Billion-Dollar Infrastructure Ignites Real Estate Boom in Western Hanoi, Affluent Individuals Invest in Villas for Residence
Billion-Dollar Infrastructure Ignites Real Estate Boom in Western Hanoi, Affluent Individuals Invest in Villas for Residence
The increasingly sophisticated transportation infrastructure, coupled with the emergence of modern urban centers, serves as a driving force propelling the real estate market in Western Hanoi, transforming it into the fastest-growing area in the capital city.
Infrastructure as the Catalyst
Transportation infrastructure is often likened to the "ignition source" that triggers the development of a region. The real estate market in Western Hanoi is no exception. Over the past decade of planning and development, the transportation system in the West has been perfected, seamlessly connecting all four directions: East, West, South, and North of Hanoi. Assessing the pace of development in the West, Mr. Nguyen Van Dinh, Vice Chairman of the Vietnam Real Estate Association, affirmed that this area ranks highest in Hanoi in terms of both infrastructure and socio-economic development.
The West is planned to become the new center of Hanoi, concentrating numerous leading agencies. Specifically, the National Convention Center, the National Exhibition Center, and the headquarters of the Ministry of Foreign Affairs have been constructed and operational over the past decade. Moreover, according to the plan until 2023, the Me Tri area, covering approximately 55 hectares, will serve as the workplace for 23 agencies. These will be high-rise structures of 17-25 floors, with public service facilities of 3-5 floors.
In addition to social infrastructure, the transportation infrastructure in the West has also seen robust development. Major transportation routes have been established to connect the Western Hanoi area with the city center, including Thang Long Avenue, Road 32, the elevated railway line Cat Linh – Ha Dong, the central axis Tô Hữu – Lê Văn Lương... Currently, Hanoi is accelerating the construction of Beltway 3.5 and Beltway 4. These are vital arteries forming a development zone stretching from the East to the West and from the West to the East.
According to expert evaluations, when these key connecting routes officially become operational in the 2025-2030 period, they will create an entirely new landscape, connecting the high-tech zone of Hoa Lac, the entire West with the central area of Hanoi, and the entire West with the provinces of Bac Ninh, Hai Phong. This will generate momentum for the overall real estate market in the Western region covering districts such as Ha Dong, Nam Tu Liem, Hoai Duc, Thach That, Quoc Oai...
Formation of Future Affluent Residential Area
Observing reality, the outstanding development of the infrastructure in the Western region has led to a robust and significant growth in the real estate market compared to the other three directions: South, East, and North.
Nearly a decade ago, large-scale projects were initiated along the central axis of Lang – Hoa Lac, National Road 32. Notable developments include the South An Khanh Urban Area, Geleximco, Duong Noi Urban Area, Splendora Urban Area, Kim Chung Di Trach, Lideco Urban Area... Comprehensive infrastructure has attracted a large population to settle in this area, creating a lively new urban appearance, a super "villa village" sprawling over thousands of hectares.
The Western region real estate market has also welcomed the presence of newly built urban areas. Specifically, Vinhomes Smart City, covering over 280 hectares, has completed infrastructure and welcomed tens of thousands of residents. Phase 2 of the Splendora project, with an area of up to 100 hectares, is also scheduled to commence construction at the end of this year. Especially, the Duong Noi Urban Area is becoming more bustling with the opening of the largest Aeon Mall in the Northern region.
According to Mr. Nguyen Van Dinh's assessment, the development of Western infrastructure, like a "storm," has demonstrated the attractiveness and breakthrough potential of the real estate market in this area. In the future, when Beltway 3.5 is completed, and Beltway 4 is built, this will be the most beautiful area of Hanoi, bringing together the three elements of Favorable Weather – Favorable Location – Favorable Population.
It can be seen that Western Hanoi, once the focus of Hanoi's development in the 2010s, is regaining its position as the "leader" after 10 years. Vast land funds, coupled with highly developed transportation and social infrastructure, are attracting a large number of intellectuals and wealthy individuals to settle in this area. The face of Western Hanoi is changing every day, along with the demographic shift. This is also a driving force for sustainable development of the residential real estate market in the West in the coming years.
