DNVN - Ms. Nguyen Thi Hong Van - Deputy Director, Valuation and Consulting Department, Savills Hanoi commented that the advantage of the metro station has caused the surrounding real estate prices to increase by 5% -15% higher than the general price increase. The metro line will contribute to increasing the value of real estate along the route.
Hanoi has 2 metro lines in operation. They are metro line 2A and metro line 3. Metro line 2A from Cat Linh station - Yen Nghia station has been in operation since November 2021 with a total length of 13km. This metro line has 12 stations: Cat Linh, La Thanh, Thai Ha, Lang, Thuong Dinh, Ring Road 3, Phung Khoang, Van Quan, Ha Dong, La Khe, Van Khe and Yen Nghia.
Line 2A has an operating frequency of 8 trains/hour/direction, can transport 960 people/train, with an operating speed of 35 km/h and a maximum of 80 km/h. In 2023, the average number of passengers using the line is about 29,600 trips/day.
Metro line No. 3 (phase 1) from Nhon station - Hanoi station, the elevated section from Nhon to Cau Giay and vice versa. This metro line will be put into operation from the beginning of August 2024, with a length of 8.5 km. The current metro line has the following stations: Nhon, Minh Khai, Phu Dien, Cau Dien, Le Duc Tho, National University, Chua Ha, Cau Giay.
This metro section has a frequency of 8 trains/hour/direction, transporting 920 people/train, operating speed is 35 km/h and reaching a maximum of 80 km/h. During the opening phase (free tickets), there were about 60,000 passengers/day traveling on this section. It is expected that the number of passengers may decrease after this phase ends.
By 2030, Hanoi City aims to complete 97 km of metro lines, including line 2A, the remaining lines 3 and 5.
According to Ms. Nguyen Thi Hong Van - Deputy Director, Valuation and Consulting Department, Savills Hanoi, people will increase their use of metro trains, especially after the Capital Law 2024 was passed by the National Assembly in the direction that Hanoi will limit personal vehicles entering the center to reduce traffic congestion and emissions through the application of traffic congestion reduction fees.
Savills data shows that property prices and rents around metro stations are better than elsewhere. In Singapore, people were willing to pay a 15% premium for apartments within 400m of a Circle Line station compared to outside when the line opened in 2012.
In Kuala Lumpur, the average apartment price (2017-2018) within 800m of a train station is 30% higher than the citywide average. In Bangkok, property prices near metro lines increase by 7%-21% depending on the distance to the station.
In Ho Chi Minh City, apartment prices along the metro line have continuously increased since the opening date with an average increase of 35%-70% depending on the location, with some projects doubling in the period 2015-2023. For example, Savills noted that Masteri Thao Dien apartments located next to the metro line connecting the center to Thu Duc City, opened for sale since the end of 2014, in 2015, had a price of 35-39 million VND/m2, but by the second quarter of 2024, the secondary price had reached 69-75 million VND/m2.
“In Hanoi, the average price of apartments in Cau Giay district for segments within a 500m radius of the Cau Giay - Nhon metro line stations increased by over 40% within 1 year from Q3/2023 compared to Q3/2024. We also checked the price increase data in areas far from this metro line, the apartment price in the market due to the shortage of supply also pushed the price increase by an average of about 25% -35% depending on the location.
That shows that the advantage of the metro station has also caused the surrounding real estate prices to increase by 5%-15% higher than the general price increase," said Ms. Van.
Savills Hanoi experts believe that the metro line will contribute to increasing the value of real estate along its route. More importantly, the metro system will significantly improve the social life of the capital's residents.
Hoai Anh
Source: https://doanhnghiepvn.vn/kinh-te/bat-dong-san/ha-noi-bat-dong-san-tang-gia-nho-nha-ga-metro/20240927121204379
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