In 2024, apartment prices in Hanoi have soared by 40–50% compared to 2023, with some projects recording even higher increases. Among the luxury offerings, a few projects are priced at over 200 million VND/m² (approximately $8,400/m²).

Unprecedented increases in Hanoi’s housing market

The Ministry of Construction reported that while real estate prices continued to rise across Vietnam in 2024, Hanoi led the surge in apartment prices.

Prices for affordable apartments, previously under 30 million VND/m², have now climbed to nearly 45 million VND/m².

Mid-range apartments, once priced between 30–45 million VND/m², are now in the 45–70 million VND/m² range.

High-end apartments, previously 50–70 million VND/m², have increased to 70–100 million VND/m².

In the ultra-luxury segment, select projects are now priced at over 200 million VND/m², reflecting Hanoi’s rapidly growing real estate market.

Projects such as Ecolife Tây Hồ (72 million VND/m²), Sunshine Garden (54 million VND/m²), Chelsea Park in Cầu Giấy (62 million VND/m²), and Tràng An Complex (70 million VND/m²) highlight the market’s sharp increases.

Price trends in Ho Chi Minh City and Da Nang

In Ho Chi Minh City, apartment prices rose by 20–30% in 2024 compared to the previous year. Notable projects include The Horizon Phú Mỹ Hưng (125 million VND/m²), The Ascent (64 million VND/m²), and Lữ Gia Plaza (46 million VND/m²).

Da Nang saw a similar trend, with a 20% increase in apartment prices. Projects like Sam Towers (80–100 million VND/m²), Peninsula (53.5 million VND/m²), and The Filmore (100 million VND/m²) exemplify the upward trajectory.

According to the Vietnam Association of Realtors, some projects and secondary transactions have experienced price hikes of 60–70% compared to 2023.

In addition to apartments, the prices of standalone houses and land plots also surged, especially in Hanoi.

Sharp rise in standalone houses and land prices

In Hanoi, standalone houses within projects saw price increases of 30–40%, with some areas experiencing spikes of up to 60–70%. Prices now range between 100–200 million VND/m², with premium projects such as The Diamond Point in Long Biên priced at 230–300 million VND/m².

HCMC’s standalone houses remained relatively stable, with price increases of 5–10%. However, luxury villas like Mỹ Phú 2 and Saigon Mystery Villas are priced at 200–280 million VND/m².

Land plots also saw significant increases. In Hanoi, prices rose by 30–40%, with some areas experiencing hikes of up to 50–60%. HCMC saw more moderate increases, with land prices rising by 10–20%, though certain areas recorded growth of up to 30%.

The Ministry of Construction noted a concerning trend in Hanoi: some investors are forming groups to participate in land auctions, driving up prices to levels many times higher than the starting bids, only to later forfeit their deposits. This speculative activity has negatively affected land auction processes and the real estate market overall.

Hong Khanh