Rare as Central Hanoi’s Luxury Apartments
For a long time, the inner city of Hanoi accounted for a large proportion of the capital’s apartment supply. But things have changed over the past decade, with the west side alone accounting for more than half of the city’s supply and transactions. More recently, the market balance has shifted again, with the east side also contributing significantly.
Research by Indochina Capital (ICC) also shows that most of the new apartment supply comes from large urban areas in the outskirts of Hanoi. For many years, no new luxury projects have been launched in the city center since The Grand Hanoi (Hang Bai, Hoan Kiem) in 2021 and Grandeur Palace (Giang Vo – Ba Dinh) in 2020.
The market structure has changed as central Hanoi’s land fund becomes increasingly scarce due to rapid urbanization and population growth. The four inner districts of Hoan Kiem, Ba Dinh, Dong Da, and Hai Ba Trung have almost run out of land to develop luxury and ultra-luxury apartment projects.
Mr. Nguyen The Diep, Vice President of the Hanoi Real Estate Club, said that in addition to the scarcity of land, developing residential areas in the city center faces challenges in terms of construction height planning, population, transportation infrastructure, and service infrastructure.
On the other hand, the Hanoi Department of Planning and Architecture has affirmed that no more permits will be granted for the construction of apartment buildings in the historical inner-city core. The city will only implement the renovation of 17 old apartment buildings.
This scarcity of luxury apartment supply in the four central districts occurs amid persistently high real estate investment and living demands. According to estimates by the Vietnam Real Estate Brokers Association, from now until 2025, Hanoi may face an annual shortage of 50,000 apartments. However, the number of newly licensed commercial housing projects has continuously declined, and in the districts of Hoan Kiem, Ba Dinh, Hai Ba Trung, and Dong Da, the number of newly launched projects can be counted on one hand.
In reality, even when there is land available for construction, the fastest time it takes to complete the necessary procedures and build a project is 2-3 years. Moreover, the scarcity of legally-compliant projects in the central districts is like “finding a needle in a haystack” in the context of a challenging real estate market that needs time to adjust to new laws.
The Nelson Private Residences stands out as a majestic sanctuary in the heart of Hanoi’s most vibrant and expensive district.
The Nelson – The Only Luxury Project in the Heart of Ba Dinh District
Observations show that after a long absence of luxury apartment supply in the core central area of Hanoi, the launch of The Nelson Private Residences stands out as a majestic sanctuary in the heart of the city’s most vibrant and expensive district.
The Nelson’s appeal stems from its prime location, tucked away in a peaceful neighborhood in the center of Ba Dinh District, along with its transparent legal status and, notably, its existing development. It is worth mentioning that The Nelson has recently been honored at the Vietnam Property Guru 2024 Awards in the “Most Luxurious Apartment Project in Hanoi” category. This award has a history of almost 20 years and recognizes the outstanding contributions of Vietnamese real estate developers, providing buyers with more information about quality projects from reputable investors.
Amid a context where almost no luxury projects are permitted to be built in the core central area, The Nelson emerges as a shining star in the heart of Hanoi for the elite, offering exclusive living privileges.
Many customers who have shown interest in The Nelson share a common sentiment. When all family members work and study in the city center, the need for convenient and secure housing in the inner districts remains a tangible one. Additionally, some customers believe that the trend of living away from the city center to reduce pressure has not yet caught on, as commuting and traffic congestion remain persistent issues.
The Nelson fulfills the desire for privacy, peace, and separation from the bustling city, along with a focused range of services and amenities, which are also why many customers are drawn to this apartment project in Ba Dinh District, Hanoi.
Analyzing the psychology of luxury real estate buyers, ICC’s expert shared that most luxury real estate buyers have accumulated wealth and are now looking to enjoy the fruits of their labor. Their mindset is forward-looking, and they don’t simply compare prices between two apartments. Instead, they consider the developer’s reputation, the range of amenities, and the uniqueness of the design.
Therefore, the trend of seeking a luxurious apartment in the city center that offers a private living space, as exemplified by The Nelson, is gaining momentum as more high-end and luxury projects move to the outskirts. The demand for The Nelson is strong, and it promises to be a phenomenon in the luxury segment in 2024.
Register to visit The Nelson show flat
Address: No. 9, Alley 29 Lang Ha, Ba Dinh, Hanoi
Hotline: 0902278118
Website: https://thenelson.vn/
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