Hanoians tended to prefer the Western area due to the long-held belief going over the bridge meant going out of town. It has been receiving support and development over the past decade, and developers naturally focused their investments there with the residential supply there has accounted for around 50% of all Hanoi supply, according to Savills.
This massive development has put urban transport infrastructure under increasing strain. However, the perception of the West Bank is gradually changing with a growing concern from buyers of the new areas and new counties that are about to be established.
Long Bien has the total area equivalent to five urban districts, which used to be agricultural land but urbanization has changed all that. Many projects under prestigious names, along with infrastructure planning and transport connections synchronized with advanced facilities, have already attracted many potential buyers.
There are seven bridges over the Red River, and four more are anticipated to connect Ha Noi with the East Bank, including Long Bien District, Dong Anh, and Hung Yen. Transportation is becoming more improved now. It only takes those living in the Eastern region around 15-20 minutes to get to the city center.
The utility infrastructure has been improved with much better-quality schools and large-scale shopping centers such as Aeon Mall and Mega Mall. Long Bien is also the first district in Hanoi to have a golf course and many more projects expected to be developed there in future.
Long Bien District bears some resemblance to Thu Thiem District in Ho Chi Minh City. Dueto to inconvenient transportation connections, the district was not a favorable destination, and prices were low at VND20-25 million per square meter.
After new infrastructure and a series of bridges and tunnels connecting District 1 opened, the local housing market had more interest in Thu Thiem, and now it has become one of the hottest areas. Given what has happened so far and what is expected with the East of Ha Noi, a likely scenario will happen to Long Bien District.
However, as Long Bien is such a large and fast-growing county, developers and buyers need to be cautious to prevent project price manipulations and any risks in creating a real estate bubble. Customers should consider numerous criteria including the location, the level of compatibility with use and/or investment, the level of infrastructure around the project, plans for opening roads, adjustments and suspended projects in the area.
The potential of the East Bank or Long Bien District alone does not guarantee all project values in this area. Smart investors will analyze to avoid implicit risks and achieve investment success.
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