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How does House Prices Go After the First Metro Line is Launched in Hanoi?

  Hanoi, the capital of Vietnam, has a population growing every year, resulting in traffic congestion. This is a long-standing problem faced by Hanoi people. It is very difficult for local people to travel, and the whole commuting time across the city is also very long. In order to reduce traffic pressure, the Vietnamese government began to build the metro line in 2011. As this is the country's first metro line, it has attracted global attention and made the local people all look forward to it.

  The new metro line is about 13 kilometers long with a total of 12 stations, running from Cat Linh in the central Dong Da District to Yen Nghia in Ha Dong district. It takes 10 years to build, and finally officially opened in November 2021.

  There is no doubt that this metro line will ease the burden of the traffic in Hanoi, and the commuting time of local people, especially those living in the suburbs, has been greatly reduced by nearly 30 minutes. Once in Hanoi the air environment was seriously polluted due to too many motorcycles. Now the pollution level was finally reduced with the opening of the first metro line.

Reasons why Vietnamese desire a metro

  First, Vietnam has a total population of 100 million, ranking 15th in the world. Hanoi has a population of more than 10 million, and the urban population is more than 5 million. Despite its large population, Vietnam's public transport system is still incomplete. Therefore motorcycle and vehicle are the most frequent mode of transport, which has done a great harm to the environment in Hanoi.

  Besides, there are more and more motorcycles and the roads are getting narrower and narrower, and therefore traffic accidents occur more frequently. Under the circumstance, there is a fear growing among people. This is why the Vietnamese government plans to ban motorcycles in the future urban planning. In this way, public transport facilities must be built in the city to facilitate people's travel and improve urbanization. This is why the building metro line is so need in Vietnam.

Development of housing market in Hanoi

  Vietnam's economic development has remained a good momentum and its GDP has increased year by year. Therefore, it has attracted many foreign investment, foreign enterprises and other investors to invest in Vietnam. As for young people from other parts of Vietnam, they will also move to cities such as Hanoi to work, buy houses and live, and the population in Hanoi will keep growing in the future.

  As mentioned above, the city population in Hanoi is already overwhelmed and the government plans to continue the urbanization of Hanoi. So there will be almost no development space in the old urban districts, some new urban districts will be developed to disperse the new population and immigrants.

  The network of subway lines can effectively expand the boundary of the city, and the residents living around the metro lines can get the greatest convenience. In the long run the traffic congestion and population expansion will be eased and the economy will be accelerated at the same time.

  In addition to the metro line in service, the Vietnamese government also plans to build another 8 lines to realize the urbanization of Hanoi. As for the development of new urban districts, Hanoi is focusing on the western regions, such as Nam Từ Liêm District, Thanh Xuân District and Cầu Giấy District. Whether now or in the future, these urban districts are close to metro lines, which also means that the adsorption capacity will continue to rise, so as to expand the real estate demand and lead to the rise of house prices.

  Among these new urban districts, Nam Từ Liêm District is the most promising. It will be developed into a new center city with concentrated commercial and business activities. More important, it is also the host city of the 2022 Southeast Asian Games. As Hanoi's "economic focus of future", the housing market in this district will be booming.

  Nam Từ Liêm District has the new landmark in Hanoi, Keangnam Hanoi Landmark Tower, Korean city, shopping and entertainment places, office buildings, international schools, etc. Many government offices have also moved here. In recent years, many large enterprises have invested in this district and set up headquarters or offices.

  Plus, famous retailers and specialty restaurants are also located in Nam Từ Liêm, which is believed to attract tourists from all over the world in the future and is expected to become a new tourist attraction in Vietnam. Compared with the old urban districts, the housing market of Nam Từ Liêm has a great potential for investors.