The attraction of the West Lake real estate market

(Dan Tri Newspaper) - Improved transportation infrastructure, large-scale commercial and service projects, and the planned headquarters of ministries and government agencies are making real estate in Tay Ho attractive and promising for price appreciation over time.

According to the Hanoi City Development Plan until 2030, with a strategic vision to 2050, Tay Ho District is identified as a service and tourism center. In the last five years, Tay Ho has been one of the areas with comprehensive infrastructure investment, attracting billions of USD in investment capital.

Specifically, Tay Ho boasts an impressive transportation system with major 8-10 lane boulevards connecting directly to neighboring districts and counties, such as Vo Chi Cong Street and the extended Nguyen Van Huyen Street. The Nguyen Hoang Ton road is currently being expanded, and the Tay Thang Long boulevard running straight from Tay Ho to Ba Vi is also under construction. The future 11.5km urban railway line No. 2 from Nam Thang Long to Tran Hung Dao will further enhance transportation convenience for residents.

Tay Ho is also witnessing major infrastructure and service development plans. Many large-scale international projects are underway, such as the Samsung Group's R&D center, which commenced operations on December 23, 2022; Lotte Mall – a complex with an investment of up to $600 million – which opened on September 22, 2023; and the most modern opera house in Vietnam, which is also about to be built.

According to the plan for 2030, Tay Ho district will have the headquarters of 36 ministries, departments, and agencies, along with 13 embassies and offices of non-governmental organizations, creating a "new Tay Ho" - a dynamic multinational administrative and economic center.

According to experts, infrastructure development not only acts as a catalyst for stable growth in real estate values ​​in Tay Ho but also attracts the emergence of many large-scale and high-class real estate projects.

According to a survey by Batdongsan.com.vn, the West Lake area ( Hanoi ) consistently ranks among the top areas in terms of market transactions. From 2021 to the present, the price increase rate of apartments in this area has always been higher than the average of 7-15%.

Ciputra Urban Area - The most affluent residential area in West Lake.

Projects in West Lake are gradually positioning themselves in the high-end, even ultra-luxury, segment. Several projects are nearing completion, such as Heritage West Lake, Starlake, Han Jadin, GIA by KITA, Noble… West Lake is a hub for major real estate developers with high-end product lines that establish their own brands for the area.

Real estate brokerage firms report that, despite high prices, real estate transactions in the West Lake area remain stable. However, land availability in the West Lake area is limited. Currently, the number of projects launched onto the market is quite scarce.

A survey revealed that, as of the end of 2024, only 164 luxury villas in the GIA by KITA project, developed by KITA Group, were ready to be launched onto the market.

GIA22 Subdivision - GIA by KITA - Luxury villa complex located in the core of Ciputra urban area.

Spanning over 22 hectares, the project comprises more than 400 luxury villas and a complex of 14 ultra-luxury apartment, commercial, and service buildings, along with over 100 high-end amenities. Benefiting from the international-standard amenities within the Ciputra complex and adjacent to a 65-hectare green park, GIA by KITA offers an unparalleled living space for the elite.

The appearance of GIA by KITA at the end of 2024 brings a strong breakthrough to Tay Ho real estate, both quenching the thirst for supply and bringing super luxury real estate products to the market.

GIA22 Subdivision - GIA by KITA - Masterpiece of architectural art.

Commenting on the West Lake area, Ms. Trinh Huynh Mai - Deputy Director of Commercial Leasing at Savills Hanoi, said: "It's rare to find an area in the Hanoi market with a view of West Lake and located on major roads that provide easy access to other districts like West Lake. From this area, residents can easily access key areas such as the city center, Noi Bai Airport, the new My Dinh center… and even the future northern part of the city."

Concurring with Ms. Mai, experts also stated that Tay Ho has one of the lowest construction densities among Hanoi's gateways. Located right next to the Red River, the infrastructure, landscaping, and ecosystem of amenities in this area are exceptionally well-developed. Real estate prices in Tay Ho are predicted to continue soaring in the near future, especially for projects integrating high-end amenities and services, and involving international operating units. These projects continue to be a destination for affluent residents and attract the attention of sustainable investors.

Source: https://dantri.com.vn/bat-dong-san/suc-hut-cua-thi-truong-bat-dong-san-tay-ho-20241230223345827.htm