Hai Phong and Hanoi, two of Vietnam’s most dynamic cities, are experiencing dramatic shifts in their real estate landscapes as 2025 draws to a close. While Hai Phong rides a wave of tourism-driven growth and investment in flexible housing, Hanoi’s detached house market faces a puzzling paradox: prices are soaring, but buyer interest is waning. These contrasting trends reveal how local conditions and broader economic changes are reshaping property markets across the country.
According to data published by the Hai Phong Department of Culture, Sports and Tourism, the city welcomed an estimated 12.87 million visitors in the first ten months of 2025—a staggering 27.06% increase compared to the same period last year. This surge has fueled a boom in demand for short-term stays, with more travelers—especially families, young groups, and business visitors—opting for homestays or serviced apartments over traditional hotels. The allure? Greater privacy, flexible costs, and the comforts of home.
Amid this changing landscape, An Zen Residences has emerged as a standout investment opportunity. Located at the southwest gateway of Hai Phong, the project offers one- and two-bedroom apartments designed to Japanese standards, complete with modern interiors and a suite of amenities including a Zen garden, Kids Garden, and gym. Its strategic position—just 15 to 20 minutes from the VSIP Hai Phong industrial park and with easy access to the new northern administrative center via major ring roads—makes it especially attractive for both short-term rentals and long-term tenants.
“With flexible apartment layouts and professional management services, An Zen Residences is well-positioned to capitalize on the homestay business model, offering investors a stable and adaptable source of income,” noted representatives from Nam Long ADC, the developer of the project, as reported by CafeF.
But it’s not just tourists driving the demand for quality housing. Administrative restructuring in Hai Phong will soon bring over 2,500 officials and workers to the city, all seeking stable living environments. Meanwhile, continued foreign direct investment is drawing thousands of international experts and engineers to local industrial zones each year. The Hai Phong Real Estate Association (HPREA) reports that new apartment supply increased by 12% in the first half of 2025 compared to the previous year, with these newcomers often demanding high living standards, reliable management, and good transport links.
An Zen Residences, with its proximity to major industrial zones and the city’s administrative heart, is uniquely positioned to meet this need. The project’s location allows for quick commutes to VSIP Hai Phong and seamless access to new government offices north of the Cam River. As a result, both the growing number of tourists and the influx of professionals are creating fertile ground for long-term rental investments.
To sweeten the deal, An Zen Residences launched a new round of promotional offers on November 28, 2025, including direct discounts of up to 120 million VND, payment discounts of up to 5%, and bank loans at 0% interest. These incentives are designed to attract investors eager to tap into Hai Phong’s robust rental market, which is being buoyed by both short-term tourism and the steady influx of long-term residents.
“The surge in tourism and the stable housing demand from professionals and officials are creating clear and sustainable profit opportunities for those who own apartments at An Zen today,” the project’s marketing team emphasized in statements to CafeF.
While Hai Phong’s real estate sector is abuzz with opportunity, Hanoi is experiencing a very different kind of market drama. In 2025, the city’s detached house segment is marked by what many analysts describe as a paradox: selling prices have jumped by more than 110% in less than three years, yet buyer interest is on the decline. This counterintuitive trend was highlighted at the Vietnam Real Estate Conference (VRES) 2025, where Dinh Minh Tuan, Southern Regional Director of Batdongsan.com.vn, explained that while the nationwide property market has rebounded from previous stagnation, the recovery is highly uneven.
“The market has entered a more stable phase in 2025, but the drivers of growth are no longer spread evenly,” Tuan observed, as reported by Nhip Song Nha Dat. “In Hanoi, the detached house segment is moving against the national trend.”
Data from Batdongsan.com.vn reveals that, by the fourth quarter of 2025, asking prices for detached houses in many Hanoi districts had soared compared to early 2023. The steepest increases were seen in central districts like Ha Dong, Hoang Mai, Bac Tu Liem, and Long Bien, where prices more than doubled. And yet, the number of searches and expressions of interest from buyers fell, especially in these very areas.
Experts attribute this paradox to a mismatch between supply and demand. Inner-city land is increasingly scarce, and lengthy legal procedures have choked off the supply of new detached houses. At the same time, land and construction costs are climbing, pushing prices ever higher—even as actual demand stagnates. “The price hikes are being driven by limited supply and rising costs, not by increased purchasing power,” analysts told Nhip Song Nha Dat.
The rental market for street-front houses in Hanoi tells a slightly different story. In the fourth quarter of 2025, interest in renting these properties rose by 9% compared to the previous quarter, reflecting ongoing business demand. However, interest in buying street-front houses dropped by 6%. Elevated sale prices have squeezed rental yields, as rents have largely stagnated while consumer spending recovers only slowly.
Another notable trend is the shift in buyer search behavior. In the first quarter of 2023, a hefty 81% of property searches by Hanoi residents focused on the capital itself. By the fourth quarter of 2025, that figure had fallen to 59%. Instead, interest in Ho Chi Minh City skyrocketed—from 6% to 20%—while searches for properties in northern satellite provinces like Hung Yen, Bac Ninh, and Quang Ninh also increased. According to Tuan, this reflects a growing desire to expand living space and seek new investment opportunities as regional infrastructure improves. “With shorter travel times, more people are willing to move out of the urban core in exchange for better prices and quality of life,” he said.
Meanwhile, Ho Chi Minh City’s detached house market has remained relatively stable. In central districts, prices in the fourth quarter of 2025 ranged from 210 to 286 million VND per square meter—1.4 to 2.2 times higher than for condominiums. In outlying districts, the price gap between detached houses and condos continues to narrow, offering better growth potential for investors looking at the medium to long term.
Back in Hai Phong, the combination of surging tourism, industrial growth, and administrative restructuring is creating a unique window for real estate investors. Projects like An Zen Residences, with their flexible layouts, modern amenities, and strategic locations, are well-placed to capture both the short-term rental market and the steady demand for long-term housing. With generous incentives and a buoyant market, the city’s property sector shows little sign of slowing down.
As Vietnam’s real estate markets evolve, the fortunes of cities like Hai Phong and Hanoi underscore the importance of local dynamics—whether it’s a tourism boom fueling new investment strategies or a supply-demand mismatch driving prices sky-high. For investors and homebuyers alike, understanding these trends is key to making the most of a rapidly changing landscape.
