The Eastern region, thanks to its advantage of a key location in the capital region, synchronous traffic and social infrastructure, large land fund and a 5-year foundation of comprehensive development, is witnessing a strong wave of migration of residents from the inner city, becoming a focal point leading the Northern real estate market in the long term.
In recent years, the East of Hanoi has emerged as a new real estate development center, not only in Hanoi but also in the Northern region. In the context of the capital strengthening regional connectivity, increasing urbanization rate, land fund for developing new projects in the center, or the West continues to be narrowed, experts predict that the East with the advantage of large land fund, has developed modern, synchronous urban areas on the way to breakthrough, becoming one of the main driving forces leading the Northern real estate market in the next 3 to 5 years.

Infrastructure planning boost – the key to unlocking real estate potential in the East

The Hanoi Capital Planning for the period 2021-2030, with a vision to 2050 and the adjustment of the Hanoi Capital Master Plan to 2045, with a vision to 2065 also specify the goals of making Hanoi a driving force for the capital region through regional cooperation strategies. In that context, the eastern areas of Hanoi such as Gia Lam, Long Bien and neighboring provinces such as Hung Yen with synchronous, modern and smart urban infrastructure are gradually forming new development centers of the capital.

According to the Gia Lam planning map for the period of 2021-2030 of the Hanoi Department of Natural Resources and Environment, the East will welcome key traffic works connecting the internal and neighboring areas. It is expected that there will be a total of 9 bridges crossing the Red River and Duong River such as Ngoc Hoi Bridge (running across the Red River to Van Duc Commune, Gia Lam), Me So Bridge (Me So Commune, Van Giang District, Hung Yen)…

In addition to infrastructure investment, in Plan No. 216/KH-UBND, Hanoi also sets high targets for urbanization rate, expected to reach 60-62% by 2025 and increase to about 65-75% by 2030. Along with the development momentum, in the East, many provinces and cities bordering Hanoi are also welcoming a wave of synchronous investment, promoting urbanization goals, in which, Hung Yen also sets a goal to basically meet the criteria of a type I urban area by 2030; urbanization rate of about 60-65% and by 2050 about 80%.

Benefiting from the common goal of planning the Capital region, real estate in the East has room for development and opportunities for long-term breakthroughs.

The attraction of the East is being proven

Over the past 5 years, real estate in the East of Hanoi has transformed into a market that converges all product segments, utilities that first appeared on the market are also present here, prices have grown strongly but the liquidity rate has continuously led the market recently.

According to a report from CBRE, the Hanoi apartment market recorded a strong increase in purchasing power. In the second quarter of 2024 alone, the number of units sold reached 10,170 units, 5 times higher than the number of units sold in the previous quarter and the same period last year. Apartment projects concentrated in large urban areas in the East of Hanoi continued to record good sales rates. This unit commented that “At the end of the first quarter of 2024, the market recorded many projects implementing reservation activities not only in Hanoi, but also in neighboring localities such as Hung Yen, Hai Phong…” In addition, this unit forecasts that the new supply in Hanoi in 2024 will double last year, but there will also be a shift from central districts to the eastern area of ​​the city.

The formation of large urban areas has promoted the trend of population dispersion, moving from the center to the surrounding areas when the population in districts and provinces bordering Hanoi has grown strongly in recent years. Data shows that in 2010, the population of Gia Lam was only about 204,000 people, but now it is about 309,000 people. Or the Van Giang area, Hung Yen also increased very strongly when large urban areas came into operation with a population of about 123,000 people in 2020, then by 2040 it will be 3 times, about 350,000 people.

The real estate market in the East of Hanoi is developing strongly thanks to its location advantages, large land fund and systematic planning.

The real estate market in the East of Hanoi is developing strongly thanks to its location advantages, large land fund and systematic planning.

The missing piece in the East

With the vision of planning the Capital region and the methodical investment of real estate development units, experts believe that the Eastern region is increasingly asserting its position, becoming the driving force leading the real estate market in the North in the next 3-5 years. More and more urban areas are emerging, of which, Ocean City, including Ocean Park 1, 2, and 3 is a prominent urban area in the East of Hanoi with modern internal infrastructure and synchronous development planning, a closed utility system: from schools, hospitals, commercial centers to green parks…

To date, the occupancy rate at Ocean Park 1 has reached over 70%, with nearly 60,000 residents moving in. The migration trend will continue to spread to Ocean Park 2 as it has formed an urban – entertainment – resort model, becoming a new destination in the North with the large entertainment center Grand World attracting a large number of residents and tourists. However, at Ocean Park 2, the supply is mainly low-rise, meeting business needs. Meanwhile, the market is still lacking high-rise projects with full amenities, meeting the residential needs and increasingly high living standards of residents.

Although it has only “moved north” for about 3 years, Masterise Homes has become a notable name with international standard high-rise projects in the most prime locations of major cities, creating supply and contributing to shaping the real estate market in places where this real estate developer appears. Earlier this year, Masterise Homes made successful marks with LUMIÈRE Evergreen in the Smart City metropolis. Certainly with solid potential and long-term vision, Masterise Homes will have strategies to contribute to promoting the Eastern market to break through with many new projects in Ocean Park 2, 3.

With extensive experience in developing projects that attract a large global community, experts expect that this developer will be a pioneer in providing real estate supply with international standards and the LUMIÈRE Series product line, opening up new living values ​​at Ocean Park 2, contributing to the comprehensive development of the East of Hanoi. This will be an important piece, contributing to changing the face of the area, making the East become the driving force of the real estate market in the near future.