The real estate market in Hanoi from now to the end of 2017 is expected to continue to be dynamic, especially in the West where many large projects and synchronous infrastructure are planned and developed.
According to data of the CBRE and Savills, the boom of real estate in the West of Hanoi over the past few years is due to the infrastructure factor. In just a short time, many important streets such as To Huu Street, Road 70, Van Phuc Street, Le Trong Tan have continuously perfected.
In addition, major roads are newly invested or upgraded such as Van Phuc – Le Van Luong intersection, Thang Long – Khuat Duy Tien traffic tunnel, overpass and traffic tunnel in Le Trong Tan – Van Phu street, etc, are also continuously completed that creates a smoothness for the western triangle is Ha Dong – Nam Tu Liem – Cau Giay.
At the same time, the Metro Nhon – Hanoi railway station, Ha Dong – Cat Linh, and other infrastructure projects are coming to a complete development that makes the real estate market attractive to the customers. The majority of customers have real demand for housing as well as professional investors.
Especially, in recently, AEON Japanese retail giants will build the second AEON Mall in Ha Dong that has also made the real estate market in the West of Hanoi more exciting.
This advantage has attracted large companies such as Vingroup, FLC, Bitexco, etc, quickly announced a series of large projects in the West City area. Their intention is to “follow” the changes in infrastructure. In addition, Hai Phat and Nam Cuong are two names that are becoming the focus of the real estate market in the West, especially Le Van Luong – To Huu.
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According to Do Thu Hang, Savills’ deputy director of research, she said that about 40,800 apartments will be offered to the market from now to the end of the year because the main supply is from the West. They are mainly in some districts such as Ha Dong, Tu Liem, and Thanh Xuan.
For the leasing segment, it is said that the A-class office buildings in the western area are having a good capacity such as Keangnam, Indochina Plaza Hanoi, etc, and there will be more new supply. However, this creates a pressure so rental is also difficult to increase. Instead, the owners are interested in the utility of the building to attract customers.
Mrs. Hang said: “Housing segment in West Hanoi area is attracting the attention of many customers because there is the convergence of the most important elements and social factors. For example, there are schools evaluated as the best today at all levels.
In addition, hospitals and entertainment facilities are also developing strongly. It creates favorable factors helping to house in the west to be still “hot” and sell easier than other areas with land funds for development.”
Nguyen Hoai An, Director of CBRE Research, said: “The real estate market in the west of Hanoi in the last months of 2017 will continue to maintain stable development trend and unshakeable. It is the market leading area occupying the number of apartments open for sale when the supply of this area accounted for 37% of the total market supply.”
According to CBRE, most of the major transport-infrastructure projects are being deployed in Hanoi located in the West and in the Ha Dong area. Therefore, it will have a positive impact on the real estate market in this area in the next time.
CBRE said, “When the Cat Linh – Ha Dong railway is completed, property prices in Ha Dong may increase by at least 5-10%.”
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