The strong development at the western gateway of the capital has made this area the new focal point of Hanoi in recent years. It is also home to many major investment projects such as the Hoa Lac High-tech Park, the Vietnam Military History Museum, Samsung’s R&D Center, and Viettel’s headquarters.
Recognizing the breakthrough potential of the real estate market in the west, many big players have chosen to develop a series of high-end urban projects, creating a wave of residential relocation to the expanded urban centers, alleviating significant pressure on the core areas of the capital.
Most recently, the news of the Lumi Hanoi project with over 9 high-end apartment buildings, with a total investment capital of 18,000 billion VND (approx. 800 million USD) by CapitaLand Group has heated up the real estate market in this area. Previously, the presence of Vinhomes, Masterise, and MIK in the Vinhomes Smart City urban area has also made this area unexpectedly vibrant.
The vibrancy of these new projects has caused previously stagnant villas here, which were hot in the period from 2011 to 2022, to once again attract customers in the early months of 2024. The bustling areas worth mentioning are Nam An Khanh villa area, Duong Noi villa area, Thien Duong Bao Son villa area, Duong Noi villa area, and Bac An Khanh villa area… Currently, villas here have secondary prices ranging from 90-130 million VND per square meter.
According to Mr. Quan, a long-time real estate broker in Hanoi, the Hoai Duc area has regained its attractiveness. Many customers are interested in and inquire about buying “abandoned” villas in the Thien Duong Bao Son urban area. A few years ago, villas here were sold for only 9 billion VND for a 200 square meter villa, but now it has reached up to 20 billion VND depending on the villa.
“I am also advising a customer on a semi-detached villa with an area of 430 square meters, extremely open with 2 fronts, overlooking the lake. The villa has a beautiful exterior, customers only need to design according to their preferences. This villa is currently priced at over 50 billion VND, equivalent to nearly 120 million VND per square meter,” Mr. Quan shared.
Or another detached villa in Nam An Khanh urban area, which is located opposite to 9 BIDV apartment buildings according to the planning, behind the lake. The total area is 620 square meters, the construction area is 212 square meters, has built a rough 3-story house with nearly 600 square meters of floor space and has a red book, currently being sold for nearly 50 billion VND, which means the selling price is about 80 million VND per square meter, Mr. Quan added.
Not only the revived villas, but land for residential and service purposes in Hoai Duc district is also witnessing vibrancy due to the news of its elevation to a district. “Following” the Belt Road 4 project, the prices of service land and residential land in An Khanh and An Thuong communes range from 25-170 million VND per square meter and 30-115 million VND per square meter, respectively. Some other places such as Cat Que range from 20-37 million VND per square meter; Yen So from 25-50 million VND per square meter; Dong La from 28-61 million VND per square meter.
Regarding the prices in other areas, Kim Chung currently ranges from 42-80 million VND per square meter; Di Trach from 37-78 million VND per square meter. Meanwhile, the price of land in Duc Thuong commune is about 22-70 million VND per square meter; Duong Lieu from 23-53 million VND per square meter; Song Phuong from 25.5-65 million VND per square meter. The price of land in Lai Yen commune currently ranges from 50-60 million VND per square meter; Van Canh commune from 46-93 million VND per square meter.
In 2024, Hoai Duc district sets the goal of accelerating the progress of implementing key projects in the area, striving to complete the criteria that have not been achieved in the implementation of the Project to build Hoai Duc district into a city.
Currently, Hoai Duc is speeding up the process of completing the remaining criteria (currently meeting 27 out of 31 criteria) in the process of being raised to a city. In terms of transportation infrastructure, Hoai Duc district allocates priority resources to important projects, expected to be completed in the 2023-2024 period such as Regional Link Road 1; Regional Link Road 8; Lai Yen – Van Canh road; DH 02 road; Regional Link Road 6.
The main roads directly connecting Hoai Duc with the central area Mỹ Đình and the inner city are also expanded and constructed with an investment capital totaling billions of VND, typical ones are: Western Thang Long Road connecting Tay Ho with Hoai Duc and Dan Phuong running parallel to National Highway 32; Belt Road 3.5 connecting from Nhon to Dai lộ Thăng Long through Hoai Duc district; Trinh Van Bo road extending to connect Hoai Duc with Nam Tu Liem and Vong dai 3 road; Nhon – Hanoi Metro line…
It is worth noting that Hanoi is currently focusing on completing the section passing through Hoai Duc district of the Belt Road 4 project, which is about 17.1 km long; passing through 12 communes including Duc Thuong, Minh Khai, Duong Lieu, Cat Que, Yen So, Dac So, Tien Yen, Song Phuong, An Thuong, An Khanh, La Phu, Dong La.
