Apartments for rent along tay lake full of customers despite of high cost

After a long time working abroad, Jackie Tran, a Vietnamese American businesswoman, decides to be back to Vietnam.

Before coming back, she surfed some websites to find consultancy for living in Ha Noi. Considering the ancient town and Tay Lake area, Jackie Tran chose Tay Lake area.

Jackie is one of the young businessmen who are forming a separated community along Tay river area. “I like this area because of airy space, civilized environment and convenient traveling. There are a lot of convenient and modern apartments; I just come and stay, which is very convenient”. There is little traffic jam, so it takes only 15 minutes to go to Ha Noi and experience its nightlife.

Not only single young person like Jackie, many households with high income and foreign experts also choose this area to live.

Survey by Dragon Capital shows that real estate –renting market rapidly grows in Ha Noi. The high-end segment market alone is getting hot, not only by increasing need but also by the supply of secondary investors who buy houses and sub-lease.

According to the research by Savills, although the price of the real estate along Tay river is 27 percent higher than other districts, the price and occupancy capacity of this area always gains 80 %/year.

In the most quiet period, the land along Tay lake is still 450-500 million VND per square meters for ground and 45-50 million VND per square meters of an apartment. Meanwhile, the infrastructure is changing rapidly with a lot of convenience, creating the prospect of raising price for the projects in central zoning point like Sun Grand City Thuy Khue Residence invested by Sun Group which is predicted to hand over in third quarter of 2018.

According to plan claimed by Ha Noi, the urban railway number 2 – 11,5 km, starting from the South of Thang Long (Ciputra urban area) along Nguyen Van Hien street continuing to Hoang Quoc Viet-Hoang Hoa Tham-Thuy Khue-Phan Dinh Phung-Hang Giay-Hang Duong-Hang Ngang-Hang Dao-Dinh Tien Hoang-Hang Bai to the end at the intersection with Tran Hung Dao town.

Hoang Hoa Tham will be 50m wide with 8 lanes; Thuy Khue street will be 20.5 wide. This area has 4 parking lots, of which there is 600 square meter one. The traffic intersection of An Duong – Thanh Nien street will have an overpass.

The plans along Tay lake like Sun Grand City Thuy Khue Residence is also on the segment of high up apartment which exclusively go up in the primary and secondary market – from the focal report of real estate  of second quarter of 2017 of CBRE in Hanoi market. The increase at two markets is 1 percent and 3 percent respectively. The plans are hot chiefly because of the favorable location and the guaranty of the investors’ reputation.

The market report of six early months of 2017 by Vietnam Real Estate Association also reflects the similar trend. The projects rise by an average of 2-3 percent, depending on each one. Of which, the projects with favorable location and being furnished have higher rise.

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