Though housing is more expensive than last year, people are still rushing to buy apartments for fear that prices will increase further in the time to come.

D, a real estate broker, has offered to sell a 60 sq m apartment in Duong Noi, Ha Dong district, at VND2.6 billion. The price is VND300 million more than one year ago in July 2023.

According to D, the quoted price doesn’t include a transfer fee and buyers will be supported to borrow money from banks if they want to pay by instalment. 

In Van Khe urban area, a 3-bedroom apartment is offered at VND3.75 billion, or VND400 million higher than last year. The broker said if clients want to buy an apartment as an investment item, he would introduce other apartments with even higher price increases.

“Last month I had two apartments in Ha Cau, Ha Dong district, with the same area. I just sold one of them last week at VND3 billion. The price is VND800 million higher than in 2023, when it was priced at VND2 billion,” he said.

At Vinsmart Tay Mo residential quarter in Nam Tu Liem district, 10-20 kilometers from the central area, apartment prices have increased by VND300-600 million each.

According to K, a broker in Nam Tu Liem district, a 2-bedroom of 54 sq m at Vinsmart is offered at VND3 billion. The VND55 million per sq m price is equal to the prices of some mid-end apartments in inner city.

Located nearer to the central area, apartments in Linh Dam new urban area in Hoang Mai district are more expensive. A 76 sq m 3-bedroom apartment is offered at VND3 billion, though the owner still doesn’t have the so hong, or land use right certificate.

According to a broker, thus apartment was for sale in 2022 at VND1.4 billion, and the price increased by VND1.5 billion just after two years.

CBRE reported that new supply has appeared in Hanoi, pushing the average price to VND56 million per sq m in the primary market.

The apartment prices at Ecopark residential quarter in Van Giang, Hung Yen, 14 kilometers southeast of Hanoi, have seen prices increase more slightly. The apartments there are priced at VNDN30-70 million per sq m. Buyers have to pay VND2.7 billion to buy a 60sqm 2-bedroom apartment. The price is VND200 million higher than that of the same period last year. 

Hong Khanh