Hanoi’s residential market is entering a new stage of development in which future growth is expected to extend further beyond the traditional urban core, according to Cushman & Wakefield Vietnam’s latest 10-year review of the city’s residential sector. While the past decade was marked by strong price appreciation across both apartments and landed properties, the market’s next chapter is likely to be shaped increasingly by suburban expansion, new development corridors and the emergence of larger urban hubs across Greater Hanoi. Apartments: evolving toward a more multi-centric market Hanoi’s apartment market has recorded substantial growth over the past decade, with total supply rising 2.9 times and average primary prices increasing by 288%, equivalent to an 11% compound annual growth rate. According to Cushman & Wakefield Vietnam’s review, the sustained increase in primary prices was driven in part by limited affordable supply over the period. Performance of Hanoi’s apartment market in the last 10 years Source: Cushman & Wakefield Vietnam Beyond pricing and supply, Hanoi’s apartment market has undergone a broader structural shift. Residential development has gradually expanded from earlier township models into a wider mix of suburban, western, secondary and CBD-linked locations, pointing to a market that is becoming increasingly multi-centric. That shift is expected to become even more pronounced over the next decade. Apartment supply across Greater Hanoi is projected to rise from at least 440,000 units across 710 projects in 2025 to a minimum of 760,000 units across 1,150 projects by 2035. Much of this future supply is expected to emerge in new residential areas located more than 30 kilometres from the city centre, while more large-scale urban hubs are set to enter the market and contribute to the formation of future satellite cities. The review identifies ring roads, new bridges and the implementation of the 2024 Land Law from 2026 as key catalysts shaping this next phase of growth. Landed properties: more limited supply growth, but strong value appreciation The landed residential segment has followed a different supply path, but an equally notable pricing trajectory. Over the review period, total supply increased 1.4 times, while average primary prices rose by 257%, equivalent to a 13% CAGR. While supply growth was more moderate than in the apartment market, the segment continued to record strong value appreciation. Performance of Hanoi’s landed property market in the last 10 years Source: Cushman & Wakefield Vietnam Looking ahead, landed housing supply across Greater Hanoi is projected to increase from at least 132,000 units across 520 projects in 2025 to a minimum of 210,000 units across 700 projects by 2035. Similar to the apartment market, future landed supply is expected to spread further beyond the city centre, supported by the continued emergence of large-scale urban hubs and improving regional connectivity. Ring Roads 1, 2, 3 and 4, as well as expressways and metro development, are highlighted in the review as important long-term value drivers. Ms. Ly Nguyen, Research Manager, Cushman & Wakefield Vietnam, said: “Over the past 10 years, Hanoi’s residential market has moved through several distinct phases, from recovery after a period of economic weakness and high interest rates, to strong growth, then a slowdown under the impact of Covid-19, tighter legal and credit conditions, before entering a more recent recovery phase. Throughout that cycle, price levels continued to trend upward. Looking ahead, as the market expands into outer areas and new urban hubs become more clearly established, we believe there will be more room to develop supply across a wider range of price points, creating opportunities for products that are better aligned with end-user housing demand.” Click here for more insights from Cushman & Wakefield’s 10-year review of Vietnam’s real estate market. -END-
