Over 19,000 New Apartments Delivered This Year: A Look at Hanoi’s Booming Real Estate Market
The Hanoi housing market is currently experiencing a remarkable surge, with over 19,000 new apartments delivered in the first nine months of this year. This figure not only surpasses the total number of units supplied throughout all of 2023 but also marks the highest new apartment supply the city has seen in five years. As urbanization continues to evolve, the demand for housing shows no signs of slowing down.
Upcoming Luxury Developments
In the last quarter of the year, Hanoi is set to introduce thousands of luxury apartments across four major projects located in the urban districts of Dong Da and Tay Ho, as well as in the suburbs of Dong Anh and Gia Lam. These developments are anticipated to meet the soaring demand for high-end residential spaces.
One of the most noteworthy projects is The Senique Hanoi, launched by CapitaLand at Vinhomes Ocean Park in the Gia Lam District. This project covers 2.1 hectares and, with an investment of nearly VND10.8 trillion (approximately US$428 million), will include about 2,150 apartments housed in three 37-story towers. Market tests have set the price at VND68 million (US$2,695) per square meter, indicating strong interest even before completion, which is slated for 2027.
High-End Developments Taking Shape
CapitaLand isn’t the only developer unveiling exciting projects. On October 14, Masterise Homes introduced the Masteri Grand Avenue in the Vinhomes Global Gate area of Dong Anh District. This ambitious project comprises six towers, with two of them—housing around 1,780 units—set to be constructed this year. The starting price for these premium apartments is notably steep, ranging from VND97 million to VND126 million ($3,844-$4,994) per square meter, positioning it as one of the most luxurious areas in the city.
Another compelling addition to Hanoi’s real estate landscape is Starlake Phase 2, initiated by South Korea’s Daewoo E&C on October 8. This mixed-use development promises a blend of commercial, office, and upscale residential spaces, comprising three towers (two of which are residential and 26 stories high). The total area is projected to exceed 83,000 square meters, with 284 luxury apartments fetching prices that could start at VND100 million ($3,963) per square meter once sales begin in early to mid-2025.
The Return of Luxury in the City Center
For those seeking high-end living in the heart of the city, The Nelson Private Residences by HD Mon Holdings has set the stage for premium urban housing. Located on Lang Ha Street in the Ba Dinh District, these apartments boast starting prices at a staggering $5,490 per square meter. The project will feature a 27-story tower with two to three-bedroom apartments ranging from 80 to 105 square meters, making it one of the priciest options currently available.
Record Supply and Rising Prices
According to market research firm CBRE, Q3 of this year saw dramatic growth in Hanoi’s apartment market, with nearly 8,230 units launched—a figure that nearly matches the totals from the previous quarter. The overall supply has reached upwards of 19,000 units in the first nine months, highlighting a booming market that surpasses last year’s totals.
The new supply largely stems from 11 projects, concentrated in large urban developments in the west and east. A noteworthy statistic is that over 75% of new units released in recent times are classified as high-end apartments. Between these projects, prices are varied, with two projects quoting VND50-60 million ($1,981-$2,378) per square meter, and the rest averaging above VND60 million ($2,378) per square meter.
Premium Pricing Trends
The current landscape indicates a trend towards luxury offerings, particularly in Tay Ho District, where new luxury projects are commanding prices as high as VND120-130 million ($4,756-$5,152) per square meter. This pricing structure reflects a growing inclination for upscale living spaces, especially as the market continues to expand and evolve to meet consumer demands.
Hanoi’s real estate market is undoubtedly on an upward trajectory, and as the city bolsters its infrastructure and amenities, the allure of urban living becomes more compelling than ever. With new developments continually on the horizon, the future of housing in Hanoi looks promising and prosperous.