The West of Hanoi is the area with the most vibrant real estate transactions in the market.
Low supply, increasing demand in the most vibrant area of the capital
Looking back at the real estate market in Hanoi in recent years, the Western region has always maintained its "heat" and is one of the main growth drivers of the city.
The real estate market report of the Vietnam Association of Realtors in 2022-2023 shows that for many consecutive quarters, apartments in the West of Hanoi have dominated in terms of supply and transactions. The price increase rate of apartments in the West from 2021 to now is also higher than other areas by an average of 7-15% (according to data from Batdongsan.com.vn).
Decoding the appeal of the apartment market in this area, experts have pointed out a number of main reasons.
First of all, the supply of apartments in Hanoi in recent years has been extremely scarce. The number of projects that have been approved 1/500 and have completed the obligation to pay land use fees is very small, while market demand is constantly increasing.
With an urbanization rate of about 51%, Hanoi needs at least 70,000 apartments each year to solve the housing problem for its people. The prospects of the apartment market are becoming clearer as production and business activities are gradually recovering completely, leading to a large demand for housing in large cities.
However, in the context of the current low supply, the apartment market in Hanoi in 2024 is expected to continue to face challenges. This is a major catalyst that has caused apartments in the West in particular and Hanoi in general to continuously establish new price levels in recent times.
Imperia Smart City - a project developed by MIK Group located in the West of Hanoi once "made waves" in the real estate market.
In particular, the West is one of the areas with the fastest and strongest development speed in the Capital . This area has all the elements such as: concentration of many ministries and agencies, concentration of a large number of companies, offices, universities, colleges... with great housing demand.
Furthermore, according to the "Master Plan to 2030 and Vision to 2050", Hanoi will shift from a single-center model to a multi-center model like the general trend of major cities in the world . In which, the West is planned to be the new administrative and commercial center.
With a breakthrough in planning and infrastructure with a series of billion-dollar projects starting, the West of Hanoi has been and continues to be a "magnet" in the eyes of investors.
A series of real estate giants are landing
The attraction of this area is even greater when recently, a series of real estate giants such as Vingroup , MIK Group, Bitexco, Vinaconex... have "landed" here. Developing urban areas and large-scale projects, suitable for all customer groups. This has created a wave of residential migration to expanded urban centers, significantly reducing pressure on the core area of the capital.
Notably, because it meets the real demand for high-quality housing, the Western apartment market always receives significant attention, not only from domestic customers but also from the foreign expert community.
Moreover, after the recent market purification period, people's home buying psychology has changed. In addition to the high-end utility ecosystem, improving the living standards of residents, customers are interested in transparent legal status and sustainable financial resources from investors. Therefore, investors and projects that meet these criteria will be the top choice of customers and investors.
Apartment projects located in multi-utility urban complexes always attract customers.
Standing out among the "big guys" that have contributed to changing the face of the western area of Hanoi is MIK Group with two dedicated projects: The Matrix One and Imperia Smart City.
These two projects have been handed over since 2022 and are projects that contribute to making the real estate market in the West of Hanoi extremely vibrant.
Not only are they modern apartment complexes suitable for many subjects, MIK Group's projects also inherit a superior ecosystem, providing residents with an ideal place to live, both close to nature and ensuring the convenience of technology, maximally meeting the increasing needs of customers.
Assessing the "heat" of the real estate market in the West of Hanoi in the coming time, many experts believe that this area will still be the development center of Hanoi. In the context of high demand and low supply, the apartment market in the West is forecasted to continue to heat up when it is supplemented with a supply of quality apartments from a reputable investor in the second and third quarters of this year.
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