The primary selling prices of condominiums in Vietnam's capital Hanoi in 2024 hit a new high since 2016, Vietnam News reported Thursday, citing the CBRE Vietnam, a foreign real estate service company.

At the end of the fourth quarter, the average primary selling prices of condominiums in Hanoi was 72 million Vietnamese dong (2,836 U.S. dollars) per square meter net saleable area, excluding value added tax, maintenance fees and discounts.

The figure represented a sharp 36 percent year-on-year and 12 percent quarter-on-quarter increase, said CBRE.

New residential supply in Hanoi increased significantly with nearly 38,000 new units launched last year.

The supply in Hanoi was three times that of 2023, marking the highest annual new launch numbers recorded since 2020, said the report.