Hanoi’s real estate market is witnessing significant growth, fueled by an increasing number of foreign professionals seeking luxury housing. The city issues approximately 10,000 new work permits annually to expatriates, most of whom are highly skilled professionals with a strong preference for premium properties.
This demand has been further strengthened by the 2023 Housing Law, which took effect on August 1, 2024, introducing regulations that make property ownership more accessible for foreigners. The Vietnam Association of Real Estate Brokers notes that Hanoi has not only solidified its position as Vietnam’s leading economic, political, and cultural center but has also become an attractive destination for expatriates.
The growing influx of foreign professionals, coupled with economic expansion and rising foreign direct investment (FDI), has significantly increased demand for housing, particularly in Hanoi and the northern region. The labor force is predominantly composed of highly skilled individuals, including managers, CEOs, experts, and technical specialists, many of whom seek to own high-end properties.
According to data from the Hanoi Department of Labor, Invalids, and Social Affairs, in 2023, nearly 11,200 organizations and businesses employed foreign workers, including 4,200+ management positions, 190 CEO roles, 8,000+ expert positions, 1,561 technical worker roles
Additionally, Hanoi issued 8,747 new work permits, reissued 1,234, and extended 2,749 work permits for expatriates, further reinforcing the capital’s appeal as a prime location for foreign professionals seeking long-term residence.
With a booming economy, increasing FDI, and favorable housing policies, Hanoi’s luxury real estate market is set for continued expansion, catering to the rising demand from the growing expatriate community.
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Source: Vietnam Insider