In a recent development, Hanoi’s authorities have granted permission for foreign nationals to purchase apartments in two real estate projects: Lumi Hanoi and Heritage West Lake. This move showcases the city’s growing appeal to international investors and homebuyers.
Lumi Hanoi, a project by Ánh Sao JSC and developed by Capitaland, offers 1,181 apartments across nine residential buildings in the Vinhomes Smart City complex, located in Tay Mo ward, Nam Tu Liem district. With a total of 3,950 units, the project now allows foreigners to own nearly 30% of its inventory.
Additionally, 51 apartments in the mixed-use complex CapitaLand – Hien Duc Tay Ho, known commercially as Heritage West Lake, are also open to foreign buyers. This project, also developed by Singapore-based Capitaland, permits international ownership of nearly 29.5% of its total apartment inventory.
Back in October, Hanoi approved five projects for foreign sales, three of which are located in the Vinhomes Smart City complex. These include the Z38M.1, Z38.1, and U39.1 buildings, marketed as Imperia Smart City, and developed by HBI JSC. Two other towers, Z38M.2 and Z38.2, in the same complex, are also on the approved list.
Masteri West Heights, a project by SV Tay Ha Noi JSC in the Vinhomes Smart City complex, has also been given the green light for foreign ownership. This includes the U35.1, U35.2, and U35.3 towers.
Furthermore, The Matrix One project by Mai Linh Investment JSC has been approved, specifically tower HH2-1A. In Thanh Xuan district, the mixed-use project Viha Complex, developed by a consortium of Xuan Loc Tho JSC and In va Thuong Mai Thong Nhat JSC, is now open for foreign homebuyers.
According to data from Vietnam’s Ministry of Construction, from 2015 to Q3 2023, over 3,000 properties were purchased by foreigners in Vietnam, with Hanoi accounting for more than 50% of those sales (approx. 1,765 units). The majority of buyers hail from China, South Korea, Singapore, the US, Australia, Japan, and Malaysia. Notably, in the first half of 2023, foreigners snapped up over 1,000 apartments in Hanoi alone.
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