Hanoi has witnessed a remarkable surge in home prices, with the trend persisting despite already being at high levels. The demand for rentals and the number of prospective buyers seeking apartments have also surged compared to previous periods. In the past 3-5 years, the housing market in Hanoi has undergone immense growth. Although there was a temporary setback due to interest rate increases from mid-2022, certain suburban areas connected by the metro have seen their property values double in less than two years. Tay Ho, in particular, has emerged as a leading district in terms of rising rents. A landlord named Lan Phuong, who owns a 150 sqm apartment in Tay Ho, mentioned that her property had been leased to foreign renters for an extended period through a real estate agency. However, she has received several inquiries offering higher rental rates, approximately $100 - $150 per month more than the previous price. Many real estate agencies have also observed a significant uptick in prices for apartment projects in areas such as Pham Van Dong, Nguyen Van Huyen, Vo Chi Cong, and Lac Long Quan. These prices have surged compared to the initial sale prices set just a few days ago or a few years back. For instance, the Nine project on Pham Van Dong Street, initially valued at nearly 50 million VND/m2, is now being offered for sale at 65 - 80 million VND/m2. Similarly, the Heritage West Lake project on Lac Long Quan Street, which had an average original price of 123 million VND/m2, is currently being sold for approximately 140 million VND/m2. Tran Van, a broker in Tay Ho Tay, revealed that there are only a limited number of new residential buildings available for sale, and they are priced around 100 million VND per acreage. Even projects that have been operational for several years, such as 6th Element, Phu My Complex, and Lac Hong Lotus, have experienced a substantial increase in value, reaching at least one and a half times their original prices. Their current values are significantly higher than those at the beginning of the year. According to Van, the soaring prices of homes in Tay Ho Tay can be attributed to the government's approval of a planning project for the headquarters of 36 ministries, departments, and central agencies in the Tây Hồ Tây and Mễ Trì areas. To learn about houses for rent in Tay Ho, please get in touch with us for in-depth consultations: Hotline: 0986 720 720
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November 2023
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