Tran Kien, an overseas Vietnamese in Australia, was surprised when a real estate broker told him that, even with VND22 billion ($865,000), he 'could not buy anything in Vietnam’.

The Hanoi Department of Natural Resources and Environment emphasized the need to gradually adjust land price tables to align with market values.

After prolonged price surges, Hanoi’s real estate market is showing signs of stabilization, with some properties seeing price cuts of hundreds of millions of VND.

Apartments with prices below VND50 million per sq m can no longer be found in Hanoi. Buying an apartment with two bedrooms for around VND3 billion is impossible.

Hanoi’s authorities have granted approval for more than 1,200 apartments in two prominent residential projects, Lumi Hanoi and Heritage West Lake, to be sold to foreign buyers.

Affordable housing in Hanoi is becoming a rarity as legal hurdles and soaring prices reshape the market, leaving middle-income buyers in a bind.

Apartment prices continue to surge in Hanoi, with affordable housing under 25 million VND ($1,000)/m² nearly vanishing, sparking concerns over accessibility for low- and middle-income earners.

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.