Luxury apartments located in the heart of the capital are sought after by the rich

In the context of the land fund in the core area of Hanoi gradually being exhausted, existing projects with transparent legal status, private living space and valuable locations are receiving the attention of the rich.

In the context of the land fund in the core area of Hanoi gradually being exhausted, existing projects with transparent legal status, private living space and valuable locations are receiving the attention of the rich.

Rare… like luxury apartments in the center of the capital

The inner city used to account for a large proportion of Hanoi's total apartment supply, but over the past decade, things have changed, with the West alone accounting for more than half of the total supply and transactions in the market. Recently, the balance of market power is no longer dominated by the West, but by the East.

Savills's Q3/2024 market report clearly shows this reality. Accordingly, in the first 9 months of 2024, Hanoi recorded more than 12,000 newly launched apartments, mainly concentrated in the West and East. Also according to Savills, it is expected that in the last quarter of the year, Hanoi will welcome an additional 9,700 new apartments, of which 88% of the supply will come from metropolitan areas in the West and East.

Research by Indochina Capital (ICC) also shows that the majority of new apartment supply comes from metropolitan areas on the outskirts of Hanoi. For many years, no new luxury projects in the central area have been launched, since The Grand Hanoi (Hang Bai, Hoan Kiem) launched in 2021, Grandeur Palace (Giang Vo - Ba Dinh) launched in 2020.

The market structure is changing as land in the center of Hanoi is becoming increasingly scarce due to strong urbanization and population growth. In particular, the four inner-city districts of Hoan Kiem, Ba Dinh, Dong Da and Hai Ba Trung are almost out of land to develop luxury and super luxury apartment projects.

Mr. Nguyen The Diep, Vice President of Hanoi Real Estate Club, said that in addition to scarce land fund, housing development in the central area of the capital faces planning obstacles. The planning of central district projects must converge all factors: social, economic, political , building height, population, traffic infrastructure, service infrastructure.

“There are approved projects that businesses do, but there are some approved projects that they do not dare to do because they face challenges of high costs and lack of resources to build technical and social infrastructure,” Mr. Diep added.

On the other hand, the Hanoi Department of Planning and Architecture once affirmed that there is no license to build more apartments in the historic inner city core area, the city only applies to renovate 17 old apartment buildings.

The scarcity of luxury apartment supply in the four central districts occurs in the context of real housing and investment demand remaining at very high levels. According to estimates by the Vietnam Association of Realtors, from now until 2025, Hanoi may have an average shortage of 50,000 apartments each year. However, the number of newly licensed commercial housing projects has continuously decreased, while in the areas of Hoan Kiem, Ba Dinh, Hai Ba Trung, and Dong Da, the number of newly offered projects can only be "counted on the fingers".

In fact, when there is land to apply for construction permits, basic construction for a project can take up to 2-3 years at the fastest. Moreover, the scarcity of projects in the central district with full legal documents is like “looking for a needle in a haystack” in the context of the real estate market still facing many challenges and needing time to adjust to new laws.

The Nelson - the only luxury project in the center of Ba Dinh district launched

It is noted that, during a long period of absence of luxury apartment supply in the core area of Hanoi city, the launch of The Nelson Private Residences is likened to a remaining magnificent shelter on the most expensive and vibrant land of the capital.

The heat of The Nelson comes from its prime location, hidden away in a quiet neighborhood in the heart of Ba Dinh district, with transparent legal status and especially existing products. Notably, The Nelson has just been honored at the PropertyGuru Awards 2024 in the category of "Most luxurious apartment project in Hanoi". The award honors the outstanding contributions of Vietnamese real estate developers, providing buyers with more information about quality products from reputable investors.

In the context of almost no luxury projects in the central core area being licensed for new construction, The Nelson appears as a "bright star" in the heart of Hanoi for the upper class with the privilege of living privately and completely in the project.

Many customers who come to The Nelson share the same opinion that when all family members work and study in the city center, the need for the most convenient and safest accommodation in the inner city districts still exists as an existing need. In addition, many customers believe that the trend of living far from the city center to reduce pressure is still not suitable when traveling and traffic congestion is still a pressing problem.

Not to mention, many people are quite tired of the utility collections, the complexes to increase the value of the living space, while in reality, they almost do not use those utilities for the whole month but still have to pay. This is also the reason why many customers come to The Nelson when they meet the needs of privacy, peace, separation and a centralized utility service.

Analyzing the psychology of luxury real estate buyers, ICC experts said that most luxury real estate buyers have accumulated money so they have a need to enjoy. Their thinking is forward-looking, they do not simply compare between 2 apartments which is cheaper, they will wonder who is the investor, the amenities, the novelty and uniqueness in the design. Especially when the land fund in the center of the capital is exhausted, "putting money" to invest in luxury real estate in this area has a good opportunity for profit.

Therefore, the trend of hunting for a luxury apartment, located in the central district, with private living space that meets the criteria like The Nelson is getting hotter and hotter as the wave of moving high-end, luxury projects to the suburbs becomes clearer. The demand at The Nelson is very strong and promises to be an explosive phenomenon of the luxury segment in 2024.

Register to visit The Nelson model home

Address: No. 9, Lane 29 Lang Ha, Ba Dinh, Hanoi

Hotline: 0902278118

Website: https://thenelson.vn

Source: https://baodautu.vn/batdongsan/can-ho-hang-sang-nam-loi-trung-tam-thu-do-duoc-gioi-nha-giau-san-tim-d231068.html