Investment
Well-invested infrastructure hikes interest in Hanoi’s West property
Following the completion of roads and tunnels, many property projects have been offered in the market.
A number of road projects are being built in Hanoi’s western district of Nam Tu Liem, drawing more public attention to property in this region.
Tran Huu Duc road, which cost VND1.54 trillion (US$67 million) and connects Le Duc Tho road with Road 70 in the district’s Xuan Phuong, ward was open to traffic in April 2017.
In the same month, Hanoi’s authorities decided to build a road of five meters wide connecting Tran Huu Duc road with Pham Hung road in sometime between 2018 and 2020.
Another road project worth VND164 billion (US$7 million) is on plan to link Tran Huu Duc road to Van Canh urban area in Hoai Duc rural district.
In addition, a number of intersections and tunnels connecting Le Trong Tan road with Thang Long boulevard will ease traffic congestion in the gateway of Hanoi.
Following the completion of roads and tunnels, many property projects have been offered in the market. As a result, the prices rose sharply to between VND50 million (US$2,173)-VND70 million (USD$3,042) per square meter (sq.m) in Foresa Villa or Xuan Phuong eco-urban area, to VND25 million/sq.m in Xuan Phuong Residence apartment blocks from VND15 million-VND17 million/sq.m before.
To take advantages of infrastructure, many other property projects have been planned for sale in the coming months, namely Vincity Dai Mo invested by Vingroup, a big urban area in My Dinh ward developed by Sunshine Group, and HD Mon City of HD Holding.
The property prices normally rise following the investment of infrastructure and the west of Hanoi would not be an exception, local experts said. But homebuyers should look at residential areas already built with legal ownership and supported by infrastructure nearby, they warned.
So far, in many parts of Vietnam, property prices have been blown up after infrastructure is upgraded, causing property bubbles sometimes.
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In the same month, Hanoi’s authorities decided to build a road of five meters wide connecting Tran Huu Duc road with Pham Hung road in sometime between 2018 and 2020.
Another road project worth VND164 billion (US$7 million) is on plan to link Tran Huu Duc road to Van Canh urban area in Hoai Duc rural district.
In addition, a number of intersections and tunnels connecting Le Trong Tan road with Thang Long boulevard will ease traffic congestion in the gateway of Hanoi.
Following the completion of roads and tunnels, many property projects have been offered in the market. As a result, the prices rose sharply to between VND50 million (US$2,173)-VND70 million (USD$3,042) per square meter (sq.m) in Foresa Villa or Xuan Phuong eco-urban area, to VND25 million/sq.m in Xuan Phuong Residence apartment blocks from VND15 million-VND17 million/sq.m before.
To take advantages of infrastructure, many other property projects have been planned for sale in the coming months, namely Vincity Dai Mo invested by Vingroup, a big urban area in My Dinh ward developed by Sunshine Group, and HD Mon City of HD Holding.
The property prices normally rise following the investment of infrastructure and the west of Hanoi would not be an exception, local experts said. But homebuyers should look at residential areas already built with legal ownership and supported by infrastructure nearby, they warned.
So far, in many parts of Vietnam, property prices have been blown up after infrastructure is upgraded, causing property bubbles sometimes.
