Lên tới 260 triệu/m2 nhà chung cư, bất động sản Tây Hồ Tây đang giữ đà tăng giá ấn tượng

The real estate market in Tây Hồ Tây, Hanoi, is experiencing an impressive increase in prices, with condominiums reaching up to 260 million VND/m2. According to a survey by Batdongsan.com, Tây Hồ Tây has consistently been one of the top areas in terms of supply and transactions. Over the past three years, from 2021 to now, the price of condominiums in this area has been consistently higher than in other areas, averaging from 7% to 15% higher. Tây Hồ Tây is especially attractive to major real estate developers who have positioned their high-end products specifically for this area.

Rising Prices in Tây Hồ Tây

Data from Savills also shows that real estate prices in Tây Hồ Tây (including Tây Hồ and Bắc Từ Liêm districts) have been increasing faster than the overall market in Hanoi. The primary condominium prices in Tây Hồ district have increased by 27%, while in Bắc Từ Liêm district, prices have increased by 21% per year. In contrast, the average increase for the entire city is 17% per year.

For example, the luxury condominium project called HH9 in the Starlake Hồ Tây urban area saw a significant price increase from its initial offering in 2018, with prices ranging from 50 to 65 million VND/m2. In the most recent sales phase in 2020, prices ranged from 52 to 70 million VND/m2. Surprisingly, as of March 2024, some units in this project have reached prices as high as 120 million VND/m2, with the developer almost completely sold out.

Another project in Tây Hồ Tây, Heritage West Lake, has seen prices skyrocket. The selling price for the developer’s Duplex units at the time of the initial launch was around 192 million VND/m2, but now prices have increased to 220-260 million VND/m2, an increase of over 35%. The lowest-priced 2-bedroom units in this project start at 8.2 billion VND, with a price difference of 1-3 billion VND for the secondary market. The lowest-priced 3-bedroom units start at 13.5 billion VND, with a price difference of 3-5 billion VND for the secondary market. Notably, there is a 4-bedroom unit that has set a record selling price of 48 billion VND.

Attracting Investors and End-users

Tây Hồ Tây has become a hotspot for both investors and end-users. The areas of Xuân La, Xuân Đỉnh, Phú Thượng, and Đông Ngạc in Tây Hồ district have been bustling with brokers, investors, and discerning customers who are interested in real estate prices. Online real estate platforms are also constantly discussing and searching for condominiums in the Tây Hồ Tây area, along with the Nam Thăng Long urban area.

Explaining this trend, Hoàng Phương, a sales specialist at a large real estate distribution company in Hanoi, said, “In recent years, the strong development of transportation and social infrastructure, along with breakthroughs in urban planning, has attracted major investors to pour capital into large-scale and high-quality projects in the western area of Hồ Tây. These projects have become the top choice for both investors and customers in need of high-end living spaces.”

According to Ngọc Ánh, the Priority Relationship Manager of an international Swiss brand operating in Hanoi, the increasing prices in Tây Hồ Tây are due to the favorable climate, environment, and convenience for work. The location is highly sought after by their “sophisticated” clienteles, mainly foreigners working in diplomatic and multinational financial management fields. The area’s strategic connectivity, proximity to major roads, Nội Bài International Airport, and being only 4.5km away from the Ba Đình district center, combined with its cohesive planning by state agencies, makes it extremely suitable for their specific work needs. Additionally, these “Western” customers appreciate living near Hồ Tây due to the secure environment, clean air, and the well-established “international lifestyle” that the area offers. Therefore, the Tây Hồ Tây area is often their first choice when searching for luxury accommodations. Only when there are no vacancies do they consider staying in downtown areas like Hoàn Kiếm or Ba Đình. As a result, they are constantly searching and surveying real estate prices, especially high-rise apartments in the Tây Hồ Tây area. Currently, the prices in this area are increasing significantly but still align with their willingness to spend and desire for high-quality living spaces.

High Demand from Both Investors and End-users

Not only indirect customers but also end-user families show a keen interest in Tây Hồ Tây. The Phúc Khang family, currently living in Hai Bà Trưng district in Hanoi, wishes to move to the Tây Hồ Tây area to accommodate their large family and enjoy a spacious and fresh environment, especially for their elderly members. They have been searching for a 4-bedroom condominium with a wide view and a price range of 7-8 billion VND. However, they have found it challenging to find a suitable unit. Some developers and brokers have even decided to withhold inventory and await further price increases.

Phúc Khang shared, “My family spans three generations, and since my parents are getting older, we have a strong need for a large-sized home with green spaces and spacious internal facilities for my parents to exercise daily, and for my children to have a comfortable area to play. I chose Tây Hồ Tây because of its clean and less polluted air compared to other districts in the city. The feng shui is also favorable, and transportation is convenient for commuting to the city center. However, despite seeking assistance from sales agents, we haven’t been able to find a suitable apartment for many months, mainly due to the surging prices.”

A Prime Location for Foreign Residents

It is evident that real estate near Hồ Tây is highly valued in Hanoi, and it is not surprising that most of the projects with the highest prices are located near the lake. As the available land in this area becomes scarce, those who want to purchase properties must focus on rare ongoing construction projects.

In addition to domestic investors, a loyal group of foreign customers also choose Tây Hồ Tây as their place of residence and investment. Due to its historical significance, Tây Hồ Tây has long been known as the “land of global citizens.” Furthermore, the recent amendment to the Land Law, effective from January 1, 2025, has attracted attention by expanding land use rights for foreigners.

Experts believe that this change will provide more investment opportunities for Vietnamese overseas and foreign buyers. This is also a driving force for market development, as the real estate market in Tây Hồ Tây continues to attract these customers. The prices of condominiums in Tây Hồ Tây are expected to continue to rise significantly. Particularly, projects that integrate full-service amenities and the involvement of international operators will continue to attract high-end residents, pushing property prices even higher.