types," Mr. Quoc Anh predicted.

According to data from PropertyGuru Vietnam, apartments are a type of property that has shown relatively stable growth in both sales and rental prices during the 2021-2024 period. The level of interest in and demand for apartments has remained high in recent years, while sales and rental prices have increased.

The average selling price of apartments in Q1/2021 was 35 million VND/m², with a rental price of 10 million VND/apartment. By Q3/2024, the average selling price of apartments increased to 51 million VND/m², with a rental price of 12 million VND/apartment.

In the northern market, the level of interest in buying apartments has increased significantly in recent years compared to the southern region.

Chau Anh

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