Apartment prices suddenly reverse
Hanoi apartment prices exceed Ho Chi Minh City by tens of millions of VND, this is a reversal compared to many years ago, when the Southern market often led the price level.
New apartment prices in Hanoi far exceed Ho Chi Minh City
The apartment market is recording a noteworthy development when Hanoi far surpasses Ho Chi Minh City in primary selling prices. In the context that new supply still strongly leans towards the mid-to-high-end segment, input costs are escalating and the inventory suitable for actual housing needs is still limited, the apartment price level in major cities continues to be maintained at a high level and no clear signs of decrease have appeared.
According to the real estate market report for the first quarter of 2026 of the Ministry of Construction, the average selling price of commercial apartments in Hanoi reached about 128 million VND/m2, higher than 112 million VND/m2 in Ho Chi Minh City. This is a reversal compared to many previous years, when the Southern market often led the apartment price level.
On the secondary market, apartment prices are generally stable but still anchored at a high level, only some areas recorded slight downward adjustments. In Hanoi, many projects continue to maintain high price levels such as The Sapphire - Vinhomes Smart City fluctuating from 85-93 million VND/m2, Vihacomplex about 98-115 million VND/m2, Thong Nhat Complex at 108-118 million VND/m2 or Lumi Hanoi about 92-100 million VND/m2.
In the high-end segment, prices continue to set a new level. Some projects record very high prices such as Vinhomes Metropolis reaching 192-258 million VND/m2, D'. Le Roi Soleil from 170-223 million VND/m2, Vinhomes Skylake about 140-178 million VND/m2 or Sun Feliza Suites fluctuating from 160-210 million VND/m2.
Meanwhile, in Ho Chi Minh City, the price level in many popular projects is currently lower than Hanoi, such as Carillon Apartment about 68-81 million VND/m2, Garden Gate from 95-102 million VND/m2 or Republic Plaza at 52-59 million VND/m2. However, in the high-end segment, many projects still record very high prices such as The Marq about 222-260 million VND/m2, Vinhomes Golden River from 223-360 million VND/m2, Grand Marina Saigon up to 440-557 million VND/m2 or D'Edge Thao Dien fluctuating from 150-194 million VND/m2.
Data from the Vietnam Real Estate Market Assessment Research Institute also shows that in Hanoi, the average primary price reached about 128 million VND/m2, an increase of 28% compared to 2025 when newly opened projects mainly belonged to the luxury segment.
Meanwhile, the average primary price in Ho Chi Minh City remains around 110 million VND/m2, equivalent to the previous year. In Da Nang, the average primary price reached about 91 million VND/m2, an increase of 10% compared to 2025 when more luxury projects appeared in the market and subsequent sales phases all adjusted to increase prices.
Supply is still off-balanced, prices are difficult to decrease in the short term
According to the Ministry of Construction, the increase in apartment prices in the past time is mainly due to the escalation of input costs, including construction material prices, land prices and interest rates.
Mr. Le Huy, a real estate broker in Hanoi, said that the main reason for the continuous increase in apartment prices is that the supply suitable for actual housing needs is still prolonged shortage, while input costs and cost of capital are both increasing.
According to Mr. Huy, the current apartment price level is pushed up because project development costs have been high from the previous stage, so it is very difficult to reduce. For projects with complete legal status and good progress, prices still tend to increase slightly. In addition, real home buyers still account for a large proportion, so when the supply in this segment is not large, prices are almost difficult to decrease, even in the context of rising interest rates.
According to Ms. Do Thu Hang - Senior Director, Research and Consulting Department of Savills Hanoi, market momentum is gradually improving, but supply is still mainly concentrated in the mid-range segment. Infrastructure expansion is expected to create conditions to develop more public housing products at more reasonable prices in the near future.
Ms. Hang forecasts that in 2026, the Hanoi market will have about 18,454 new apartments, mainly in the mid-range and high-end segments. Neighboring areas such as Hung Yen and Bac Ninh are expected to play an increasingly important role in meeting housing needs for Hanoi thanks to their advantages in land fund and connecting infrastructure.
In Ho Chi Minh City, the supply of the mid-range segment continues to be scarce, causing buyers to tend to move to suburban areas and neighboring provinces such as Binh Duong, where there are more suitable choices in terms of price. The development of large-scale mega-urban projects and inter-regional infrastructure systems are also promoting the trend of expanding the housing market space.
Savills experts said that it is expected that in the period 2026-2028, the Ho Chi Minh City apartment market will add about 58,000 units from 80 projects, of which the East area accounts for about 50% of the total supply and continues to play a leading role. However, with the source structure still leaning towards mid- and high-end, the pressure to reduce prices on a large scale is assessed as not clear in the short term.
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