In the first half of 2024, foreigners purchased over 1,000 apartments in Hanoi. These buyers came from a variety of countries and territories, including China, Korea, Hong Kong, Taiwan, Singapore, the USA, and the UK. Notably, Chinese buyers led the pack, acquiring more than 400 units.
According to the Ministry of Construction, more than 3,000 foreigners have bought houses in Vietnam from 2015 through the end of the third quarter of 2023, with most purchases concentrated in major cities and provinces. Hanoi alone accounted for over half of these purchases, with 1,765 units, followed by Ho Chi Minh City with 850 units, Bac Ninh with 110 units, Binh Duong with 210 units, and Ba Ria – Vung Tau with 50 units. The majority of these buyers hailed from China, Korea, Singapore, the USA, Australia, Japan, and Malaysia.
Despite this, the total number of foreign homebuyers in Vietnam remains relatively small compared to the demand. The Real Estate Brokers Association (VARS) calculated that foreign purchases have accounted for only about 0.53% of the country’s total housing stock between 2018 and 2022. Nonetheless, the demand among foreigners living and working in Vietnam, including for both residential and business purposes, is substantial. The Ministry of Construction estimates that around 4 million people, including foreigners and overseas Vietnamese, are interested in purchasing houses in Vietnam in the future.
Major Projects Chosen by Foreigners
In the first half of 2024, foreigners purchased apartments in over 20 projects across Hanoi, totaling 1,014 units. The three most popular projects were Hai Dang City, Imperia Smart City Tay Mo, and Golden Palace A, which together accounted for 610 apartments, or 60% of all foreign purchases in Hanoi during this period.
The Hai Dang City (Mon City) project, developed by Hai Dang Real Estate Investment Joint Stock Company, saw the highest number of foreign buyers with 263 units sold. About half of these buyers were from China, with the rest from Korea (38%) and the USA (9%). Hai Dang City spans over 7 hectares with 2,128 apartments and an investment capital of over 8,300 billion VND. Apartments here are priced between 37 and 47 million VND per square meter (including VAT and basic furnishings), meaning buyers typically spent 2 to 4 billion VND per unit.
Following closely was the Imperia Smart City Tay Mo project, part of the new urban area Tay Mo – Dai Mo – Vinhomes Park, with 247 units purchased by foreigners. This project, developed by HBI Joint Stock Company, saw Chinese buyers accounting for 84% of sales, with Koreans making up 6%. Imperia Smart City Tay Mo includes 5 blocks with 4,600 apartments on a total land area of about 3.3 hectares, with an estimated total investment of 5,600 billion VND. Apartments are priced between 50 and 65 million VND per square meter, with unit sizes ranging from 28 to 76 square meters, resulting in a typical cost of 1.5 to 5 billion VND per unit.
Additionally, in the first half of 2024, Land Use Rights Certificates (LURCs) were granted for 67 apartments across 12 projects to foreign buyers. Most of these were concentrated in the Udic Westlake high-rise housing project (15 apartments), D’. Le Roi Soleil Quang An project (5 apartments), and various projects in the Tay Mo – Dai Mo – Vinhomes Park area (12 apartments).
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Source: Vietnam Insider