1,200 apartments in Hanoi open for purchase by foreign nationals

By VNA December 13, 2024 | 11:32 pm PT

Hanoi’s authorities have granted approval for more than 1,200 apartments in two prominent residential projects, Lumi Hanoi and Heritage West Lake, to be sold to foreign buyers.

This decision is part of the city's continued efforts to attract international investment in its real estate market.

The Department of Construction is allowing 1,181 apartments in nine residential towers developed by Anh Sao Trading and Business Development Co., Ltd. and CapitaLand. These apartments are part of the Lumi Hanoi project, located within the Vinhomes Smart City complex in Tay Mo, Nam Tu Liem District. Lumi Hanoi features a total of 3,950 apartments, with nearly 30% of them now eligible for sale to foreign nationals.

An additional 51 apartments have been approved for sale to foreign buyers are from the Heritage West Lake project in Tay Ho district, popular with foreigners. Developed by Singapore-based CapitaLand, this mixed-use complex offers a limited number of units to foreign purchasers, comprising 29.5% of the total apartments in the building.

Apartment buildings in Hanoi. Photo by VnExpress/Ngoc Thanh

This follows a similar approval in October, when five residential projects in Hanoi were also opened for sale to foreign buyers.

According to data from the Ministry of Construction, between 2015 and the third quarter of 2023, over 3,000 foreigners bought homes in Vietnam, with more than 50% of these properties located in Hanoi (approximately 1,765 units). The majority of foreign buyers hail from China, the Republic of Korea, Singapore, the United States, Australia, Japan and Malaysia. In the first half of this year alone, over 1,000 apartments in Hanoi were sold to foreign nationals.