Hanoi, November 2026 – According to Cushman & Wakefield Vietnam’s Q3 2026 MarketBeat report, residential market liquidity in Hanoi slowed markedly across both the apartment and landed property segments. However, price movements during the quarter primarily reflected changes in the supply mix, with no signs of a broad-based price correction.
The apartment market is entering a more selective phase of development. New supply totaled approximately 2,100 units during the quarter, down 54% quarter-on-quarter, while sales reached nearly 1,720 units, down 61% quarter-on-quarter and 71% year-on-year. Sales slowed amid persistently high prices, with supply still concentrated in the high-end segment while current demand is driven mainly by owner-occupiers. Some buyers are also taking a wait-and-see approach as they assess the potential impact of higher interest rates, major infrastructure and planning projects. The average primary price was approximately VND 108 million per sq m, down 12% quarter-on-quarter. This decline was largely due to a smaller share of luxury apartments and the return of mid-end supply. Prices at existing projects remained generally stable, with typical increases of 0–2% quarter-on-quarter.
In the landed property segment, approximately 170 units were launched and 167 transactions were recorded during the quarter, down 71% year-on-year. Both developers and buyers remained cautious as planning and legal procedures continued to be finalised. The average primary price reached VND 268 million per sq m, up 11% quarter-on-quarter but down 5% year-on-year. This was mainly because around 25% of new supply was concentrated in higher-priced areas such as Nam Tu Liem and Tay Ho.
Commenting on these trends, Ngoc Le, Senior Director, Head of Strategic Consulting at Cushman & Wakefield Vietnam, said: “The market is moving from growth driven by expectations to growth driven by practical use value. As a result, the key metric to watch is not just the overall price level, but the degree of differentiation between projects. Projects with transparent legal status, clear delivery timelines, improved infrastructure connectivity and developers with proven capabilities are more likely to sustain sales and retain room for growth. Products that do not align with owner-occupier demand, meanwhile, may take longer to be absorbed.”
APARTMENT FOR SALES
SUPPLY: MARKET ENTERING A MORE SELECTIVE GROWTH PHASE
During the first nine months of 2026, Hanoi's apartment market recorded over 13,000 newly launched units. In Q3 alone, new supply reached approximately 2,100 units, representing a decline of 54% QoQ and 57% YoY. By location, suburban districts continued to dominate the market, accounting for 94% of total new supply, while Secondary and The West submarkets contributed only 5% and 1%, respectively. New launches remained concentrated in areas with substantial development land reserves, improving transportation infrastructure, and strong alignment with Hanoi's polycentric urban development strategy.
In terms of product segmentation, the share of Luxury apartments declined sharply from over 52% in Q2 to 8% in Q3. Meanwhile, the High-end segment continued to dominate, accounting for 84% of newly launched units. Notably, the Mid-end segment re-emerged, representing approximately 11% of new supply, while the Affordable segment remained absent from the market. Projects introduced during the quarter were predominantly developed by established developers with completed legal documentation and located within large-scale integrated townships offering comprehensive amenity systems.
DEMAND: MARKET ABSORPTION SHOWING SIGNS OF MODERATION
During 9M 2026, Hanoi's apartment market recorded approximately 11,300 units sold. Of this, nearly 1,720 units were absorbed in Q3, representing declines of 61% QoQ and 71% YoY. Market absorption moderated during the quarter as primary prices remained elevated following a period of sustained growth. At the same time, new supply continued to be concentrated in the High-end segment, while demand was largely driven by owner-occupiers, creating a degree of misalignment between available product offerings and prevailing market demand. Investment demand also softened amid tighter capital allocation, as buyers continued to manage funding constraints and payment obligations related to existing property holdings.
In addition, some purchasers and investors adopted a more cautious stance, awaiting greater clarity on the implementation of key urban planning initiatives and major infrastructure projects currently underway, as well as the interest rates on home loans. Against this backdrop, buyer interest remained focused on projects underpinned by strong fundamentals, including clear legal status, tangible construction progress, strategic locations benefiting from infrastructure improvements, and reputable developers with proven delivery capabilities.
PRICE: PRIMARY PRICE MOVEMENTS DRIVEN BY CHANGES IN SUPPLY COMPOSITION
Average primary prices stood at approximately VND108 million per sq m in Q3 2026, declining by 12% QoQ and 4% YoY. Such decrease was primarily driven by a shift in the composition of new launches rather than price adjustments at the project level. The share of Luxury apartments declined significantly during the quarter, while Mid-end products re-entered the market, exerting downward pressure on the overall average primary price. In contrast, pricing across existing projects remained broadly stable, with most developments recording modest QoQ increases of 0% to 2%. This indicates that the decline in average primary prices largely reflected changes in product mix, while asking prices at ongoing projects continued to hold firm.
OUTLOOK: SUBURBAN SUBMARKETS TO CONTINUE LEADING FUTURE SUPPLY
Approximately 7,000 new apartment units are expected to be launched in Q4 2026, with suburban locations projected to account for around 56% of total forthcoming supply. Over the medium to long term, development activity is expected to remain concentrated in outer-city districts, supported by sizeable land reserves, ongoing infrastructure investment, and Hanoi's broader polycentric urban development strategy. Large-scale integrated township projects are likely to continue contributing the bulk of future supply. As the development pipeline expands, market performance is expected to become increasingly differentiated. Projects offering strong fundamentals, including strategic locations, robust infrastructure connectivity, clear legal status, credible development progress, and alignment with end-user demand, are likely to demonstrate stronger absorption and pricing resilience.
LANDED PROPERTY
SUPPLY: SUBURBAN AREAS CONTINUE TO DRIVE NEW LAUNCH ACTIVITY
Hanoi's landed residential supply continued to moderate in Q3 2026, with approximately 170 new units launched, down 40% QoQ and 21% YoY. The decline was primarily driven by new launches mainly came from smaller projects released in phases. Ongoing adjustments to planning and regulatory frameworks also contributed to a cautious market environment among both developers and buyers.
Peripheral districts remained the key source of new supply, accounting for approximately 75% of quarterly launches, supported by larger land banks and greater capacity for large-scale development. The remaining supply was concentrated in the Western and City Fringe submarkets, where improving infrastructure connectivity and emerging urban growth drivers continued to support development activity. Meanwhile, CBD remained supply constrained due to limited development land, resulting in virtually no new landed housing launches during the quarter.
DEMAND: SALES ACTIVITY REMAINED SUBDUED AMID CAUTIOUS MARKET SENTIMENT
Hanoi recorded 167 landed housing transactions in Q3 2026, down 3% QoQ and 71% YoY. Cumulative sales reached approximately 770 units in 9M 2026, with demand largely concentrated in large-scale townships offering established infrastructure and comprehensive amenities. The subdued absorption rate reflects a more cautious approach toward high-value residential assets amid ongoing macroeconomic uncertainty and global geopolitical volatility.
At the same time, some investors remained on the sidelines, awaiting greater clarity on Hanoi's urban development strategy, planning adjustments, and the evolving regulatory landscape before making investment decisions. These factors are expected to continue weighing on market absorption in the near term. Nevertheless, demand remained evident in well-positioned projects with clear legal status, integrated amenities, and strong infrastructure connectivity, highlighting increasingly selective capital allocation and a growing preference for long-term value preservation
PRICE: PRIMARY PRICE WAS DRIVEN BY PRODUCT MIX RATHER THAN BROAD-BASED MARKET APPRECIATION
OUTLOOK: URBAN EXPANSION CONTINUES BEYOND THE INNER CORE
