In Hanoi’s once-bustling Hue Street, rows of vacant properties now display "for rent" signs, with prices ranging from tens to hundreds of millions of dong per month (from a few thousand to over $8,000 USD). Despite prime locations and street frontage, many of these spaces have remained empty for extended periods.

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Nhiều mặt bằng phố Huế đang treo biển cho thuê. Ảnh: D.A

One building on Hue Street is currently listed at 200 million VND (around $8,200 USD) per month. According to a property agent, the site features wide street frontage and is centrally located-ideal for businesses such as banks, retail stores, dining services, or office space.

All along the street, it is not difficult to spot empty shopfronts advertising space for lease. Even locations once deemed “golden lots” now sit closed, awaiting potential tenants.

Hue Street was once one of Hanoi’s most vibrant commercial arteries. Shops lined the sidewalks-fashion boutiques, cosmetics, electronics, food services, and more. Its direct link between Hoan Kiem District and the southern part of the inner city brought heavy traffic and dense footfall.

For years, real estate prices on Hue Street have ranked among the highest in central Hanoi. Some prime spots command up to billions of dong per square meter. Rental prices have also remained elevated, with some units priced in the hundreds of millions of dong monthly.

Current market surveys show property prices on Hue Street commonly range between 600 million and 1.2 billion VND per square meter ($24,600–$49,200 USD/m²). In areas closer to Hoan Kiem Lake or near high-rises with modern fire safety systems, transaction prices can reach 1.5 to 2.3 billion VND per square meter ($61,500–$94,400 USD/m²).

As a result, the total value of a single street-front property often reaches tens of billions of dong-sometimes exceeding 100 billion VND (over $4 million USD) for larger properties. Such high valuations make transactions infrequent, appealing only to buyers with significant financial capacity.

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Many properties along Hue Street now carry “for rent” signs. Photo: D.A.

Even homes tucked away in Hue Street’s alleys fetch high prices. Houses accessible by car are priced between 280–400 million VND per square meter ($11,500–$16,400 USD/m²). Smaller alley homes accessible only by motorbike range from 180–270 million VND per square meter ($7,400–$11,000 USD/m²). Their value lies in their proximity to Hanoi’s urban core, making them attractive for either residential use or long-term rental.

Rental rates on Hue Street are among Hanoi’s highest, ranging from several tens of millions to hundreds of millions of dong monthly, depending on size and location. However, demand has cooled compared to earlier periods, making it harder for landlords to find tenants. This explains why many properties have displayed "for rent" signs for months, even though owners have yet to lower prices.

Nguyen Van Dang, a real estate agent, pointed out a paradox: premium locations now wear long-standing “for rent” banners. He attributes this to high rental costs and the rise of e-commerce, which has prompted many brands to abandon physical storefronts to cut expenses.

In addition, increasingly strict regulations regarding fire prevention-especially for multi-story buildings-have made it more difficult to lease properties to banks or entertainment businesses.

According to Dang, property values on Hue Street have reached a ceiling, offering little room for further short-term gains. At the same time, a steep price drop is unlikely due to limited supply and a prevailing mindset among owners to hold rather than sell.

“The era where just having a storefront guaranteed income is over,” Dang remarked. He advised property owners to optimize usability and ensure full legal compliance in construction and fire safety if they wish to maintain steady cash flow on what is still considered a “diamond street” in the years ahead.

Duy Anh