The Rise of the Northeast

Up to now, real estate in the west has successfully affirmed its role as a strong growth pole, of great significance in socio-economic development, building a modern civilized appearance of the capital. Meanwhile, the northeast with spectacular changes in traffic infrastructure and the formation of large urban areas has established the position of a new center, clearly shaping the multi-polar urban model - considered an inevitable trend to replace the unipolar model, which is struggling to solve a series of urban problems such as population overload, traffic congestion, environmental pollution, etc.

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Northeast real estate is becoming a "formidable" rival to the west of the capital. Source: Batdongsan.com.vn

The rise of the northeast region is an inevitable rule in the development process. The northeast region becomes a major counterweight to the west region in the mission of creating the appearance of the capital.

Savills' Q3/2024 market report shows that in the first 9 months of 2024, Hanoi recorded more than 12,000 newly launched apartments, with 17,000 transactions, mainly concentrated in the west and east of the capital. Also according to Savills, Hanoi is expected to welcome 9,700 new apartments in the last quarter of the year, of which 88% of the supply comes from metropolitan areas in the west and east.

Notably, in some segments, the East has surpassed the West, completely dominating both supply and transactions. CBRE's latest market report said that the new supply of land-attached housing in the third quarter of 2024 recorded more than 3,200 units, of which nearly 80% of the new supply came from the Northeast, belonging to a mega-urban project in Dong Anh. In terms of absorption rate, the number of units sold in the third quarter reached more than 2,500 units, nearly 5 times higher than the previous quarter and up 124% over the same period last year, also mainly concentrated in the East of the city.

Major drivers of continued growth

The northeast is waking up, becoming a super-connected hub thanks to billion-dollar traffic projects. As the gathering place of the country's key strategic traffic infrastructure network and the capital such as Thang Long - Noi Bai Expressway, Nhat Tan - Noi Bai Expressway, National Highway 5 extension including Truong Sa and Hoang Sa roads, Thang Long Bridge, Nhat Tan Bridge, Dong Tru Bridge, etc., the northeast region plays an important role in creating inter-regional spatial connections, with the role of multi-point connections.

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Vinhomes Global Gate with its iconic National Exhibition Center is creating strong appeal to investors. Perspective image of the project

The growth momentum of real estate in the Northeast is constantly expanding. At the end of August, the National Exhibition and Fair Center with a total scale of up to 90 hectares, in the top 10 largest exhibition centers in the world, was started. At the same time, the Tu Lien bridge connecting Tay Ho district with Dong Anh district was recently approved by the Prime Minister and directed to accelerate the investment progress, promising to create a great momentum for the entire region.

In that shifting context, the appearance of the Vinhomes Global Gate metropolitan project has become a magnet attracting investment waves in the market. Located in a rare prime location: the cultural - political - commercial center in the northeast of the capital, Vinhomes Global Gate with a scale of 385 hectares, initiates a sustainable green lifestyle with a theme park, a park system and a water surface of more than 40 hectares and a complete utility system.

The global metropolis plays an important role in orienting and positioning the regional market, becoming a symbol of an attractive super destination and high-class residence in the East of the capital, creating a trend of population movement, strongly attracting investment waves. On the journey to create that symbol, the project development unit MIK Group participated in Vinhomes Global Gate and continued to make its mark with the Imperia product line. This is also the product brand that has made the name of MIK Group with many high-end projects in the West.

In the northeast of the capital, MIK Group will accompany Vingroup to create and enhance the value of Vinhomes Global Gate urban area in particular and the land in general with pioneering products in terms of quality, standards and lifestyle. The new civilized and modern urban appearance of the northeast is increasingly evident. The price and value of real estate in the area are also increasing.

Ngoc Minh

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