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Real estate values up in outer suburbs
Real estate in Ha Noi's outlying westside will continue to attract development due to improved infrastructure, said Century Group Deputy Director Pham Thanh Hung, noting that better road systems in the area, including the new Thang Long and Le Van Luong highways, have already contributed to 30-40 per cent increases in property values.
The prices of Tay Do villas in the Duong Noi new urban area, for instance, have risen from VND23-30 million (US$1,150-1,500) per square metre last year to VND40-50 million ($2,000-2,500) this year, he noted.
Villas and apartments in the Van Khe urban area were fetching an even more impressive VND60-70 million ($3-3,500) per square metre.
Meanwhile, on the other side of town, across the Red River in the Gia Lam District, real estate values have also been rising steadily, said Viet Nam Property Company General Director Nguyen Xuan Dao.
The price-per-square-metre for a unit on Ngoc Thuy Road, for example, now stand at VND35-40 million ($1,750-2,000), a seven-fold increase since 2007, Dao said.
Properties in the Da Ton commune have climbed from values of VND3-5 million ($150-250) per square metre two years ago to VND15-16 million ($750-800) currently.
Property values were expected to rise further once the Ecopark development was completed and once better road systems linked the eastside to the city centre, he added, noting that the recently-opened Phap Van and Thanh Tri bridges have already helped shorten commute times from the area.
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