The Hanoitimes - Hanoi has its own attractions that become special to outsiders. Executives of global real estate services provider Savills have opined that Hanoi has appeared to become a key part of Vietnam’s growth story as the city has “its own attractions” in the real estate sector. Hanoi, with more than 1,000 years of history, is Vietnam’s cultural center as well as its administrative hub. The French colonial era left Hanoi with a number of historic buildings and tree-lined boulevards that have garnered it the title of the Paris of the East. The population of 8.1 million doubles if the nine surrounding provinces are taken into account. In addition, Hanoi benefits from Vietnam’s thriving economy: 2019 GDP growth was 7.02%, above the 2019 government target of 6.6% to 6.8%. Retail sales were US$163 billion, up 13% on year. Troy Griffiths, deputy managing director of Savills Vietnam, said “Hanoi offers a wealthy population by Vietnamese standards and that population is growing rapidly. The city’s infrastructure is rapidly evolving, with metro lines, roads and bridges which will improve connectivity and boost real estate values.” Meanwhile, the city’s stock of modern real estate is growing and domestic developers are maturing to deliver international grade assets, Griffiths adds. Part of Hanoi. Photo: Do Hung Last year, Japan’s Sumitomo Corporation joined forces with Vietnam’s BRG Group to develop a 272-ha smart city in Dong Anh district, north of the city's center. The extension of Metro Line 2 from central Hanoi to Noi Bai International Airport will pass through the project site, which will be home to a new station. Other foreign developers and investors active in Hanoi include Keppel Land, CapitaLand, Mitsubishi Estate, Gaw Capital Partners and Hongkong Land. The city’s growing population fuels demand for residential property. Apartment sales rose 26% to nearly 40,000 in 2019, with new supply of 37,700 units. Supply looks …
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