The upward price trend has also ended in Da Nang and Hai Phong, the other large real estate markets, with prices unchanged compared with the fourth quarter in 2024.

However, the ultra-luxury segment saw several projects priced up to VND200 million per sq m.

In Hanoi, after continuous increases, apartment prices have stabilized. Some projects saw prices rise modestly by about 5 percent compared to late 2024.

Though the market has cooled down, Hanoi apartment prices remain high. Market surveys show listed prices at VND50 million per sq m, with almost no affordable units below VND45 million per sq m. 

For example, The Sakura - Vinhomes Smart City is listed at VND60-80 million per sqm; Eco Lake View (Hoang Mai) at VND58-70 million; and Vinhomes D'Capitale (Cau Giay) at VND75-110 million.

According to Savills Vietnam’s survey on over 400 projects, the average secondary market (resale) apartment price in the first quarter 2025 was around VND60 million per sq m, down 1 percent quarter-on-quarter, varying by project.

On some real estate listing platforms, people can read that Hanoi’s apartment market began stabilizing in late 2024, with listed prices and transaction volumes trending downward at many projects. Compared to last year’s peak, some projects saw price drops of 2-5 percent.

The real estate market showed positive signs, with increases in licensed, ongoing, completed, and future-sale-eligible housing projects in the first quarter. 

Nationwide, 14 projects with over 3,800 products were completed in the first three months (140 percent of Q1/2024). New licenses were granted to 26 projects (144 percent of Q4/2024), and 59 projects with nearly 19,800 units were eligible for future sales (155.2 percent of Q1/2024).

Do Thu Hang from Savills Hanoi predicted that secondary market prices will continue to decline as buyers have more options and competition increases. For primary market prices in the second quarter of this year, she believes significant price drops are unlikely, but sharp increases are also improbable.

An analyst said resale apartment prices are falling as investors adjust profit expectations to boost liquidity. With primary market prices remaining high, buyers are shifting to the secondary market for more reasonable prices.

Many investors, having met profit expectations in earlier phases, are adjusting strategies, accepting narrower margins to enhance liquidity and redirect capital to more suitable markets. This has contributed to a wave of price adjustments in the secondary market.

This adjustment is no longer localized but widespread, clearly reflecting pressure to rebalance supply and demand. However, current price reductions are not yet attractive enough to spark a strong wave of transactions between sellers and buyers.

Hong Khanh