According to Cushman & Wakefield's Hanoi MarketBeat Q2 2026 report, Hanoi’s housing market continued to adjust during the first half of 2026. Both apartments and landed housing recorded declines in new supply and sales, reflecting growing caution among both developers and homebuyers.

While developers are becoming more selective about project launch timing, buyers are no longer willing to commit as readily as before. Factors such as pricing, legal status, location, construction quality and long-term appreciation potential are being scrutinized more carefully.

One of the most notable shifts is the continued migration of new housing supply away from the city center. This trend reflects the shrinking availability of land in the urban core, rising development costs and Hanoi's strategy of developing as a multi-center metropolis.

Apartments remain the dominant segment of Hanoi's residential market. However, new launches fell significantly in the second quarter of 2026.

According to Cushman & Wakefield, around 11,000 new apartments were launched during the first six months of the year. Nearly 4,700 units came onto the market in the second quarter alone, down 29 percent from the previous quarter and down 44 percent from the same period in 2025.

Notably, new supply was concentrated mainly outside the city center. About 44 percent was located in fringe urban areas, and 48 percent in suburban areas, while the remainder was concentrated in western Hanoi.

The shift is consistent with Hanoi's ongoing urban expansion. As land in the city center becomes increasingly scarce, developers are turning to areas with greater potential, where large-scale urban projects with integrated amenities can be built.

The city's multi-center development strategy, featuring nine central urban areas and nine growth hubs, is expected to reinforce this trend in the coming years.

However, the market continues to face an imbalance in product offerings.

Luxury apartments accounted for more than 52 percent of new supply in the second quarter, while affordable housing was almost entirely absent. As a result, the gap between available products and genuine housing demand continues to widen.

Projects launched today generally have completed legal procedures, are developed by reputable companies, feature integrated amenities and offer attractive sales incentives. As a result, the market is becoming increasingly selective rather than prioritizing supply expansion at all costs.

Sales decline as buyers become more selective

Demand trends also point to growing caution among buyers. During the first half of the year, around 9,700 apartments were sold in Hanoi. Nearly 4,600 transactions were recorded in the second quarter, down 12 percent from the previous quarter and 45 percent year-on-year.

According to Cushman & Wakefield, one reason is that about 72 percent of newly launched units belong to the high-end and luxury segments.

At the same time, investors have become more cautious amid rising lending rates and the market's adjustment to the city's revised urban planning strategy. Today's buyers increasingly prioritize projects with clear legal status, convenient locations, strong transport connectivity and solid long-term growth potential. 

Properties marketed primarily on expectations of short-term price gains are becoming less attractive.

Despite weaker sales, average primary apartment prices continued to rise sharply. Cushman & Wakefield reported that the average primary selling price reached approximately $4,659 per sqm (equivalent to more than VND122.7 million per sqm) in the second quarter of 2026, up 19 percent from the previous quarter and 36 percent year-on-year.

The increase mainly reflects changes in the supply mix, as high-end and luxury apartments account for an increasingly large share of new launches, while affordable housing has virtually disappeared from the market.

This has created a paradox: transaction volumes are falling even as average prices continue to rise. The reason is not simply that individual projects are becoming more expensive, but also that lower-priced products are making up a much smaller share of total supply.

Housing affordability remains one of the market's biggest challenges, particularly for mass-market buyers.

Le Hoang Lan Nhu Ngoc at Cushman & Wakefield Vietnam said Hanoi's residential market is entering a more selective stage of development. Both developers and buyers are placing greater emphasis on product quality, legal transparency, and the ability to deliver sustainable long-term value.

Over the medium and long term, housing supply is expected to continue expanding in suburban areas as Hanoi accelerates population decentralization, promotes multi-center urban development and upgrades its transport infrastructure.

Hong Khanh