Real estate prices in the east of Hanoi soar thanks to the push of infrastructure

House prices in the east of Hanoi have grown significantly

More than 10 years ago, the Minh Khai and Vinh Tuy areas, although not far from the center, were considered “remote and remote” places because of poor infrastructure and service capacity. The change of flesh only came when Vinhomes Times City appeared, turning this place into one of the leading crowded central residential areas in Hanoi.

Following the development of infrastructure in the eastern region, house prices in Times City and Park Hill recorded outstanding growth despite being handed over for many years. Surveying the secondary market, apartments in Times City increased in price by 15-20% compared to before the pandemic. Park Hill apartments increased even more strongly, up to 25% maximum compared to more than 2 years ago.

The reason for this price increase, the real estate exchanges all confirmed is because the supply is increasingly limited and the demand is increasing sharply. Mr. Dinh Son – Sales Manager of a brokerage company said: “Last year, the number of customers looking to our company to buy secondary apartments in Times City increased sharply. Closed, fully-equipped projects and airy living space are rare in the inner city because the land fund is no longer available and few investors dare to invest as strongly as Vingroup.

Strongly developed infrastructure, high-class “All-in-one” projects such as Park Hill, Times City have a very active secondary market and rental market.

Not only the buying and selling market, the apartment rental market here is equally exciting. Despite going through a stressful pandemic period, Times City apartment rental prices still increased slightly. The excitement of the buying and selling – leasing market in Times City is also a lever that makes the prices of apartments in the east area also increase significantly.

New focal point in the east

After Times City, a series of real estate projects in the eastern region are also becoming the focus of attention of customers and investors. With Hanoi being and will be deploying a series of bridges over the Red River and metro lines, moving from the east to the old center is becoming more and more convenient and easy. In particular, with a large enough space, synchronous planning, people can look for projects with full utilities – something that is rare in the central area due to limited land funds. This has caused real estate prices in the East to increase recently.

Vibrant Vinhomes Ocean Park, now becoming the destination of more than 30,000 residents from the old center

In which, Vinhomes Ocean Park became the focus of the wave of moving to the east. With a unique concept of bringing the sea to the heart of the capital, the 420ha Vinhomes Ocean Park has attracted more than 30,000 residents to move in, creating a new bustling center in Gia Lam – where just a few years ago it was just a place. rolling fields. Easy connection to the central area through Ring Road 3, Co Linh intersection, highway connecting 5A-5B… makes the concept of “crossing the bridge” no longer an obstacle. Especially, after the pandemic, projects with good connections and open living environment and full facilities like Vinhomes Ocean Park scored high in the eyes of the people.

According to experts’ forecasts, when Vinh Tuy Bridge phase 2 is completed, then 4 new bridges crossing the Red River and metro line 8 in the future will make the connection between the east and the old center. becomes increasingly simple. In particular, Gia Lam’s early completion of the targets to the district will also be the cause for the eastern real estate market to continue to establish a new price ground.

The Dinh