Nội đô khan hiếm nguồn cung, điểm sáng thị trường gọi tên Tây Hồ

The inner city is facing a scarcity of housing supply, with the Tây Hồ district emerging as a bright spot in the market. Homebuyers are struggling to find available properties, creating a high demand for new projects in the area.

Nội đô “trắng” nguồn cung mới

Since the beginning of the year, many homebuyers, like Ngọc Mai, have been searching tirelessly for a 2-bedroom apartment in the Nguyễn Văn Huyên and Võ Chí Công area or around the diplomatic quarter. However, there are no new luxury apartment projects available for sale in these locations. Existing apartment buildings are also difficult to purchase, as real estate agents have mostly withdrawn from the market due to the fact that residents within the area often secure properties for their relatives and acquaintances.

Similarly, Nguyễn Vinh has been struggling to find a townhouse or villa in Ciputra or Star Lake for months, but there are no sellers, despite the high prices in these areas. The majority of real estate listings for apartments, townhouses, and villas in the inner city are scarce, with most available options located in suburban areas, far from the city center, where the infrastructure is still under development or lacking synchronization.

A recent report by OneHousing, a real estate platform under One Mount Group, confirmed that there will be approximately 16,000-18,000 new condominium units available for sale in Hanoi this year. The West and East districts are expected to account for over 90% of the market.

Tây Hồ district – A shining star in the market

According to Savills’ market report, the housing supply in Hanoi is significantly lower than the demand for housing in a city of nearly 8.5 million people. In the fourth quarter of 2023, only 710 primary villas and townhouses were available for sale in Hanoi, coming from 16 projects, mainly in the suburban areas. As for the apartment segment, there were 11,911 primary units available, primarily located in the West and East districts of Hanoi.

A report by CBRE also confirmed that the market witnessed an 84% decrease in housing supply in 2023, reaching the lowest level in recent years. In Hanoi’s real estate market, only 2,600 villas were put on sale in 2023.

According to the Vietnam Real Estate Brokers Association, the shortage of inner-city housing supply and high demand can be attributed to the depletion of available land for development projects and legal obstacles that prevent certain projects from being launched.

When reviewing the remaining urban land funds in the inner city, experienced investors conclude that Hanoi’s inner city has less than 100 hectares of land for high-end housing development. These include a 30-hectare land fund of Vimedimex in Hai Bà Trưng district, high-rise land of Star Lake in Tây Hồ district, a 35-hectare land fund of Licogi in Hoàng Mai district, and a 20-hectare land fund of Kita Group in Tây Hồ district.

Tây Hồ district is the most promising area among the listed golden land funds available for future housing development. It has two major projects that could be launched soon: the high-rise land of Star Lake, and the next phase of the Ciputra mega-project, which includes 20 hectares of land owned by Kita Group and is currently being developed with low-rise and high-rise projects in the vicinity of Võ Chí Công street, Nhật Tân bridge, and opposite Lotte Mall Hanoi.

Interestingly, despite being a central district of Hanoi, the real estate market in Tây Hồ has been relatively stable compared to other districts, with consistent and sustainable growth instead of experiencing speculative or virtual fever. One reason for this stability is that Tây Hồ is regarded as a preferred residential area for foreigners and the upper-class community, attracting individuals with high market understanding and demanding requirements when purchasing real estate. Furthermore, the overall infrastructure in this area has only recently been completed and fully synchronized to meet the high-quality living needs.

With the upcoming development of a new administrative center, 13 embassies, 5 ministries, 8 departments, and dozens of international organizations and major office centers relocating to Tây Hồ district, substantial investments have been made in the internal transportation system. Upgraded and expanded arterial roads, such as Võ Chí Công, Nguyễn Hoàng Tôn, and the 60-meter road connecting Võ Chí Công and Phạm Văn Đồng, provide convenient access. Additionally, the urban railway line No.2 Nam Thăng Long – Trần Hưng Đạo, with a length of 11.5 km, will be deployed in the near future, connecting Tây Hồ district with the city’s central core.

“Tây Hồ district possesses all the elements to attract the golden generation of capital city residents, and the upcoming projects, both low-rise and high-rise, are highly sought after and eagerly awaited by buyers,” said CEO Nguyễn Thị Dung from G.Empire Group, the owner of G.Empire Land – “Top 10 Best Real Estate Agencies in Vietnam in 2023”. According to the experienced CEO, in the high-end segment, inner-city housing remains the most desirable location for buyers.

Data from batdongsan.com.vn showed a 110% increase in searches for Hanoi land lots, a 77% increase in searches for project land, and a 71% increase in searches for Hanoi apartments in January 2024 compared to the same period last year. A consumer sentiment report also indicated that 65% of buyers plan to purchase real estate within the next year. Among them, 60% are interested in investment opportunities, and land lots remain the most sought-after property type.

Notably, real estate buyers in the first half of 2024 are more confident compared to the second half of 2023. Market sentiment has increased by 3 points due to improved satisfaction with the potential for price appreciation, a significant decrease in mortgage interest rates, positive market trends, and favorable government policies. This will be an attractive force propelling the market into a new growth cycle.

“With the scarcity of supply, inner-city real estate will become a rare commodity that will be difficult to acquire even if you have the funds. In particular, projects in rapidly developing areas such as the Võ Chí Công road, the northern gateway of the capital, will be highly attractive to buyers,” emphasized CEO Nguyễn Thị Dung from G.Empire Group.

Written by Hà An