Real estate market thaws in Hanoi’s southwest

Since the end of 2015, Hanoi’s real estate market has been shifting its focus to the southwest of the capital. This has contributed to the remarkable growth of the property and construction sectors, while other industries remain sluggish, according to the General Statistics Office.

The main developments being completed in the area are Ecolife Capitol (To Huu Street), Seasons Avenue (Mo Lao Ward), Entrepreneurs Tower (Thanh Binh Street) and The Victoria (Van Phu New Urban Area).

Commenting on this development, real estate experts said that the strong development in the southwest of Hanoi stems from huge profitability that has been hibernating for a long time, with more competitive prices now stirring the market at VND14 million to VND19 million per square meter.

Housing prices in the southwest are lower than in neighboring areas. For instance, prices in Thanh Xuan District fluctuate from VND26 million ($627) to VND32 million (over $1,400) per square meter for apartments.

Infrastructure is one of the main reasons Hanoi’s southwest is becoming a magnet for housing investors and buyers. The Cat Linh – Ha Dong skytrain project is in its final stages and will be launched at the end of this year. Moreover, the extension and upgrade of To Hieu, Le Trong Tan and other main roads have also contributed to this infrastructure improvement.

Real estate experts also underlined that few developments in the southwest of the city are delayed because they have sound investors backing them.