Hanoi property – real estate in Hanoi

Hanoi, the capital of Vietnam, is modernising and expanding at a rapid rate. The numbers of people moving into the city from the countryside have pushed up demand for accommodation, and while new apartment blocks are going up all the time, the supply cannot meet this demand.

The result has been an explosion of prices for accommodation during the last decade, making things tough not only for Vietnamese to afford somewhere to live, but also for Westerners looking to establish a base in this delightful city. Though some may tell you it’s cheaper to live here than in Saigon, in fact there is very little difference in what you pay and what you get.

Property agents in Hanoi

In Vietnam, it is not technically possible to buy the freehold on any property, though it is quite easy to arrange 50-year leases. The majority of expats, however, are looking for rentals for a few years. In either case, one thing you will need is the assistance of a good property agent to guide you through all the stages from viewing properties to signing the contract. A couple of recommended agents are VN Housing (7th FL, Pathfinder Building, 73 Tran Duy Hung st, Tel: +084 (0)4 210 7789) and VN Expat (Tel: +084 (0)4 293 5991).

Hanoi rental costs

As in Saigon, you can expect accommodation costs to account for the lion’s share of your salary, though the cheap prices for transport, food and other daily needs is low enough to offset this drawback. Since rental costs are increasing all the time, it is difficult to give exact estimates, but expect to pay no less than US$300 per month for a small apartment with air-con and a hot-water bathroom.

Most expats in Hanoi prefer to opt for serviced apartments, of which there are many in the city. Rates for these vary around US$1,000-3000 per month. If you’re lucky enough to be earning a high salary, you might prefer to look around the renovated colonial villas that are available, though you’ll need to pay anywhere between US$3000-10,000 for the privilege of living in one.

Hanoi property districts

The most attractive and exciting areas of the city to live in are the same as those frequented every day by tourists, meaning around the Old Quarter or Hoan Kiem Lake, but inevitably you’ll get less floor space for your money than you would in outlying areas.

Of course if you live in the city centre, you don’t have to worry about getting stuck in the daily traffic jams on approach roads to downtown, and in the evenings you have a fantastic choice of restaurants and bars within walking distance of your home. Also keep in mind that the Old Quarter can be noisy and chaotic at any time, so you might not get much peace.

The area around Hoan Kiem is a bit more sedate, and of course includes the city’s famous Hoan Kiem Lake, an ideal spot for taking exercise. Yet prices are still very high here, so you might want to consider moving out to the suburbs around Lenin Park or West Lake, both of which are popular for expats with families because of nearby green spaces where children can play.

Hanoi costs
Hanoi expats
Hanoi bars

Property in Saigon
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