With social housing units in Hanoi reaching prices as high as 50 million VND per square meter, aspiring buyers now face a multi-billion VND challenge to enter the market.

Hanoi's property market continued showing signs of recovery as successful land auctions fetched higher prices, with residents voicing concerns over inflated prices.

Data from Savills showed that apartments priced at 4 billion VND (160,950 USD) or more accounted for 70% of the number of those sold in the first nine months of 2024, a sharp increase from 2% in 2020.

Apartment prices keep escalating amid high demand and a supply shortage. Meanwhile, real estate brokers have done well, inflating prices.

In Hanoi, the prices of apartments and separate houses in some areas such as Tay Ho, Hai Ba Trung, Ba Dinh and Hoai Duc have increased abnormally amid unchanged market conditions and demand.

Among these are buildings located on prime real estate that even major real estate developers covet, raising questions about the efficiency and future of urban development projects in the city.

The land price frameworks set by local authorities in some cities and provinces are much lower than market prices as local authorities have been slow in updating information about pricing.

The land market in suburban districts of Hanoi became ’hotter’ than ever when auctions continuously sold out in the past month.

In the heart of Hanoi, several tiny houses are being sold at sky-high prices, leaving many potential buyers perplexed after viewing them.

As Hanoi apartment prices soar unexpectedly, real estate experts suspect speculative activities by investors may be inflating the market.

Real estate experts express surprise and concern as suburban apartment prices in Hanoi reach unprecedented levels, making home ownership increasingly unattainable for workers.

In Hanoi, luxury apartments are selling up to VND200 million per sq m, while flats in poor condition in old collective quarters are priced at over VND100 million per sq m.

Many people in Hanoi are buying apartments with no pink book (proof of ownership that outlines the legal rights of owners) because they are much cheaper than products with full legal ownership.

Customers accept new levels of apartment prices in Hanoi after surging in the past months.

Due to limited new supply and high demand for real estate purchases, apartment prices are predicted to continue rising.

The average selling prices of apartments in Hanoi in the first two months of this year increased by 17 per cent compared to the same period in 2023.

The real estate market is expected to gradually stabilize and shift towards positive changes, as 2024 could be the last year in the process of overcoming obstacles.

Hanoi real estate market in 2023 saw the lowest sales in the villa and townhouse segment in the past 10 years, but selling prices of the villa and townhouse segment in Hanoi continued to increase strongly.

The Hanoi real estate sector has seen dynamic activity in Q3/2023.