A view of the east of Hà Nội by the Red River. Realty in the area is forecast to grow stronger this year. — Photo cafef.vn
HÀ NỘI — The realty market in eastern Hà Nội is forecast to grow stronger than ever with important transport projects worth billions of dollars being built in the second half of the year.
According to experts, Hà Nội’s eastern area has grown strongly over the past ten years.
Transport projects, including the extended Highway No 5, the intersection of the Ring Road 3 with the Hà Nội- Hải Phòng and Cổ Linh motorway, and phase 2 of Vĩnh Tuy Bridge, will be built from 2020-24. Phase 2 of Vĩnh Tuy Bridge will cost a total of VNĐ2.5 trillion (US$106.5 million).
There are also plans for Trần Hưng Đạo Bridge, Giang Biên Bridge and Tứ Liên Bridge in the area.
At the same time, as one of the largest realty developers in Việt Nam, Vingroup has recently asked for investment policies to build two overpasses at the crossroads between Đông Dư and Dương Xá streets and a highway adjacent to Vinhomes Ocean Park.
When the two overpasses are finished, they will form a modern traffic axis, creating flexible traffic flow from all directions connecting the entire city with the east of Hà Nội.
Along with transport infrastructure, social infrastructure is also an advantage in the area. Facilities such as Aeon Mall, BigC Long Bien, Savico Megamall, Tokyo Medical Hospital and the upcoming Vincom Megamall Ocean Park will help attract residents.
The Prime Minister also adjusted the general plan for Hà Nội, focusing on modern urban areas, as well as technical and social infrastructure in the eastern region, concentrated in the districts of Đông Anh, Gia Lâm, Yên Viên and Long Biên.
Đặng Hùng Võ, former deputy Minister of Natural Resources and Environment, said: "The development of the east is reasonable. The area has both mountains and rivers, so it will not be flooded."
Võ forecast it will become a "hot spot" for real estate investment as it has a large land fund and increasing infrastructure development.
Popular market research firms CBRE and Savills confirmed that real estate in the area has been attracting the attention of investors and customers, adding the market will witness many projects launching in the next couple of years.
According to investors, the east is a potential area connecting the capital city with the northern economic centres such as Hải Dương, Hải Phòng and Quảng Ninh.
Investor Nguyễn Văn Bách told Việt Nam News: “Compared with the west of the city, realty in the east has lower prices that are suitable for more people who look for a house in Hà Nội.” — VNS