Hanoi: Apartment prices slump along Ring Road 3.5

Real estate develops strongly along the 3.5 belt

Hanoi Ring Road 3.5 is an important road traffic route of Hanoi, passing through the districts of Dong Anh, Bac Tu Liem, Hoai Duc, Ha Dong, Thanh Tri, Gia Lam of Hanoi city and Van Giang district of Hung Yen province.

This route is considered one of the most anticipated transport infrastructure projects in the near future of Hanoi as it connects the North and South of the Red River, forming a belt in the West of Hanoi. Belt 3.5 will help solve the infrastructure overload in the area, especially sharing the burden on the Belt 3 routes (including the elevated Belt 3) and Belt 4.

Currently, Ring Road 3 is planned into sections: Section through Me Linh district and Dong Anh district, Section from Road 32 to Thuong Cat bridge, Section from Thang Long Avenue to Road 32, Le Trong Tan - Ha Dong Street, Southern axis road.

Following this route, the real estate market is very vibrant, especially the section from Road 32 - Thang Long Avenue - Ha Dong is very developed with a series of large urban areas such as Van Canh Urban Area, Bac An Khanh Urban Area, Nam An Khanh Urban Area, Vinhomes Smart City Urban Area, Geleximco Urban Area, Duong Noi Urban Area... with land prices for villas and townhouses ranging from 100-200 million VND/m2.

Along with the low-rise segment, following the 3.5 belt axis, the apartment segment is developing along this route with a price level reaching 60 million VND/m2, a price equivalent to many high-end apartment projects in Hanoi's inner city districts.

Typically, a series of An Lac Green Symphony apartment projects in Van Canh urban area have prices reaching 45-50 million VND/m2, while high-end apartments Imperia Smart City and Masteri West Heights (in Vinhomes Smart City urban area) are also anchored at a new price level of 50-60 million VND/m2.

Ring Road 3.5 Hanoi

Low point of house prices in the southern axis of beltway 3.5

While real estate prices on the 3.5 beltway section passing through Hoai Duc and Ha Dong districts have been at a high level, currently the low-priced real estate area on the 3.5 beltway is concentrated in the southern axis route, the southern gateway of Hanoi.

The southern axis route passing through Thanh Ha – Muong Thanh urban area starts at the Phuc La – Van Phu intersection and ends at the Phap Van – Cau Gie expressway. Up to now, the internal intersections of Thanh Ha urban area connecting to this route have been completed.

According to the leader of the Hanoi Department of Transport, this road section is of special importance, a vital artery in the South of Hanoi. Because this road passes through the sections connecting Xa La Nguyen Xien connecting Ring Road 3, the Phuc La - Van Phu intersection connecting Ring Road 3.5, more importantly, connecting Ring Road 3.5 with Ring Road 4 and Phap Van - Cau Gie Expressway.

In the future, when the entire southern axis road is open to traffic, people living in the western area of ​​the capital can quickly connect to the Phap Van - Cau Gie highway without having to go through the Giai Phong - Phap Van intersection.

In anticipation of the development of this route, projects with relatively low prices have also appeared in Thanh Ha and Thanh Tri areas. One can mention the Phap Van - Tu Hiep Urban Area, where apartment transactions are only about 25-30 million VND/m2. Or the Tecco Garden project is also anchored at a primary price of only 27 million VND/m2, this is the project currently on sale with almost the lowest price in the Hanoi apartment market.

It is known that Tecco Garden was also a shocking project in the real estate market in 2023 when Dat Xanh Mien Bac - the exclusive distributor of the Tecco Garden project committed to buying back the apartment at full price after 18 months and bear all transfer costs in case the customer is unable to pay bank interest or has a need to try it out.

Currently on the market there are not many projects that fully meet the criteria of home buyers like Tecco Garden.

Assessing the real estate prospects of the Southern axis, Chairman of the Real Estate Brokerage Association Nguyen Van Dinh said that currently the development speed of this area is being pushed to a peak, many projects on economic zone development, urban infrastructure... so there is a lot of potential. Besides, this area still has a lot of room for development because it has not been invested much before, the land fund is still large.

"I believe that the southern area of ​​Hanoi will grow well in the coming time and will attract many high-quality investment projects. Especially when the 3.5 route connecting this area will be the key development of the southern gateway of Hanoi," Mr. Dinh commented.

Also having a fairly positive view of the South, Ms. Do Thi Thu Hang, Head of Research Department of Savills Hanoi, also affirmed: "The inevitable rule from the past to the present, wherever there is a road, there will be a trend of developing real estate projects. With its location as the gateway to the South, this area will develop strongly in the coming time. In particular, the current land price level in the South is lower than other areas. Therefore, in the future, this is an area that will have a lot of potential for price increases".

Source: https://www.congluan.vn/ha-noi-vung-trung-gia-chung-cu-doc-duong-vanh-dai-35-post267554.html