HCMC – Prices of new condos in Hanoi edged up by 6% quarter-on-quarter to VND69 million per square meter on average in the third quarter, surpassing prices in HCMC, where they fell 6% to VND68 million per square meter on average, according to a report by Savills Vietnam.
Savills data showed that Hanoi’s new supply jumped by 95% over the previous quarter and 178% year-on-year, reaching 5,265 units. Key developments Lumi Hanoi and QMS Top Tower accounted for 66% of the new supply, with over 3,400 units released to the market.
Secondary supply in Hanoi also rose by 2% from the previous quarter to nearly 10,500 units, although it was 47% lower than a year ago. Sales volume increased by 35% quarter-on-quarter to 6,840 units, with mid-range apartments making up 98% of total sales. New condos accounted for 65% of the sales, with an absorption rate of 85%.
In the fourth quarter, Hanoi is expected to see 9,700 new units, with 88% from large-scale projects. Between 2025 and 2027, over 110,000 units from 106 developments are anticipated to enter the market.
In contrast, the HCMC market remains subdued, with limited new supply and slack transactions. Third-quarter primary supply in the city fell by 13% quarter-on-quarter and 36% year-on-year to 4,871 units.
New supply was limited to 799 units from six projects, down by 30% from the previous quarter. However, five projects resumed sales after their legal issues had been solved, contributing 545 units to the market.
Sales transactions in HCMC declined by 16% quarter-on-quarter and 4% year-on-year to 1,915 units. Primary prices dropped by 12% to VND68 million per square meter, mainly due to a lower share of mid-range and high-end units in new supply.
By year-end, HCMC is expected to add around 6,700 new apartments, including prominent projects like Vinhomes Grand Park – The Opus One and The Forest Gem. Over 50,000 units from 76 projects are expected to be introduced by 2027.
