Newly opened and planned pedestrian streets in Hanoi and Saigon have sent land prices in these areas through the roof.
VnExpress reports that the average price for land near new pedestrianized streets in Saigon has jumped to about US$22,000 per square meter.
Around Bui Vien Street, which will become pedestrian-only on weekend evenings on August 20, land prices have risen anywhere from 34% to 130%, according to a report by Gachvang, a city-based real estate evaluation firm.
On De Tham Street, land prices have risen from VND194.8 million (US$8,500) per square meter in January to VND450.5 million (US$19,822) per square meter as of this month.
Nearby Cong Quynh Street, meanwhile, has seen a jump of 62% to VND518.5 million (US$22,814), while a square meter of land will set you back VND508.7 million (US$22,383) on Bui Vien and VND472.5 million (US$20,790) on Pham Ngu Lao Street, the news source shares.
These prices are expected to rise even further once the pedestrian street work, which includes upgrading sidewalks and installing free WiFi, is completed.
Nguyen Hue Street, Saigon's first pedestrianized boulevard, is now home to the most expensive real estate in the city at around VND1.2 billion per square meter, according to VietnamNet.
The story is the same in Hanoi, VnExpress adds, where land prices on Dao Duy Ta Street in the Old Quarter have jumped from VND360 million (US$15,840) to VND547 million (US$24,068) since the start of the year. Numerous other streets near the neighborhood and the weekend pedestrian area surrounding Hoan Kiem Lake have also seen huge increases in real estate prices.
Meanwhile, the central city of Hue recently approved a plan to pedestrianize three streets near its backpacker area, Dan Tri reports. Accordingly, Chu Van An, Pham Ngu Lao and Vo Thi Sau Streets will be closed to vehicles from 6pm-2am every Friday to Sunday. The pedestrian areas are slated to open in September.
[Photo via ABC]
