Diverging Trends in Apartment Prices in Ha Noi Market in Q1/2025

Ha Noi's primary apartment market continued its upward pricing trend in Q1/2025. Over the past five years, the average annual growth rate for Ha Noi's primary apartment prices has been an impressive 22% YoY. In contrast, the secondary market experienced a price reduction. Prospectively, Savills experts note that secondary market prices will continue to be adjusted, while primary market prices are expected to remain high.  

Price gap between primary and secondary apartments  

According to Savills Q1/2025 Market Brief, Ha Noi’s primary apartment prices have risen on average by 22% YoY, for the past five years. Dong Anh recorded the highest price increase, reaching 42% YoY, followed by Tay Ho with 40% pa. Notably, Tay Ho is leading the primary apartment prices, at VND 185 million per sq m.  

In the past quarter, the market saw a significant price gap between primary apartment sales from developers and secondary apartment sales on the market. Specifically, the average primary price reached VND 79 million per sq m, while the secondary price averaged VND 60 million per sq m.  

Do Thu Hang, Senior Director, Advisory Services, Savills Ha Noi, states: “According to Savills survey of over 400 apartments in Ha Noi, up to 47% of projects recorded secondary price declines compared to the previous quarter. This varies across projects, but on average, the secondary apartment prices decreased by around 1% QoQ in Q1/2025. Moreover, the gap is evident in the high-end segment. For Grade A projects, the price difference is up to 52%, while the gap for Grade B’s apartments is 21%, indicating the pressure for price adjustment is clearer in high-value products.  

Primary market prices remain high due to most new supply from mega-urban projects. According to the Savills report, new apartment supply in Ha Noi in Q1/2025 reached 7,940 units. The primary supply totalled 11,168 units, down 33% QoQ and 14% YoY. The number of units sold reached 7,94, down 41% QoQ but up 49% YoY. Grade B accounted for 99% of units sold, with the new supply reaching an 84% occupancy rate.  

Vinhomes Ocean Park, Vinhomes Smart City, and Vinhomes Global Gate equaled 89% of the new supply and 90% of the units sold. Taking advantage of scale and amenities, these projects are shaping the primary price level at a high range, despite their locations being far from the city centre.  

Another key factor is the shift in investors’ expectation of returns. With primary prices remaining high, buyers are increasingly turning to the secondary market. Facing this reality, many investors who have already achieved their expected profits in earlier phases are adjusting strategies, accepting narrower profit margins to boost liquidity and reallocating capital to other markets better aligned with their preferences, contributing to a wave of price adjustments in the secondary market.  

The outlook of apartment prices  

The ongoing secondary market price is broadly adjusted, reflecting clear supply-demand rebalancing pressures. However, the current reductions are still not attractive enough to trigger many transactions.  

Therefore, Savills forecasts that secondary prices will continue their downward trend in the upcoming period, especially as buyers now have more options and the market becomes increasingly flexible.  

Conversely, in Q2/2025, the expert believes the likelihood of primary apartment prices decline is low, though it is also unlikely the market will experience the rapid price surges seen in the previous periods.  

For the remaining quarters of 2025, the new apartment supply is expected to reach 7,400 units, with Grade B apartment leading and accounting for 67%. Notably, in Q2/2025, several new or next-phase launches are expected, with prime locations, reputable developers, and high construction quality, priced around VND 100 million per sq m. Meanwhile, the current average primary price stands at approximately VND 79 million per sq m. Therefore, it is a low possibility the primary prices will decrease in Q2. 

However, commenting on the possibility of primary market price adjustment from now until the end of 2025, Do Thu Hang said: “From Q3 to Q4/2025, once major projects such as Vinhomes Smart City, and Ocean Park sell their remaining inventory, the market may welcome additional projects in less prime locations. This could create considerations for a slight adjustment in Ha Noi’s primary price levels. Nevertheless, it is recognised that the current price market prices are still high relative to the average buyer’s purchasing power.”  

In 2026, Savills expects that primary market prices will tend to decline as developers return on Grade C developments, a segment that is currently very limited. The reintroduction of apartments priced under VND 2 billion will create a more sustainable balance between supply and demand.  

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