Recently, Quang An street, Tay Ho district, Hanoi has been selected by the famous travel magazine Time Out as one of the 30 most fascinating streets in the world in 2024. The Time Out list also includes many other famous streets in leading tourist centers such as Hong Kong (China), Barcelona (Spain), Tokyo (Japan)…
According to the description of this magazine, Quang An is a bustling street located by West Lake. Countless restaurants and shops that have sprung up here have turned the street into a fascinating hub of cafes, shopping, and international cuisine. Located about 5km from the center of Hanoi’s Old Quarter, next to the bustling Quang An night flower market and restaurants, the street still has serene moments by the West Lake. Time Out believes that Quang An street is the best place for tourists to stroll and experience the life of Hanoi.
A diamond land, as expensive as New York
For people in Hanoi, Quang An and the area around West Lake are considered the second diamond land, after the Old Quarter. With its unique natural advantages and well-invested infrastructure, this area is where many villas of the super-rich are concentrated, along with expensive serviced apartment buildings and high-class restaurants. Many people also refer to this area as the “Western neighborhood” because it attracts many foreigners to rent houses here.
Therefore, real estate prices in this area always belong to the top ranks in Hanoi and the country.
According to a survey on the website batdongsan.com, a 7-story building with a ground area of 230m2 on Quang An street is being offered for sale at 146 billion VND, equivalent to over 600 million VND/m2. This building is introduced as being located in a very beautiful and rare selling area.
Another smaller building, with a ground area of just over 120m2, 5 stories high, advertised as “super VIP location, modern design, entirely imported furniture”, is offered for over 110 billion VND, or over 900 million VND/m2.
These are the price levels equivalent to many of the world’s most expensive urban centers such as the Metropolitan Hill area (New York, USA), with prices of over 700 million VND/m2.
One of the reasons why real estate prices in the Quang An area are expensive is because of the high commercial exploitation potential in this area. According to real estate brokers, the above-mentioned building priced at 110 billion VND is currently being rented out at a price of 200 million VND/month and has almost never been vacant.
Information about the sale of 5 villas on Quang An street causing a stir in mid-2023. Source: Tien Phong
Unlike the Old Quarter, where there are houses with different sizes, some only 20 – 30m2, Quang An street and the surrounding area generally focus on medium to large and very large houses. Last year, investors and real estate businesspeople were stirred up when news about a mysterious tycoon selling a land plot of 5 villas on Quang An street with a total ground area of more than 1,200m2 for 660 billion VND, equivalent to 550 million VND/m2 was published. This owner even “made it difficult” by only agreeing to sell the whole plot, not separate units.
