The average price of new apartments in Hanoi is estimated to increase by 4-6 per cent quarter-on-quarter and 22-25 per cent year-on-year, according to a report on the real estate market for the third quarter of 2024, released by the Ministry of Construction on October 30.

The report noted that apartment prices in Hanoi have continued to increase in both new and old projects.

“The affordable apartment segment, with a selling price of less than VND25 million (over $988) per sq. m, has almost no transactions and products for sale,” the Ministry concluded in the report.

“The reason for the recent increase in real estate prices is largely due to the impact of a number of factors such as increased fluctuations in land-related costs; affordable housing products are not in sufficient supply to meet market demand,” the Ministry reported.