High Rents and Vacancy Issues for Shophouses and Villas in Hanoi’s Thanh Xuân District

In Hanoi’s central Thanh Xuân district, shophouses are listed for rent between 65 million and nearly 250 million VND per month. Examples include a 184 m² unit at The Golden Palm Lê Văn Lương priced at 160 million VND/month, a 190 m² ground‑floor space on Nguyễn Tuân at 65 million VND/month, and a 350 m² unit on the same street at 238 million VND/month. Despite dense population, prime location and large floor areas, owners report difficulty finding tenants.  Pham Thị Miền, deputy director of the Vietnamese Real‑Estate Market Research Institute, notes that “shophouses need stable foot traffic; without a strong resident community, businesses struggle,” and adds that “the gap between owners’ expectations and market reality prevents many leases from closing.”

Villas in the same district command rents from 35 million to 80 million VND per month. Notable listings are a 374 m² four‑storey villa at Thanh Xuân Complex for 77 million VND/month, a 100 m² five‑storey attached villa on Nguyễn Tuân for 60 million VND/month, and a 164 m² villa at Imperia Garden for 60 million VND/month. High prices stem from Thanh Xuân’s central road network, high population density and demand from businesses seeking showrooms, clinics or offices rather than residential use. Owners, often affluent investors or overseas Vietnamese, view villas as asset holdings rather than income generators.

Both property types face similar challenges: rapid development has outpaced resident influx, leading to oversupply; owners set rental rates that exceed the budgets of small and medium enterprises; operating costs are high; and increasing online shopping and integrated malls reduce foot traffic for standalone units, leaving many spaces vacant.