Hanoi condo prices to increase by 2-4% in Q4

This is driven by some projects’ planned price hikes in subsequent sales phases.

The average primary selling price of apartments in Ha Noi in Q3 2024 remained relatively stable compared to Q2 according to Avison Young, ranging from 2,500 - 3,500 USD/sqm. 

The market-wide absorption rate also showed improvement, reaching 80-85%, indicating that demand remains steady. 

Here’s more from Avison Young:

Several new projects in western of Ha Noi are priced between 2,500 - 3,500 USD/sqm. For example, the Lumi Ha Noi Phase 2 project (CapitaLand) has an average primary price of 3,100 USD/sqm, while The Miami GS5 project (MIK Group) is priced at an average of 2,500 USD/sqm. Projects in the city center are priced at around 2,900 - 3,800 USD/sqm. 

Additionally, the Ha Noi Signature project (Ramond Holdings) has garnered attention as a luxury apartment project in recent years. Its average primary price is around 6,700 USD/sqm. However, the absorption rate for Ha Noi Signature is only about 20%, with slower sales due to the high price and previous legal issues, making the project less accessible to buyers. 

Primary prices are expected to increase slightly by about 2-4% in the next quarter, driven by planned price hikes in subsequent sales phases. For example, Lumi Ha Noi Phase 3 (CapitaLand) is projected to be priced at around 3,250 USD/sqm, and The Victoria (MIK Group) at around 3,000 USD/sqm.