According to surveys of some trading floors, residential land prices in three wards - Nguyen Trai, Mo Lao and Quang Trung - are holding the highest prices in Ha Dong district, exceeding the average land price of the area. The average land price (including main street land and small lane land) in the three wards are currently VND 91.1 million per m2, VND 84.61 million per m2, and VND 72.63 million per m2, respectively.
In Nguyen Trai ward, the frontage at Luong Van Can street is priced at VND 120-150 million per m2 and Ba Trieu street is at VND 80 - 95 million per m2. In Mo Lao Ward, the street front land in Tran Phu Street has a selling price of VND 110-125 million per m2 and at Thanh Binh street - VND 100-110 million per m2, with Nguyen Van Troi street selling from VND 70 to 90 million per m2.
These prices reflect the speed of urbanization in Ha Dong district and impact the land bank strongly where the favorable locations in Ha Dong has fallen into depletion.
However, depending on the location, area and interior construction, the street front houses range from VND 8 to 15 billion per unit. Small houses in the corner of the street fell into the price of VND 2-4 billion per unit.
A series of real estate projects west of Hanoi have been developed and put into use
According to experts, the new supply in the third quarter of 2018 are mainly from the west and south of Hanoi; these areas area planned synchronously and are now growing strongly. It is oriented to develop into a new satellite area of the Capital, with huge investment on infrastructure, public transport, large expansion of highways, and a high speed train system. These are the factors that promote developers to to build more quality projects, creating attraction for investors and residents who are looking for a good place to live with their family. The west area is an especially hot destination for foreigners from Korea, Japan, Malaysia, and Singapore, to either to buy or rent luxury apartments.
On the other hand, three wards with the lowest residential land prices are Dong Mai, Bien Giang and Yen Nghia with the average price of VND 15.43 million per m2, VND 17.81 million per m2 and VND 24.03 million per m2 respectively. The reason being that these wards are located 15-20 km from central of Hanoi. This price is considered to be quite soft, encouraging a new blossoming trend in ready-built house with price ranges from VND 900 million to VND1.3 billion per 30-35m2/ unit.
According to representatives of CBRE Vietnam or Savills, this is the most dynamic development area, and the strong boom of the real estate market in the past few years, is thanks to synchronously invested infrastructure.
With the presence of the big names in the west of Hanoi such as Vingroup, Geleximco, Nam Cuong, Hai Phat, Van Phu or BIM Group, along with continued infrastructure investment and completion, the West of the Capital city continues to be one of the "hot spots" investment in the coming time.
