In 2024, apartment prices in Hanoi rose 40% to 50% compared to 2023 (Photo: Baodautu.vn)

The ministry reported that a total of 125,545 apartment and house transactions were recorded in 2024, a slight drop of 1.5% compared to 2023. In the fourth quarter of 2024, the number of transactions stood at 25,409, marking a decline of 33.8% from the previous quarter and almost 8% year-on-year.

However, when looking at the unsold real estate inventory in the last quarter, apartments had the lowest stock, with only 1,072 units left unsold, as compared with 11,218 individual houses and 4,768 land plots in this regard. Apartments also saw the largest quarterly reduction in unsold stock compared to other property types.

Notably, the apartment market has continued to see significant price increases in both primary and secondary markets. In 2024, apartment prices in Hanoi rose 40% to 50% compared to 2023, with some areas seeing even higher jumps.

According to the ministry's survey, in Hanoi’s Nam Tu Liem district, the Vinhomes Smart City project is offering units from 65-72 million VND (2,582-2,861 USD) per square metre, while the Masteri Waterfront project in Gia Lam is selling at 67 to 73 million VND per square metre.

In Ho Chi Minh City, apartment prices rose 20% to 30% compared to the previous year, lower than the pace seen in Hanoi. For instance, apartments in the Diamond Island project in District 2 are listed at 85 to 90.4 million VND per square metre.

Other cities have also seen apartment prices stay high. For example, the Grand Mark project in Nha Trang is priced from 38-47.2 million VND per square metre. The Sun Symphony Residence in Da Nang has reached 115.6 million VND per square metre, while the Cara River Park project in Can Tho ranges from 42.9 to 53.3 million VND per square metre.

The Vietnam Association of Realtors (VARS) forecast that apartment prices will remain elevated in 2025. The majority of new supply will come from large urban areas on the outskirts, with most properties falling in the premium or luxury categories. As a result, affordable housing options will largely be limited to social housing.

VARS experts predicted that the apartment market will continue to dominate transaction volume in 2025. However, sales of older apartments are likely to decrease, as their prices are now inflated compared to their actual market value, they said.

The Institute of Construction Economics reports that the supply of new commercial housing in 2025 is expected to increase compared to 2024. However, the majority of new stock will remain concentrated in the mid- to high-end segments.

The institute also predicts that housing transactions in 2025 will be more active than in 2024, with prices expected to rise 8% to 10% year-on-year.

This optimistic outlook is based on the Government’s ambitious economic growth targets for 2025, along with the ongoing improvement of the legal framework for the real estate market, including the implementation of new laws on land, real estate business, housing, and credit institutions.

Reasonable preferential loan interest rates for homebuyers at commercial banks will have a positive impact on the market, helping to facilitate access to credit, according to the institute.

Additionally, the Government's focus on major infrastructure projects is expected to boost the development of the housing market, particularly in localities./.