Hanoi, August 2026 – Cushman & Wakefield’s Hanoi MarketBeat Q2 2026 shows that the capital’s residential market continued to recalibrate in the first half of 2026. Both apartment and landed property segments recorded lower supply and transaction volumes as developers adopted a more cautious approach and buyers became increasingly selective. New launches remained concentrated in suburban and secondary districts, reflecting Hanoi’s evolving multi-center development strategy and limited land availability within the urban core.
The apartment segment remained the primary driver of Hanoi's residential market, although both supply and demand moderated amid a growing mismatch between available products and end-user needs. New launches continued to be concentrated in the luxury and high-end segments, while affordable housing remained largely absent, sustaining upward pressure on prices and challenging affordability.
Meanwhile, the landed property market experienced a more pronounced slowdown. Supply continued to shift toward suburban districts, while transaction activity declined sharply as investors adopted a cautious stance amid macroeconomic uncertainties. Market demand increasingly focused on integrated township developments offering quality infrastructure, transparent legal status, and long-term value creation potential.
“The Hanoi residential market is entering a more selective phase, where both developers and buyers are placing greater emphasis on product quality, legal transparency, and long-term value creation. As the city progresses toward its polycentric development model while strengthening its transportation connectivity infrastructure, particularly the urban railway lines, we expect suburban districts to become the primary growth engine for future housing supply. This transformation will help create a more sustainable market structure, although affordability remains a key challenge, particularly in the apartment sector where new supply continues to be concentrated in the higher-end segments,” said Ms. Ngoc Le, Senior Director, Head of Strategic Consulting, Cushman & Wakefield Vietnam.
APARTMENT
Supply: Transitioning Into a Selective Development
Hanoi’s apartment market entered a selective development phase in Q2 2026, reflected by declining supply volumes and a structural shift in product mix. Total newly launched supply reached approximately 11,200 units in H1 2026, with Q2 recording nearly 4,700 units (-29% QoQ; -44% YoY), reflecting a more cautious approach from developers. New supply continued to concentrate outside the urban core, with 44% in Secondary areas and 48% in Suburban areas, while the remainder was distributed across the West. This trend reflects an ongoing decentralization driven by limited land availability in inner-city areas, rising development costs, and a polycentric urban planning strategy centered on nine urban centers and nine growth poles rather than a single core area.
NEW SUPPLY & FUTURE SUPPLY
Hanoi apartment market - Q2 2026
Source: Cushman & Wakefield Research Vietnam
In terms of product mix, the market remained structurally imbalanced, with the Luxury segment accounting for over 52% of new supply while affordable apartments were virtually absent, indicating that current supply is not adequately addressing end-user demand. Launched projects were predominantly those with clear legal status, developed by reputable developers, featuring integrated amenities and attractive sales policies, reflecting higher development standards and reinforcing the market's selective phase.
Demand: Transaction Activity Slows Down
In tandem with supply trends, market demand also reflected the market's increasingly selective nature. In H1 2026, Hanoi’s apartment market recorded above 9,700 units sold, with Q2 alone reaching nearly 4,600 units (-12% QoQ; -45% YoY). The decline in transactions was partly attributable to the supply structure, where luxury and high-end segments accounted for approximately 72% of available stock, widening the supply-demand mismatch. At the same time, investor sentiment turned more cautious, with a tendency to delay purchasing decisions amid rising interest rates and Hanoi's implementation of a new polycentric master plan comprising nine urban centers and nine growth poles, rather than concentrating development within the traditional core. These trends indicate the market is entering a filtering phase across both product quality and capital flows, with demand increasingly concentrated in projects offering strategic locations, clear legal standing, and long-term growth potential.
Prices: Remain High Due To Premium-Driven Supply Structure
Average primary prices in Q2 2026 reached approximately 4,659 USD/m2 (+19% QoQ; +36% YoY). This growth was primarily driven by the composition of new supply, with over 72% of launched units belonging to the High-end and Luxury segments. The continued absence of affordable apartments from the market has led to a shortage of products accessible to mass-market buyers, maintaining significant pressure on overall affordability.
MARKET PERFORMANCE Q2 2026
Hanoi apartment market - Q2 2026
Source: Cushman & Wakefield
The average primary selling price is calculated based on Gross Floor Area (GFA), exclusive of VAT and maintenance fees and before any sales incentives or discount programs.
