Currently, Hanoi has 2 metro lines in operation, including metro line 2A, Cat Linh station - Yen Nghia station with a total length of 13km and metro line 3 (Phase 1), Nhon station - Hanoi station, the elevated section from Nhon to Cau Giay and vice versa. This metro line was put into operation in early August 2024, with a length of 8.5km.
According to data from Savills Vietnam, the current metro users in Vietnam and other countries in the region are mainly commuters or students. This group accounts for 90% of the total number of passengers.
In Hanoi, metro passengers are 47% commuters, 45% students and the remaining 8% use the metro for other purposes. In Singapore, the figures are 50% commuters and 43% students. In Kuala Lumpur, the main passenger groups are 36% commuters and 58% students.
Ms. Nguyen Thi Hong Van, Deputy Director, Valuation and Consulting Department, Savills Hanoi said that the selling price and rental price of real estate around metro stations will enjoy better prices than other locations.
In Ho Chi Minh City, apartment prices along the metro line have continuously increased since the opening date with an average increase of 35-70% depending on location, with some projects doubling in the 2015-2023 period.
For example, Savills noted that Masteri Thao Dien apartments, located close to the metro line connecting the city center to Thu Duc City, were opened for sale at the end of 2014. In 2015, the price was from 35-39 million VND/m2, but now (quarter II/2024), the secondary price has reached 69-75 million VND/m2.
In Hanoi, the average price of apartments in Cau Giay district for segments within a 500m radius from Cau Giay - Nhon metro station increased by over 40% within 1 year from Q3/2023 compared to Q3/2024.
According to price increase data in areas far from this metro line, the price of apartments in the market due to the shortage of supply also pushed the price up by an average of 25-35% depending on the location. That shows that the advantage of the metro station has also impacted the price of surrounding real estate to increase 5-15% higher than the general price increase.
Accordingly, Ms. Nguyen Thi Hong Van assessed: “The metro line will contribute to increasing the value of real estate along its route. More importantly, the metro system helps significantly improve the social life of the capital's people. This public transport not only helps reduce traffic accidents and traffic congestion, but also contributes to reducing environmental pollution thanks to running on electricity and saving travel costs for people.”
