Data about over 400 projects showed that the average drop was 1% from the last quarter of 2024.
Property listing platform Batdongsan’s data also showed price declines at many projects.
Prices have fallen by 2-6% year-on-year at some projects such as Hanoi Paragon, Mipec Rubik 360 and Master West Heights.
VnExpress surveys too showed a similar fall in prices.
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Apartment buildings in Hanoi downtown. Photo by VnExpress/Ngoc Thanh |
A 64-square-meter apartment in Long Bien District is now being sold at VND4.4 billion (US$169,400), down 3.9% from last year.
On the primary market, however, prices were steady at VND79 million per square meter.
Apartment sellers are seeking to make quick profits and switch to other assets, Do Thu Hang, senior director of advisory services at Savills Hanoi, said.
Nguyen Hoai An, senior director at property consultancy CBRE Hanoi, said old apartment prices have jumped by 40% in the last two years, and there are no supporting factors to maintain such growth rate.
Many sellers no longer dream of making large profits, and would not likely find buyers without discounting their prices, she added.
Pham Duc Toan, CEO of developer EZ Property, said many apartment buyers are speculators aiming for quick profits.
Having paid only 15-20% upfront, some lack the money to meet payment schedules and are compelled to offload their units, he added.
The steady influx of new condo supply also heightens pressure to sell. Savills forecasts Hanoi would add 7,400 new units by year-end, mainly in suburban areas like Dong Anh, Hoai Duc and Hoang Mai.
Looking ahead to 2026, Hang expected a decline in primary market prices as developers shift focus to the underserved affordable segment.
“Reintroducing units priced at below VND2 billion will align the market more closely with actual demand, fostering sustainable balance between supply and demand.”