The USD/VND exchange rate at Q2 2026 = 26,350.
Outlook: More Sustainable Market with Price Divergence Across Submarkets
Regarding apartment supply, over the medium to long term, the market is expected to adjust toward a more sustainable trajectory, with reduced speculative activity and a greater focus on end-user demand. Under Hanoi’s centennial master plan orientated toward population decentralization, residential supply is projected to expand significantly in Suburban areas, which are expected to lead future apartment supply. Regarding apartment prices: In the short term, prices are expected to maintain their upward trend given the persistent shortage of affordable supply, while new completions remain concentrated in the High-end and Luxury segments. Over the longer term, prices are likely to diverge across submarkets: CBD is expected to continue appreciating due to land scarcity, while Suburban areas are projected to maintain more accessible price levels supported by greater supply availability.
LANDED PROPERTY
Supply: Suburban Areas Continue to Lead New Supply
During the first six months of 2026, Hanoi’s landed property market recorded nearly 500 newly launched units. In Q2 2026, approximately 289 landed products were introduced (+26% QoQ; -87% YoY). The annual supply decline was primarily attributable to the predominance of small-scale project launches in H1 2026, coupled with the absence of large-scale integrated township developments that characterized the same period last year.
NEW SUPPLY & FUTURE SUPPLY
Hanoi landed property market - Q2 2026
Source: Cushman & Wakefield Research Vietnam
In terms of geographical distribution, suburban areas continued to dominate the market, accounting for approximately 82% of total new supply, while the CBD maintained a limited share. This trend aligns with Hanoi’s long-term urban planning strategy, which promotes a multi-polar development model comprising 9 growth poles and 9 urban centers, rather than concentrating development in the inner-city core.
Demand: Decreasing Market Liquidity
Hanoi’s landed property market recorded just over 170 transactions in Q2 2026 (-60% QoQ; -92% YoY). On a cumulative basis, over 600 transactions were recorded in H1 2026, with the majority of liquidity concentrated in integrated township developments offering comprehensive infrastructure and amenity systems. The significant decline in transaction volume reflects a cautious investor sentiment toward high-value asset segments amid ongoing uncertainty in global macroeconomic and geopolitical conditions.
MARKET PERFORMANCE
Hanoi landed property market - Q2 2026
Source: Cushman & Wakefield
The average primary selling price is calculated based on Gross Floor Area (GFA), exclusive of VAT and maintenance fees and before any sales incentives or discount programs.
The USD/VND exchange rate at Q2 2026 = 26,350.
In addition, the market also exhibited a pronounced wait-and-see sentiment as investors postponed acquisition decisions while assessing the implications of rising interest rates and Hanoi’s new urban development strategy, particularly the polycentric development framework comprising nine urban centers. In the short term, these factors are expected to continue affecting market absorption, while end-user demand and investment capital are likely to become increasingly selective, favoring large-scale projects with transparent legal status and sustainable long-term value creation potential.
Prices: Primary Prices Adjusted Due To More Affordable Suburban Options
Average primary prices for landed properties in Hanoi reached 9,202 USD /m2 in Q2 2026 (-6% QoQ; 12% YoY). The quarterly and annual declines were primarily driven by the 82% share of new supply originating from Suburban districts including Hoai Duc, Thuong Tin, Thach That, Gia Lam and Phuc Tho.
Outlook: Decentralization Away from the Urban Core
Hanoi’s landed property supply is expected to continue shifting toward suburban districts over the medium term, accounting for approximately 72% of total future supply during the 2026–2028 period. This trend reflects land availability advantages and the gradual improvement of transport infrastructure, with key projects including Ring Road 4, Ring Road 5, new bridges spanning the Red River, and future urban railway lines connecting the city center with surrounding satellite areas. These dynamics are broadly consistent with Hanoi's polycentric, multi-center urban planning orientation. Against this backdrop, the market is expected to exhibit more pronounced divergence across submarkets and product types. Future supply is likely to be concentrated in well-planned projects with transparent legal status and integrated amenities, while demand is expected to gradually become more balanced between investment-driven or speculator-driven purchases and end-user demand over the medium to long term.
Click here for more insights from Cushman & Wakefield’s Hanoi MarketBeat Q2 2026.
