• The Ha Noi serviced apartment segment recorded strong demand in Q1/2025, driven by abundant foreign direct investment (FDI) inflow.  
• Cau Giay, Dong Da, Nam Tu Liem, Tay Ho, and Ba Dinh are the most favoured areas among foreign tenants.

Snapshot of Ha Noi's serviced apartment market

1. Total stock

The Q1/2025 Savills Market Brief revealed that total stock remained stable at 6,246 units across 64 projects, an increase of 3% YoY following the entry of Swiss-Belresidences (Q3/2024) Ha Noi. 

2. Occupancy  

Occupancy improved by 2 ppts QoQ and 4 ppts YoY to 86%. Grade A and B apartments had higher occupancy QoQ, while Grade C declined by 2 ppts QoQ. 

3. Rental prices  

The average rental price of serviced apartments in Ha Noi reached VND 610,000 per sq m (including service charges, excluding VAT) in Q1/2025. Average rentals of Grade A and Grade C apartments increased QoQ, while Grade B rent remained stable QoQ. 

FDI growth and tenants    

1. FDI growth  

According to the Ha Noi Statistics Office, in Q1/2025, the city continues to be an attractive destination for investors. It attracted US$1.415 billion in FDI, ranking third nationwide, a 49.5% increase versus the same period in 2024.Ha Noi granted investment licenses to 81 new projects with a total registered capital of US$29 million; 34 existing projects increased their capital by US$1.165 billion; and 83 contributions, totalling US$221 million, from foreign investors for capital or purchasing shares. 

2. Tenants 

Foreign experts from Japan and South Korea working at FDI-funded enterprises and related entities such as embassies, industrial parks, international banks, and foreign companies remain the primary tenant group in Ha Noi’s serviced apartment market. With the emergence of high-quality projects such as Lancaster Luminaire and Swiss-Belresidences Ha Noi, this tenant group has increasingly concentrated in the Cau Giay and Dong Da districts. Meanwhile, tenants from other companies prefer areas with more spacious apartments, such as Nam Tu Liem, Tay Ho, and Ba Dinh.   

In Q1/2025, the serviced apartment supply in neighbouring industrial provinces such as Hai Phong, Ha Nam, Thai Binh, and Nam Dinh had an occupancy ranging from 70% to 90%. Supply in these areas primarily caters to low-income tenants with moderate demands for amenities. However, according to Savills, due to the current limited supply and a lack of future developments, Ha Noi is expected to remain the primary destination for tenants seeking high-quality accommodation in the future. 

Outlook of Ha Noi’s serviced apartment market  

1. Future supply 

In 2025, 7 projects will deliver 1,040 units, and looking ahead, 18 projects will launch 4,133 new serviced apartments. Tay Ho View Complex is projected to contribute the largest share of the upcoming Grade A supply. 78% of future supply will be in the central urban districts, while the remaining 22% will be in the Western area. 

2. Key players 

Savills notes that 83% of Ha Noi’s future serviced apartment supply will be operated by leading international corporations, including The Ascott, Lotte Group, Pan Pacific, Shilla Hotels & Resorts, Marriott, Hilton, and Hyatt.