New social housing in Hanoi expected to cost 25 million VND per square meter

This price is stated in the information announcement of the Hanoi Department of Construction, after the Social Housing Project at plot NO1, in the new urban area of ​​Ha Dinh, Tan Trieu commune, Thanh Tri district, was started at the end of last year.

This project is invested by a consortium of Urban Infrastructure Development Investment Corporation UDIC, Hanoi Electricity and Water Construction and Installation Joint Stock Company and DAC Hanoi Housing Development and Construction Joint Stock Company.

According to the Department of Construction, the estimated selling price of apartments in this project is 25 million VND/m2. With the above unit price, a 70 m2 apartment in the project in Tan Trieu costs about 1.75 billion VND. "The investor will announce the official price after it is assessed by the management agency according to regulations," the Department of Construction informed. The investor will accept applications to buy and rent apartments in the project from the last quarter of this year.

If approved, this will be the highest social housing price ever in Hanoi. Most recently, in March 2023, the NHS Trung Van Social Housing Project in Trung Van Ward, Nam Tu Liem District recorded a record high opening price in the capital at that time of more than 19.5 million VND/m2 (including VAT).

The social housing area in Tan Trieu commune is built on an area of ​​about 9,300 m2 (belonging to the 20% land fund of the new urban area of ​​Ha Dinh). This project is 25 floors high (5 basement floors, 20 apartment floors) and 1 basement.

Upon completion, expected in April 2027, the project will provide 440 apartments, including 365 social housing units. The number of social housing units for sale includes 255 units, 37 units for rent, and 73 units for rent.

This social housing area is also a rare low-income housing project that has been opened for sale in Hanoi recently, after NHS Trung Van. Here, the rental price of apartments is tentatively estimated at 150,000 VND/m2/month. Correspondingly, the rental price of a 70 m2 apartment is expected to be 10.5 million VND/month. The rental purchase price is 390,000 VND/m2, meaning the estimated amount to be paid for a 70 m2 apartment is 27.3 million VND/month.

Before 2023, the selling price of social housing in the capital
The approved prices usually range from 13 to 17 million VND/m2. Since then, apartment prices have skyrocketed in the context of the city's increasing lack of affordable housing. Last year alone, Hanoi only licensed one new social housing project, with a scale of 600 apartments.

By the end of the fourth quarter of 2024, according to data from real estate consulting firm CBRE, the average primary selling price of apartments in Hanoi had reached VND72 million/m2 (excluding taxes and fees). This level is only a few million VND lower than that of Ho Chi Minh City. Although supply last year recovered strongly, with over 30,000 units, it was mainly concentrated in the high-end and luxury segment.

The supply of social housing in Hanoi may improve this year. In November 2024, the Hanoi Department of Construction said that by the end of 2025, the city plans to complete 6,000 more houses in 11 projects.