Apartments for sale in Hanoi
Vietnam's capital, and one of the most picturesque cities in Southeast Asia, consistently attracts those looking to buy apartment in Hanoi. Founded in 1010, this city boasts a rich history. Located in the northern part of the country, it covers an area of about 3,360 km². It's not just the nation's capital but also a significant economic hub with thriving sectors in manufacturing, finance, trade, and tourism. Year after year, the metropolis draws millions of visitors and remains a sought-after location for those wishing to settle in the country or invest in flats in Hanoi.
Previously, purchases of property in Vietnam were only accessible to specific categories of foreign nationals: those who made significant contributions to the nation's development, held managerial positions, or established businesses with substantial capital. However, in 2015, the legislation changed, making it considerably easier for foreigners to buy housing. Now, international citizens can purchase any type of real estate. Moreover, foreigners can sell, inherit, and lease it. This change has attracted many investors from all over the world.
Due to the legislative changes introduced in 2015, any foreigner can now arrive in Vietnam with a tourist visa and purchase property under a 50 years leasehold ownership, with the option to extend. Before this, buying apartments in Hanoi for foreigners was only possible after at least a year of living in the country as a resident.
Another rule to note: currently, a citizen from another country can only buy up to 30% of properties in multi-flat buildings that have a residential commercial project status, in any district where there are no restrictions for foreign nationals. Interestingly, the mortgage conditions are the same for both locals and foreigners. Banks offer loans covering up to 70% of the full apartment cost. The mortgage term can be 5, 10, or 20–25 years. The typical interest rates range from 6.5% to 7.5% annually. Proof of income is mandatory when applying.
Apartments prices in Hanoi
The cost of apartments in Hanoi is influenced by several factors, including:
- location;
- size of the property;
- amenities available in the residential complex (e.g., swimming pool, parking, fitness centre);
- year of construction of the complex.
Speaking of the most sought-after areas, Tay Ho stands out, which is currently undergoing rapid development. It's a sensible choice to buy flat in Hanoi as an investment today. The location is well-situated, being just 19 minutes away from Noi Bai International Airport. The city centre is a short drive away. Property prices here range from $185,000 to $11 million.
Another attractive option is Cau Giay, home to several universities and Vietnam's tallest building – the Keangnam Hanoi Landmark Tower. Prices of flats for sale in Hanoi in this district vary from $265,000 to $11.8 million.
When considering a property purchase, the Ha Dong district is also worth a look. It boasts several schools and has excellent transport infrastructure. Many properties here are still under construction. The average price ranges from $175,000 to $303,000. Affordable housing is also available in Thanh Xuan, where flat prices in Hanoi start from $242,000.
Additional costs are relatively minor. Buyers will need to pay a stamp duty of 0.5% of the property's value and a notary fee of $50. Additionally, there's a 0.06% charge on property values exceeding 1 billion dong (approximately $45,000). When buying apartments in Vietnam, there's also a 0.65% income tax to consider.
Investment apartments in Hanoi
Investors are showing significant interest in local real estate. There are several key reasons explaining the high demand:
- The country's growing economic indicators, which promote the development of the real estate market.
- Rapid urbanisation is another factor attracting investors. The increasing population in major cities necessitates continuous infrastructure, commercial, and residential development. This creates investment opportunities in new real estate projects, leading to a quick return on investments.
- Active construction in Hanoi. The country's government is heavily investing in the housing sector to meet the rising demand for housing. In numerous projects, investors are offered a wide selection of flats and houses in Vietnam.
Overall, local property prices are increasing by 3–7% annually. Even during the pandemic, this trend remained unchanged, indicating market stability.
The yield from long-term rentals stands at 5% per annum. Thanks to its excellent beach holiday conditions and vibrant attractions, Vietnam is a popular tourist destination. This allows for short-term apartment rentals. The cost of renting quality accommodation in Hanoi averages $50–100 per day.
Buying apartments in Hanoi
You can find vetted Vietnamese real estate agencies or developers on our aggregator website. It's a convenient platform, where you can filter offers by price, size, and other essential parameters. We suggest starting your search for houses or apartments in Hanoi for investment and living today.