Hanoi apartment prices increase dramatically, tens of thousands of people stop buying

Recently, on social networks, a group called “Community to stop buying houses in Hanoi to avoid crazy prices” has appeared, attracting more than 69,000 members. According to the introduction, the founders of the group shared: “After a very tiring time looking to buy a house in Hanoi in early 2024, I decided to stop and not care anymore. It's not that I don't really want to buy, but the prices of houses, land and apartments keep increasing every day at an unimaginable rate, increasing by 30-50% within 6 months.

Money is not easy to earn, the product received is no longer worth the price asked, there is no need to try to buy. We do not need to buy cheap, just want to buy at the true value".

Many people also agreed, sharing their stories of looking to buy an apartment in Hanoi and being "shocked" when prices skyrocketed.

Nhat Huy account said that at the beginning of March, he was looking to buy an apartment at the EcoGreen Nguyen Xien project. At that time, he was introduced to a low-floor apartment, designed with 3 bedrooms for 3.9 billion VND. Because he was not satisfied with the low-floor apartment, and was waiting to sell a piece of land in his hometown to get money to buy, Mr. Huy did not decide to buy this apartment.

In July, when Mr. Huy returned to ask to buy, the apartment was suddenly advertised for sale at 4.65 billion VND (an increase of 750 million VND compared to 3 months earlier). Going to forums for house sales to find out, Mr. Huy was also surprised when the prices of apartments in this project had increased by hundreds of millions of VND compared to when he was looking to buy a few months ago.

“With the initial capital saved of 2.8 billion VND, to buy the above apartment at 3.9 billion, you only need to borrow 30% from the bank to be able to buy it. Now, every month this type of apartment increases by hundreds of millions, it is really helpless. If it continues like this, workers from the provinces coming to Hanoi will not be able to buy a house.”,Mr. Huy shared.

Meanwhile, Mr. Pham Duc Hai (from Hai Duong) said that his plan to buy a house had just failed because the apartment owner broke the deposit and sold it to someone else at a higher price.

“In July, I was looking to buy an apartment in a project in Ha Dong district. At that time, the owner and I had agreed on the apartment price of 4.9 billion VND, and I signed a contract to deposit 100 million VND with the owner. However, before the date to collect the money and hand over the apartment, the owner informed me that the deposit would be returned and the apartment would not be sold anymore,” said Mr. Hai.

Finding out, Mr. Hai was surprised when the apartment he had just "failed" to buy was sold by the owner to someone else for 6.2 billion VND. In just a few days, the price difference of the apartment was 1.3 billion VND.

“The average price of apartments in Hanoi fluctuates around 5 billion VND. Now, even with money, it is difficult to buy a house. Even though I have paid a deposit, I still get robbed. I am really lost in the maze of apartment prices in Hanoi,” Mr. Hai was upset.

In a recent report, the Ministry of Construction said that according to a survey, in the second quarter, the selling price of some apartment projects on the market increased sharply, from 20% to 33%. To buy an apartment with a slower price increase, buyers must look for areas far from the center, but the selling price is still not less than 3 billion VND, fluctuating at 3.2 - 4.5 billion VND/apartment with 2 to 3 bedrooms.