The Hanoi real estate market is experiencing significant growth, driven by an increasing number of foreign workers seeking high-end housing options.

Annually, Hanoi issues approximately 10,000 new work permits to foreign workers, many of whom are highly skilled professionals with a strong demand for luxury housing. This demand has been further amplified by the 2023 Housing Law, which came into effect on August 1, 2024, and includes regulations that facilitate foreign ownership of properties.

The Vietnam Association of Real Estate Brokers reported that in recent years, Hanoi has not only been a leading economic, political, and cultural hub in Vietnam but has also become an attractive destination for foreign workers.

With the continuous influx of foreign workers, economic development, and a surge in foreign direct investment (FDI), demand from foreigners working in the northern region for housing in Hanoi has grown substantially. The labor structure predominantly consists of highly skilled workers, including managers, CEOs, experts, and technical workers, who are particularly interested in owning high-end properties.

Data from the Hanoi Department of Labor, Invalids and Social Affairs reveals that in 2023, the department approved the employment of foreign workers for nearly 11,200 organizations and businesses. This included nearly 4,200 management positions, 190 CEO roles, over 8,000 expert positions, and 1,561 technical worker roles. Additionally, the department issued 8,747 new work permits, reissued 1,234 permits, and extended 2,749 work permits for foreign workers.