This was especially evident in Hanoi. According to CBRE, 16,600 apartments were put up for sale in the first half of the year, the maximum for the first half of 2020. But in the second quarter, only slightly more than 5,800 units were sold, that is, 68% of the new supply, whereas in 2024-2025 this figure regularly exceeded 90%. The reason for the high mortgage rates is that the average price of an apartment in a new building in Hanoi has reached 95 million VND per square meter (+21% per year), while the secondary price has decreased by almost 3%, to 60 million VND, for the first time since the end of 2022.
The pressure is felt not only by the buyers, but also by the developers themselves. The cost of borrowed capital for them is 12-14% per annum, labor has risen in price to 25%, building materials by 10-20%. This does not allow developers to significantly reduce prices, so they are increasingly offering subsidized interest rates, deferred payments on the principal debt and other benefits to reduce the financial burden on customers at the start.
CBRE predicts that in Hanoi alone, almost 39,000 apartments may be put up for sale in 2026 - more than in the peak year of 2019. However, in the short term, the key challenge for the market remains the balance between price, cost of capital and real purchasing power.Source: Thanh Tra
