Hanoi's Real Estate Market Welcomes Foreign Investment

In a move to attract international investment, Hanoi's Department of Construction has approved the sale of 1,200 apartments to foreign nationals. This decision marks a significant step in the city's efforts to diversify its real estate market.

Lumi Hanoi Project: Among the approved apartments, 1,181 are located in the Lumi Hanoi project, developed by Anh Sao Trading and Business Development Co., Ltd. and CapitaLand. This project, part of the Vinhomes Smart City complex in Tay Mo, Nam Tu Liem District, features a total of 3,950 apartments. Nearly 30% of these are now eligible for sale to foreign nationals.

Heritage West Lake Project: Additionally, 51 apartments from the Heritage West Lake project in Tay Ho district have been approved for foreign buyers. Developed by Singapore-based CapitaLand, this mixed-use complex offers a limited number of units to foreign purchasers, comprising 29.5% of the total apartments in the building.

This recent approval follows a similar move in October, when five residential projects in Hanoi were also opened for sale to foreign buyers. According to data from the Ministry of Construction, between 2015 and the third quarter of 2023, over 3,000 foreigners bought homes in Vietnam, with more than 50% of these properties located in Hanoi.