Although residents do not benefit from the “near river” factor and even have to suffer negative impacts from environmental pollution, the prices of apartments along the To Lich River still increase according to the general market trend.
The ancients had a saying “first near the market, second near the river, third near the road” to indicate the criteria when buying land and building a house. According to the old concept, the “near the river” factor will help the homeowner with irrigation and farming. In addition, the riverside area is often where many commercial activities take place, creating favorable conditions for trade development.
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| To Lich River is 14.6 km long, flows through 6 districts and is the main drainage axis of Hanoi. Photo: Thanh Vu |
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| Recently, Hanoi City has proposed to the Prime Minister to build an emergency project to add water from the Red River to To Lich to improve the environment. Photo: Thanh Vu |
However, with the To Lich River – a seriously polluted river that receives wastewater from 81 discharge points, the apartments along the riverbank do not benefit much from the “near river” factor. In fact, environmental and air quality are even a big problem for residents here. However, the prices of apartments with a “view” of the To Lich River still skyrocket following the general market trend.
Although Hanoi has continuously implemented many solutions to “revive” the To Lich River, the results are still not feasible. The river water is still covered in a pitch-black color, garbage and waste still float on the river. On hot days, the river becomes even more smelly. Although owning apartments along the river, many people do not dare to open the windows to avoid the smell of sewage as well as noise and dust.
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| Apartments at Riverside Garden are being offered for sale at 60-65 million VND/m2. Photo: Thanh Vu |
In 2016, Riverside Garden apartment (Khuong Dinh ward, Thanh Xuan district) was opened for sale by investor Videc at a price of about 24 million VND/m2. However, now the number has increased to 60 - 65 million VND/m2, depending on the value of the interior furniture that comes with the apartment. This is an apartment with a relatively prime location, when within a radius of 500 m there are at least 5 schools, from primary to high school, along with the headquarters of the People's Committee and the Khuong Dinh Ward Police.
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| Dai Kim Building apartment complex is originally social housing but currently has a selling price 2.5 times higher than other projects in the same segment. Photo: Thanh Vu |
Dai Kim Building Apartment (Dai Kim Ward, Hoang Mai District) is also known as Dong Mo Social Housing. At the time of opening in 2016, the apartment price here was only about 14 million VND/m2, targeting low-income workers. However, the selling price has now increased to 50 million VND/m2.
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| Currently, the number of residents at X2 Dai Kim apartment building is still not much. Photo: Thanh Vu |
X2 Dai Kim Apartment (Dai Kim Ward, Hoang Mai District) is a project to resettle people whose land was acquired to build the ring road and other projects. This apartment building started handing over houses in the fourth quarter of 2022, with a selling price of about 30 - 35 million VND/m2. After more than 2 years, the apartment price has now increased to 45 million VND/m2.
Currently, the number of residents living in this apartment building is not much, most of the apartments do not have pink books. In addition, the buying and selling procedures are also quite complicated and go through many stages.
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| Five Star Garden apartments are currently priced at around 58 - 65 million VND/m2. Photo: Thanh Vu |
The apartment buildings at Five Star Garden (Ha Dinh Ward, Thanh Xuan District) are not directly adjacent to the To Lich River. This also helps to limit the impact of environmental pollution.
Although nearly 8 years have passed since the first handover, the buildings at Five Star Garden are still in relatively good condition. In 2015, trading floors offered apartments here for 25.5 million VND/m2. After 10 years, this number has increased to 58 - 65 million VND/m2.
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| Royal City is one of Vinhomes' first apartment projects. Photo: Thanh Vu |
Royal City (Thuong Dinh Ward, Thanh Xuan District) is one of the most expensive apartments with a view of the To Lich River. The project started construction in 2010 and began handing over apartments in 2013. At the time of its launch, the project created a big buzz thanks to its ownership of the largest shopping mall in Vietnam.
In 2021, the average price of apartments here was around 40 million VND/m2. Apartments with good locations were only priced at 56 million VND/m2 at most. However, after 3 years, apartment prices have climbed to 80 - 90 million VND/m2.
According to the Vietnam Association of Realtors (VARS), the apartment market in Hanoi has consistently led the growth rate in selling prices. Compared to the second quarter of 2019, the average price in the fourth quarter of 2024 increased by 72.4%. This figure is completely different when compared to the two following markets, Da Nang (49.9%) and Ho Chi Minh City (34.3%).
However, VARS predicts that, by 2025, the price increase in the secondary market may slow down, because the housing supply is becoming more and more active, especially in the social housing segment.
According to Mr. Nguyen Anh Que, Executive Committee Member of the Vietnam Real Estate Association, from now until the end of 2025, the social housing fund in Hanoi will have about 4,000 more units, corresponding to 10 projects and mainly concentrated in the districts of Dong Anh, Gia Lam, Thanh Tri, Quoc Oai. By 2027 - 2029, the new social housing and commercial housing fund will have at least 300,000 units. This will be a "fever reducer" to help the Hanoi apartment market "cool down" soon.
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