Hanoi announces 5 projects allowed to be sold to foreigners, mostly luxury apartments

In the October 2024 announcement by the Hanoi Department of Construction, projects licensed for sale to foreign organizations and individuals mostly have prices ranging from 70 - 100 million VND/m2.

Recently, the Hanoi Department of Construction has announced a list of projects that allow foreign organizations and individuals to own in the city, as of October 2024.

The first project is the HH2-1A building in the Golden Palace A residential, commercial and service complex, with the commercial name The Matrix One (Me Tri and Phu Do wards, Nam Tu Liem district). The investor of the project is Mai Linh Investment Joint Stock Company. Currently, the apartment price here fluctuates around 90-100 million VND/m2.

4/5 announced projects are located in Nam Tu Liem district. Photo: Thanh Vu

Next is the Viha Complex project (Nguyen Tuan Street, Thanh Xuan District) of a consortium including Xuan Loc Tho Company Limited and Thong Nhat Printing and Trading Joint Stock Company. The apartments here all have at least 2 bedrooms or more, the smallest apartment area is up to 72 m2. The current price is around 90 million VND/m2.

Next are the apartment buildings of the investor HBI JSC. Specifically, including buildings Z38M.1, Z38.1 and U39.1 on land plot F2 - F4 - CH04. In addition, there are also buildings Z38M.1 and Z38.1 on land plot F2 - F4 - CH05.

According to the announcement of the Department of Construction, this project is located in Tay Mo ward, Nam Tu Liem district. Thus, it is highly likely that these will be buildings belonging to the Imperia Smart City project. Currently, new apartments here are being offered for sale at a price of about 70 million VND/m2.

Finally, the U35.1, U35.2, U35.3 apartments belong to lot F2 - CH01 of the new urban area Tay Mo - Dai Mo - Vinhomes Park, commercial name is Vinhomes Smart City (Tay Mo ward, Nam Tu Liem district). The investor of the project is SV Tay Ha Noi Real Estate Development and Business Joint Stock Company.

In a recent report, Cushman & Wakefield stated that Vietnam is an emerging market for attracting investment with attractive profit rates. Currently, the profit rate of residential real estate segments is about 8-10%/year, higher than the 2-3%/year of countries in the region.

In the Housing Law 2023, foreigners are not allowed to own more than 30% of the total number of apartments in an apartment building and no more than 250 individual houses in an area with a population size equivalent to a ward.

According to a report by the Foreign Investment Agency (Ministry of Planning and Investment), in the past 9 months, the real estate sector accounted for nearly 17.7% of total foreign direct investment (FDI) registered in Vietnam, ranking second in the industry. With an investment of nearly 4.4 billion USD, this figure has increased 2.2 times compared to the same period last year.

Source: https://baodautu.vn/batdongsan/ha-noi-cong-bo-5-du-an-duoc-phep-ban-cho-nguoi-nuoc-ngoai-da-phan-la-chung-cu-cao-cap-d227242.html