The west of Hanoi is the area with the most vibrant real estate transactions in the market
Supply is low, demand is increasing in the most vibrant area of the Capital
Looking back at the real estate market in Hanoi in recent years, the western area has always maintained the "hot" heat and is one of the main growth drivers of the city.
The real estate market report of the Vietnam Real Estate Brokers Association in 2022-2023 shows that for many consecutive quarters, apartments in the west of Hanoi dominate in terms of supply and transactions. The growth rate of apartment prices in the West from 2021 to now is also 7-15% higher than other regions on average (according to data from Batdongsan.com.vn).
Decoding the attraction of the apartment market in this area, experts have pointed out some 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 is 1/500 and has fulfilled the obligation to pay land use fees, while market demand is continuously increasing.
With an urbanization rate of about 51%, Hanoi needs at least 70.000 apartments every year to solve the housing problem for its people. The outlook for the apartment market is becoming clearer as production and business activities are gradually recovering completely, leading to great demand for housing in large cities.
However, in the current context of too low supply, the apartment market in Hanoi in 2024 is forecast to continue to face challenges. This is a major catalyst that has caused Western apartments 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 has "made waves" in the real estate market.
In particular, the West is one of the areas with the fastest and strongest growth in the Capital. This area meets all the factors such as: concentration of many ministries, agencies, large numbers of companies, offices, universities, colleges... with large housing demand.
Furthermore, according to the "Grand Planning Project to 2030 and Vision 2050", Hanoi will shift from a monocentric model to a multi-centric model like the general trend of large cities in the world. In particular, the West is planned as a new administrative and commercial center.
With a breakthrough from planning to infrastructure with a series of billion-dollar projects being launched, the west of Hanoi has been and continues to be a "magnet" in the eyes of investors.
A series of real estate giants landed
The attraction of this area is even greater as 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 customers. This has created a wave of migration to expanded urban centers, significantly reducing pressure on the capital's core area.
Notably, because it meets the demand for high-quality housing, the Western apartment market always receives a significant amount of interest, not only from domestic customers but also from the foreign expert community.
Furthermore, after the recent market purification period, people's home buying psychology has changed. In addition to the high-end utility ecosystem, raising the standard of living for residents, customers are interested in legal transparency and sustainable financial resources from the investor. Therefore, any investor and project that meets this criterion will be the top choice of customers and investors.
Apartment projects located in multi-utility urban complexes always attract customers
Prominent among the "big guys" who have contributed to changing the face of the western area of Hanoi is MIK Group with two passionate 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 is it a modern apartment complex, suitable for many audiences, MIK Group's projects also inherit an outstanding ecosystem, providing residents with an ideal place to live, both close to nature. while ensuring convenience from technology, 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 say that this area will still be the focus of Hanoi's development. In the context of high demand and low supply, the Western apartment market is forecast to continue to heat up with an additional supply of quality apartments from a reputable investor in the second and third quarters of this year.
