Apartment prices stop jumping after Tet, many customers ask but still don't buy

(Dan Tri) - After Tet, apartment prices have not fluctuated much. Buyers are still waiting for prices to drop.

Apartment prices are subject to adjustment.

In 2024, the apartment market in Hanoi is being noticed when prices continuously fluctuate strongly. According to a report by the Ministry of Construction , in 2024, in Hanoi, apartment prices increased by about 40-50% compared to 2023, locally in some projects and areas with higher prices.

According to a survey by Dan Tri reporters, since the end of 2024, many homeowners have accepted to reduce the selling price by 300-500 million VND/apartment to find buyers. For example, an old apartment in Cau Giay district ( Hanoi ) with an area of ​​87 square meters, designed with 2 bedrooms, was advertised for sale at the beginning of November 2024 for 6.1 billion VND, equivalent to 70 million VND/m2, but now the price has been reduced to 5.7 billion VND.

At a project in Nam Tu Liem district, 2-bedroom apartments with an area of ​​60-64 square meters were advertised for sale in October 2024 at a price of about 65-67 million VND/square meter, but have now dropped to 61-63 million VND/square meter.

At a project on To Huu Street (Ha Dong District), an apartment with an area of ​​68-75m2 designed with 2 bedrooms was advertised for sale at 64-68 million VND/m2 in September 2024, now reduced to 60-64 million VND/m2.

Mr. Do Minh Tien - owner of a real estate brokerage in Hanoi - said that at the end of last year, the apartment market had a tendency to slow down. Some homeowners accepted to reduce prices to find buyers. After Tet, apartment prices have not fluctuated. Many customers contacted to see the houses but did not "pay" because they thought the prices were still high.

"Although Hanoi apartment prices were slightly adjusted at the end of last year, they are still considered high. Therefore, customers at the present time are still only interested, they are still waiting to see if prices continue to decrease," he said.

Some homeowners accept to reduce apartment prices (Illustration: Duong Tam).

Mr. Hai - a real estate broker in Hanoi - shared that after Tet, buyers are still interested and have not decided to buy immediately. Some homeowners are lowering the selling price to find buyers but it is still difficult to sell.

"After a period of sharp increases in real estate prices, buyers tend to wait and see. But it is difficult to predict whether apartment prices will continue to increase or decrease sharply this year. Many investors who previously made profits are also looking to sell at this time to get their money back, waiting for signals from the market," he said.

Data from a market research unit shows that the average selling price of apartments in Hanoi and Ho Chi Minh City in the first half of February was 62 and 57 million VND/m2, respectively. Meanwhile, the average price of apartments in January was 63 million VND/m2 (Hanoi) and 60 million VND/m2 (Ho Chi Minh City).

Thus, the selling price of apartments in these two cities is slightly decreasing. However, this fluctuation is only in a short time, to grasp the price trend, more time is needed to monitor.

Experts: Apartment prices unlikely to increase further

Mr. Vu Cuong Quyet - CEO of Dat Xanh North - stated that the apartment segment in Hanoi in 2024 will have strong price fluctuations. There are apartments that have increased by 40-50%, even 60% compared to 2023. However, the current apartment prices have reached the threshold and it is difficult to increase higher. Because if the price continues to increase, it will be beyond the purchasing power of the people, leading to liquidity difficulties.

According to him, it is difficult for apartment prices to decrease sharply because project implementation costs are increasing, especially the new land price list applied according to market prices. According to him, this year apartment prices will be more stable.

Mr. Nguyen Anh Que - real estate expert - said that Hanoi apartment prices peaked in October 2024 in both transaction volume and selling price. Since November 2024, the market has shown signs of reversal. Investors have started to reduce prices, transaction volume has decreased, and confidence in apartment prices continuing to increase has almost disappeared.

Commenting on the apartment segment this year, Mr. Que said that investment procedures have been improved, the supply of apartments has increased, including social housing. With a new supply of about 10,000 apartments in areas such as Dong Anh, Me Linh, Thanh Tri, Nam Tu Liem and some other districts, people will have more choices.

Therefore, this year, the selling price of new commercial apartments is expected to decrease by 5-10% compared to 2024. By 2026, the decrease may be even deeper.

Source: https://dantri.com.vn/bat-dong-san/gia-chung-cu-sau-tet-ngung-nhay-mua-khach-hoi-nhieu-nhung-van-khong-mua-20250213181035768.htm