The most vibrant area of the capital is "catching the wave" | Projects

A city with many tall buildings and a pond Description automatically generated

The western part of Hanoi is one of the most vibrant real estate transaction areas in the market.

Supply is low, demand is high in the most vibrant area of the capital.

Looking back at Hanoi's real estate market in recent years, the western area has consistently maintained its "hot" status and is one of the city's main growth drivers.

According to the Vietnam Real Estate Brokers Association's 2022-2023 real estate market report, for several consecutive quarters, apartments in West Hanoi have dominated in terms of supply and transactions. The rate of price increase for apartments in the West from 2021 to the present has also been higher than other areas, averaging 7-15% (according to data from Batdongsan.com.vn).

To decipher the appeal of the apartment market in this area, experts have pointed out several key reasons.

First and foremost, the supply of apartments in Hanoi has been extremely scarce in recent years. The number of projects that have received 1/500 approval and fulfilled their land use fee obligations is very small, while market demand continues to increase.

With an urbanization rate of approximately 51%, Hanoi needs at least 70,000 apartments annually to address its housing needs. The prospects for the apartment market are becoming even clearer as business and production activities gradually recover completely, leading to a significant demand for housing in major cities.

However, given the current extremely low supply, the Hanoi apartment market in 2024 is projected to continue facing challenges. This is a major catalyst driving the continuous price increases for apartments in the West of Hanoi in particular, and Hanoi in general, in recent times.

A high angle view of a city Description automatically generated

Imperia Smart City - a project developed by MIK Group located in western Hanoi - once caused a sensation in the real estate market.

In particular, the western area is one of the fastest-growing and most dynamic areas in the capital . This area possesses all the necessary elements: a concentration of government ministries and agencies, a large number of companies, offices, universities, and colleges, resulting in a high demand for housing.

Furthermore, according to the "Major Planning Project to 2030 and Vision 2050," Hanoi will shift from a single-center model to a multi-center model, following the general trend of major cities worldwide . In this plan, the West is designated as the new administrative and commercial center.

With breakthroughs in planning and infrastructure, and a series of multi-billion dollar projects underway, West Hanoi has been and continues to be a "magnet" in the eyes of investors.

A series of major real estate developers are making an appearance.

The area's appeal has grown even stronger recently, with a series of major real estate developers such as Vingroup , MIK Group, Bitexco, Vinaconex, etc., having "landed" here. They are developing urban areas and large-scale projects suitable for all customer segments. This has created a wave of migration to expanding urban centers, significantly reducing pressure on the core of the capital.

Notably, precisely because it meets the demand for high-quality housing, the apartment market in the West of Ho Chi Minh City consistently attracts significant interest, not only from domestic customers but also from the expatriate community.

Furthermore, after the recent market consolidation, people's home-buying mindset has changed. Besides high-end amenities that elevate the standard of living for residents, customers are now interested in transparent legal procedures and sustainable financing from the developer. Therefore, developers and projects that meet these criteria will be the top choice for customers and investors.

A group of tall buildings next to a body of water Description automatically generated

Apartment projects located within multi-utility urban complexes are always attractive to buyers.

Among the major players who have contributed to changing the face of western Hanoi, MIK Group stands out with two flagship projects: The Matrix One and Imperia Smart City.

These two projects were handed over in 2022 and have contributed to making the real estate market in western Hanoi extremely vibrant.

More than just modern apartment complexes suitable for a wide range of people, MIK Group's projects also benefit from a superior ecosystem, providing residents with an ideal place to live, close to nature while ensuring convenience from technology, meeting the increasingly high demands of customers.

Assessing the future "heat" of the real estate market in Western Hanoi, many experts believe that this area will remain a focal point of Hanoi's development. In the context of high demand and limited supply, the apartment market in the West is predicted to continue heating up with the addition of quality apartments from a reputable developer in the second and third quarters of this year.

Source