Hanoi Real Estate

Rising prices in Hanoi’s market are driven by infrastructure upgrades and major near-completion real estate projects.

The price increase for apartments in Hanoi in the first half of 2024 compared to the beginning of 2023 is 31%.

Specialists expect that new legislation will help to tighten market control and thus bring prices down.

The move aims to respond to the Official Telegram 965/CD-TTg released by the Prime Minister on October 13.

The future supply in both the west and the east will account for 40% of the market share of residential units in Hanoi.

Expanding the administrative boundaries of Hanoi 15 years ago was a critical step in seizing the opportunity for greater competitiveness and stronger growth.

Foreign investors are actively exploring investment opportunities in the local real estate market, presenting chances for domestic firms if they can leverage this potential.

The amended Housing Act lacks provisions on the life span of condominiums, which may cause problems for the authorities when it comes to renovating the buildings.

Hanoi is expected to have 44 million square meters of new housing in the 2021-2025 period, which equates to a per capita floor area of 29.5 square meters.

Despite the high demand for housing, the transaction volume stays low due to the high prices compared to people’s average income.