Hanoi is quickly becoming the political and cultural center of Vietnam. It has seen recent growth with its improvement to transportation and infrastructure. And, most recently, there have been relaxed regulations which have allowed for foreign investment to occur within the city. The city’s population is growing and the middle class is increasing in size. These factors combined are making for a great investment in a condo for sale in Hanoi.
Technically, foreigners cannot own land that is collectively owned by the people. Thus, this makes purchasing a landed house a more risky investment than purchasing units in a condominium or condotel. When buying property, it is best to be cautious and make sure you work with a reliable real estate agent. Some buyers in the past have purchased the property before receiving their official certificate of ownership.
This guide will help you determine the best areas for condos for sale in Hanoi as well as reliable real estate agents.
Where to Buy?
The western and southwestern areas of Hanoi have seen the most rapid development, recently. Between improved infrastructure, including a newly built subway that opened in 2018, this is quickly becoming a hot spot for property investment. Let’s take a closer look at the districts of Hanoi and why you might want to purchase property in that region.
The Tay Ho district is located near the river and is considered the high-end location of the city. It is easy to get to the downtown area and there are plenty of parks and green areas nearby. This makes it an exceptional location for expats and families. It is the most expensive area of Hanoi but it is also the most liveable in terms of the infrastructure and amenities it offers.
The Cau Giay is a smaller central area, located southwest of Tay Ho. It is home to the highest building of Hanoi, the Keangam Hanoi Landmark Tower. This district hosts lots of universities, including the National University, and houses lots of students. This makes for ample opportunity to rent out your property to a steady supply of students staying in the area. Most of the students are from Vietnam but also Mainland China has started turning to Vietnam for overseas education.
This former city merged with Hanoi to create its largest district. After the property bubble burst in Vietnam, housing prices in this area have seen a decline offering plenty of opportunities for investment. Ha Dong district has lots of schools, making it ideal for families, and there are plenty of planned projects to increase the value of this district. It currently caters to the rich of Hanoi.
South of Tay Ho and Cua Giay, Thanh Xuan district is newly developed with lots of potential for growth. More affordable housing is already planned and it offers plenty of cheaper property with potential for profitable investment in coming years.
Until 2013, the districts of Nam Tu Liem (North Tu Liem) and Bac Tu Liem (South Tu Liem) were one district called Tu Liem. They both are large districts in Hanoi. If you are Japanese, this could be a place to invest in property as there a Japanese School located here. New projects have already been initiated and it is projected to become a hot spot for property buyers.
Real Estate Agents
As stated previously, it is extremely that you as a foreigner look for a reliable real estate agent to work with, including speaking English well. Locals tend to buy property by word of mouth but as a foreigner, you should not do this. Some of the more popular real estate agents in Hanoi include Westlake Housing, Yes Housing, and Tan Long.
On the rise as the political and cultural center of Vietnam, Hanoi is bound to be an excellent location for property investment. It is attracting the attention of locals and foreigners alike. The western and southwestern regions of the city are seeing the largest growth and development. As one of the fastest growing countries with a population of 95 million (and growing), it is hard to ignore this blossoming city.