The Allure of Dong Da District’s Real Estate Market
Dong Da, one of the four central districts of Hanoi, has long been the economic and social epicenter of the capital. With an area of 9.96 km² and a population density of up to 37,869 people/km², it is the most densely populated district in the city.
One of the crucial factors contributing to the allure of Dong Da’s real estate market is its central location and modern transportation system. The district boasts several strategic transportation routes, including the elevated railway (Cat Linh – Ha Dong) and the Ring Road 2 (Vinh Tuy – Nga Tu So), providing convenient and rapid connectivity.
Dong Da is also an optimal choice for living and working, with a dense network of agencies and institutions, including prominent medical and educational centers such as Bach Mai Hospital, National Pediatric Hospital, Hanoi Obstetrics and Gynecology Hospital, University of Transport, Foreign Trade University, and Banking Academy. According to statistics, the district is home to more than 14,000 agencies and enterprises, 18 hospitals, and 20 colleges.
It is also a hub for convenient services and entertainment options. Areas like Ho Hoang Cau, Thong Nhat Park, along with numerous shopping centers such as Vincom Royal City, the National Cinema Center, restaurants, and cafes, create a vibrant and attractive living environment for both residents and tourists.
Scarcity of Apartment Supply
According to a recent report by Savills, the supply of new real estate in Hanoi in Q1/2024 increased by 41% quarter-on-quarter and 99% year-on-year, with 4,062 units. However, most of this supply came from luxury apartment projects in the west, with a total of more than 2,300 apartment units and 30 low-rise houses newly launched in the quarter.
In the primary real estate market, Dong Da district did not have any new apartment projects launched in Q1/2024. Due to the scarcity of new supply, apartment prices in Dong Da have risen rapidly, following the general trend of the Hanoi apartment market. Several apartment projects in Dong Da have witnessed significant price increases in the past few years, with a rise of 20-25%. The average price of projects in this area is currently around VND 80.2 million/m2, with some projects even surpassing VND 90 million/m2.
Commenting on the prospects of the Hanoi real estate market in general, Ms. Do Thu Hang, Senior Director of Research and Consulting at Savills Hanoi, said that in 2024, the market is expected to supply 12,300 units. Grade B apartments will still dominate the new supply, accounting for an estimated 87% market share. Notably, projects in Nam Tu Liem, Ha Dong, and Dong Anh will contribute 82% of the market share.
In Dong Da district specifically, there aren’t many new products expected to be launched in the upcoming period. Investors’ focus is currently on a few “rare” projects that have completed basic construction but have not yet been sold.
The Ninety Complex – 90 Duong Lang: A “rare” project in the Ngã Tư Sở area, the heart of Dong Da District.
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