Hanoi Residential Marketbeat

In 2024, Hanoi saw a significant increase in new apartment supply, with approximately 28,700 units launched, nearly 3.4 times higher than in 2023 and the highest level in the past five years. In Q4 2024 alone, 9,138 new apartments were introduced, up 5% quarter-on-quarter and 146% year-on-year. This growth was driven by new projects in integrated urban areas such as Vinhomes Ocean Park and Vinhomes Global Gate. The suburban area surpassed the Western area, contributing three-quarters of the main supply. The mid-end segment led the new supply, accounting for 57%, followed by the high-end segment with 43%. New apartment sales in Hanoi reached nearly 9,200 units, down 6% from the previous quarter but up 99% year-on-year. The total new sales for the year increased to 29,800 units, 1.8 times higher than the previous year. Housing demand in Hanoi remained high, driven by population growth and urban migration. Most new projects in large integrated urban areas achieved an absorption rate of around 90%. Some projects that sold out this quarter have moved to the reservation phase for subsequent phases. The average primary price was nearly USD 2,917/sqm, up 8% quarter-on-quarter and 25% year-on-year. This price increase was driven by the rise in new supply from the high-end and luxury segments, which accounted for over 40% of the new supply, while the supply of affordable apartments remained limited.

The landed property market in Q4 2024 recorded nearly 3,900 new landed properties launched, marking a new record. In Q4 2024, the city saw the launch of 1,687 new units, down 36% quarter-on-quarter but up 12.5 times year-on-year. This increase was mainly driven by the launch of a large integrated urban project in Dong Anh District, accounting for 85% of the new supply. The suburban area continued to dominate the landed property market, accounting for 98% of the new supply. In 2024, over 3,000 units were sold, up nearly 11.7 times compared to 2023. In Q4 2024, Hanoi's landed property market recorded 892 units sold, down 52% quarter-on-quarter but up about 10 times year-on-year. Additionally, other suburban districts such as Ha Dong, Hoang Mai, and Thuong Tin also showed good absorption rates. The selling price of landed properties increased to USD 11,934/sqm, down 9% quarter-on-quarter but up 101% year-on-year. The significant increase in the average primary selling price in Hanoi marks a notable recovery from the relatively low prices in 2023. Throughout this year, developers temporarily halted sales activities to await market improvement.

In 2025, approximately 18,700 new apartments and 2,100 new landed properties are expected to be launched, mainly in suburban areas such as Gia Lam and Dong Anh Districts. The central, fringe central, and western areas are likely to experience a shortage of apartment supply. The suburban districts will lead the new supply thanks to infrastructure development and urban planning. Dong Anh and Gia Lam are expected to become urban districts, significantly increasing housing supply from large projects such as Vinhomes Co Loa and BRG Smart City.

Learn more by downloading our most recent Hanoi Residential MarketBeat.