Hanoi Sees Buyers Flocking to Secondary Market as New Mid-Segment Supply Remains Absent for Fifth Consecutive Quarter
Hanoi recorded approximately 28,900 real estate transactions in Q2 2025, up 56% compared to the previous quarter. Of these, secondary transactions accounted for 20,400 units—2.4 times higher than primary sales (8,500 units).
According to the Market Research & Customer Insight Center at One Mount Group, Q2 2025 marked a notable shift in Hanoi’s high-rise property market, as new mid-segment supply remained absent for the fifth consecutive quarter, driving demand strongly toward the secondary market.
Mr. Tran Minh Tien, Director of the Market Research & Customer Insight Center at One Mount Group, noted that this is a sign the market is entering a new phase of balance between the primary and secondary segments.
Data from the center shows that Hanoi recorded about 28,900 property transactions in Q2 2025, a 56% increase from the previous quarter. Of these, secondary transactions reached 20,400 units—2.4 times the primary market’s 8,500 units.
High-rise apartments continued to be the most active segment, with over 17,100 units changing hands (including both primary and secondary sales), up 107% from the previous quarter. While new primary supply declined, secondary transactions rose 8% year-on-year and surged 84% quarter-on-quarter to 9,400 units, thanks to abundant resale inventory, a wide price range, and greater affordability for many end-users.
“This shift is the result of several converging factors—from the lack of mid-range and affordable projects and rising primary prices, to a more cautious sentiment among buyers,” Mr. Tien explained.
Regional analysis shows that Hanoi’s western districts accounted for up to 50% of secondary transactions in Q2 2025. This area hosts a large number of completed projects, most notably Vinhomes Smart City, where resale inventory is abundant and secondary prices are about 30–40% lower than comparable primary units in the same area.
In Q2 2025, Vinhomes Smart City recorded nearly 1,500 transactions, up 94% year-on-year, partly thanks to a strong wave of new handovers—expected to reach more than 3,200 units in 2025, nearly double the figure of Vinhomes Ocean Park. Meanwhile, Vinhomes Ocean Park maintained stable transaction levels, with a 17% year-on-year increase.
Notably, the Sapphire subzones at both projects continue to lead demand despite secondary prices now approaching those of higher-end subzones (Vinhomes Ocean Park: VND 55–60 million/m²; Vinhomes Smart City: VND 70–75 million/m²).
According to Mr. Tran Minh Tien, the shift toward the secondary market in Q2 2025 is not merely a short-term reaction to the lack of new mid-segment supply, but also reflects the growing importance of the resale market in sustaining liquidity.
In this context, the secondary market can be seen as a “pressure release valve” that helps balance the market amid an imbalance in primary supply. With strong recovery momentum in Q2 and a large volume of units scheduled for handover in the second half of the year, secondary transactions are expected to remain a key driver, sustaining activity in Hanoi’s real estate market throughout 2025.