Prices continued to rise on the primary market, inching up 1.5–2.3% quarter-on-quarter, property services firm Avison Young said in a recent report, adding that the speed of price growth has slowed down since the late 2025.
Apartment prices averaged US$4,180 per square meter. In satellite urban areas to the east and west, new high-end apartments ranged from $3,300 to $4,500 per square meter.
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Apartment buildings in Hanoi. Photo by Read/Ngoc Thanh |
Prices in the inner city and West Lake West area varied more widely, from around $5,500 to $9,800 per square meter.
Similarly, real estate consultancy Knight Frank said the absorption rate for new supply and existing inventory fell sharply to 38%, its lowest level since 2024.
The total number of apartments sold also declined 40% quarter-on-quarter and 52% year-on-year. Demand shifted toward buyers purchasing homes for their own use, instead of flipping.
More than 80% of new inventory in the high-end and luxury segments, mainly in the eastern and western areas. Midrange and affordable apartments were virtually absent.
Buyers purchasing homes to live in faced significant challenges as mortgage rates remained high, with floating rates reaching 12-15% a year.
On the secondary market, cash buyers held the upper hand in negotiations, pressing homeowners whose principal repayment grace periods had expired to cut prices by 8-12%.
“Homebuyers have deliberately abandoned the urge to chase rising prices, shifting instead to careful calculations and a search for real value,” Avison Young said.