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Vietnam Business » Vietnam Real Estate Market News » New Price Rates for Hanoi Suburban Property

New Price Rates for Hanoi Suburban Property

Housing and land prices in the western part of Hanoi have escalated. A square metre of residential land is now offered at some VND45 million in Ha Dong, followed by Hoai Duc district with VND30-35 million, Quoc Oai district with VND25 million (along Lang - Hoa Lac motorway).

After a short time of hot growth, the Hanoi Suburban property market witnessed land price climbing 30-45 % from the end of 2009 to form a new rate.

Specifically, the price of residential land in Ha Dong district is around VND60 million per square metre while the rate VND18-25 million per square metre of high-rise apartment floor. Because of significantly good public infrastructure and utilities, Ha Dong always draws special attention of investors. Thus, the real estate price in this area is always high. Within half a year, the land price in Ha Dong has jumped 40 %.

The land fever in far-lying Ba Vi and Thach That districts where residents are still quite poor was escalated by tips to increase the appetite for quick profit and policy-based rumour. The fever turned uncontrollable after Hanoi authorities revealed the master construction plan until 2030 - 2050. With some ploys, speculators push up land prices in other parts of Hanoi. After the government authorities investigated the cause for the fever, the property bubble deflates. Many bargain-hunting investors have to abandon their deposits as they could not find out buyers.

The western part of Hanoi is being invested. Many artery traffic routes are being completed like Le Van Luong and Le Trong Tan. Several big urban zones are being built like Van Khe, Duong Noi, An Hung and Geleximco.

Mr Nguyen Do Viet, Deputy General Director of Nam Cuong Group, said that apartment prices in this area reflect the real market demand and quality of houses. The prices will climb up when the infrastructure construction is completed.

In Ha Dong district, land price fluctuations are also different from other areas. The price increases in line with the completion of infrastructure, modern and synchronous urban planning and the role of the district. The price goes up because the value adds.

According to incomplete data collected, projects surrounding Le Van Luong Road will offer 10,000 apartments in the near future, including 3,000 apartments in the Usilk City project, 1,700 apartments in Duong Noi project, and many in An Hung and Van Khe projects.

After the property fever cooled down, prices started to decline but the rate in Ha Dong remained stable. According to experts, with good infrastructure, prices of apartments in this area will continue to rise in the future.

Vietnam Business And Financial News Network. Source [vccinews.com]

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