Luxury apartment prices soar in Hanoi amid supply shortage
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
A five-star hotel Dolce Hanoi Golden Lake Hotel, which claims to be the first property in the world clad in gold tiles, has opened.
The hotel, owned by Hoa Binh Group and managed by the US-based Wyndham Hotels & Resorts Inc, stands out among surrounding old-style buildings sitting by Giang Vo Lake.
The 400-room, 25-storey property has a price from $250 per night which is on par with prices offered by other five-star accommodations in the city. There are also apartments which has been sold for $6,500 per square metres.
What makes newly inaugurated hotel unique is the abundance of 24 karat gold used in the exterior and interior decorations. It has the gold-plated infinity pool on the rooftop as well as golden bathtub, toilets and even gold-coated cutlery and eating utensils.
Dolce Hanoi Golden Lake Hotel is the first hotel in Hanoi and the second in Vietnam has pool laced with yellow metal. Hoa Binh Group previously launched the 920-room Danang Golden Bay hotel in central Vietnam.
“There is no other hotel in the world having both exterior and interior elements laced with gold,” said Nguyen Huu Duong, chairman of Hoa Binh Group.
Duong reveled that covering tiles with real gold requires a complicated method and hardly any investors or property developers would even dare to think of or to take the risks of having a property coated fully with gold. If one would, finding a tile manufacturer to do the job would never be as simple.
That made Hanoi Golden Lake’s investor decide to set up a gold-plating workshop earlier to cater to its other real estate projects.
The open of luxury hotel is seen as an important milestone in developing infrastructure of Vietnam's tourism industry. It hopes to attract luxury traveler to Hanoi and to the city, just as the orientation of the tourism industry is to attract more customers having a higher paying.
It creates another place not to miss for visitors in effort to bring visitors back to Vietnam, helping tourism industry recover after a long time it is badly affected by Covid-19 pandemic.
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
Vietnam's hospitality industry is undergoing a major transformation with a brand repositioning strategy that emphasizes unique, sustainable, and community-focused experiences.
High demand and limited supply drive transactions in major urban areas despite soaring costs.
Despite the real estate market's lackluster performance, several companies are accelerating land acquisition efforts.
Hanoi is set to receive a significant future supply of over 100,000 apartments starting from 2025, a tenfold increase compared to the current availability.
Hanoi’s apartment prices are expected to continue rising until supply and legal bottlenecks are resolved, according to experts.