From Westlake to Central Hanoi: A Real Foreign Buyer Investment Case Study

Posted by Harry Nguyen on 05/03/2026

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Investment Snapshot

A short real story about an Australian buyer who initially planned to purchase in Westlake, but eventually pivoted toward a rare modern apartment in central Hanoi after foreign ownership approvals did not materialize at the original project.

The case later evolved into a full end-to-end investment journey including acquisition, interior completion, tenant placement, and long-distance asset management.

Buyer: Australian Investor
Property: Green Diamond, Hanoi
Unit Type: 2 bedrooms 92sqm
Purchase Year: 2024
Purchase Price: ~ 7.5 Billion VND
Interior Budget: 550 Million VND
Rental Income: 33 Million VND
Tenant Profile: Japanese Professional Couple
Currently Market Price: ~13.5 Billion VND

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The Buyer’s Initial Plan

In early 2024, an Australian buyer contacted us before arriving in Vietnam with the goal of building a long-term property position in Hanoi. The initial plan was to purchase one apartment with a budget of approximately USD 400,000. At that stage, the buyer had not yet decided on a specific district and was still exploring different parts of the city to better understand the market. Like many foreign buyers entering Hanoi for the first time, the search naturally began with areas popular among the expatriate community particularly Westlake (Tay Ho), where international residents are drawn to the lakeside lifestyle, modern developments, and established foreign community.

Beyond lifestyle considerations

The buyer was also looking for properties with

Searching Across Westlake

After arriving in Hanoi, the buyer spent several days touring different residential projects across Westlake (Tay Ho), one of the city’s most established areas for expatriate living. For many foreign buyers, Westlake is often the first district they explore not only because of its large international community, but also because of its unique lifestyle appeal within Hanoi.

Compared to the denser central districts, Westlake offers:

A more open and relaxed atmosphere
Lakeside views and walking areas
A wide selection of international restaurants and cafés
Convenient access to international schools
A growing number of modern luxury apartment developments

At the time, the buyer was particularly drawn to newer projects that combined contemporary design, amenities, and a stronger international living environment.

Reserving at Skyline Westlake

Among the projects toured during the search process, Skyline Westlake became one of the buyer’s strongest preferences. The project stood out for its modern positioning, Westlake location and overall lifestyle appeal, factors that aligned closely with what many international buyers typically look for when entering the Hanoi market.

At the time, the developer was accepting refundable reservations from foreign buyers while approvals related to foreign ownership eligibility were still in progress. Given the buyer’s positive impression of the project, a reservation was placed while awaiting further updates regarding the foreign ownership allocation process.

The approvals eventually did not materialize

As the process continued, the approvals related to foreign ownership eligibility eventually did not materialize, and the reservation deposit was refunded to the buyer. At the time, the supply of newly launched luxury projects in Westlake was also relatively limited, which further narrowed the available options for foreign buyers seeking newer developments in the area. Rather than continuing to wait indefinitely, the situation became an opportunity to reassess the investment strategy more broadly including whether the best long-term opportunity in Hanoi necessarily had to be within Westlake itself.

When the Purchase Could Not Proceed

Rather than remaining tied to a single district, the search gradually shifted toward identifying assets with stronger scarcity characteristics and clearer long-term positioning. For a period of time, the buyer also explored opportunities in Ho Chi Minh City while reconsidering the direction of the investment.

However, this ultimately became less of a failed transaction and more of a strategic turning point in the overall search process. It opened the discussion toward a different question:

Where did Hanoi’s true long-term residential scarcity actually exist?

Reframing the Investment Strategy

The situation prompted a broader discussion about how long-term residential value in Hanoi should actually be evaluated. Up to that point, much of the search had focused on newly launched developments in expatriate-oriented districts, particularly Westlake, a common starting point for many international buyers entering the market. However, the investment thesis gradually shifted away from simply following expatriate demand or newer project launches.

Instead, the focus moved toward several longer-term factors:

In Hanoi, many of the city’s most established central districts have extremely limited opportunities for new high-end residential development due to land constraints and mature urban density. As a result, truly scarce assets are often found not in areas with the most active new launches, but in centrally located projects where future competing supply may remain structurally limited.

This reframed the search entirely.

Why Green Diamond Stood Out

Green Diamond emerged as one of the strongest matches for the buyer’s revised criteria. Rather than competing primarily on lifestyle branding or large-scale amenities, the project stood out because of its location characteristics, supply dynamics, and long-term urban positioning.

The Purchase Decision

As discussions continued remotely through video walkthroughs and market analysis, the buyer confidently decides to make an investment in Green Diamond

2-bedroom & 2-bathroom (92m²)

Purchase Price: 7.5B VND (~300K USD in 2024)

City View

12th Floor Level

Semi Furnished

Purchase From Vinaconex Developer

Interior Completion & Furnishing

Following the purchase, the next step was transforming the apartment into a fully functional long-term rental asset suitable for overseas ownership. With an interior budget of approximately 550 million VND, the entire furnishing and setup process was coordinated remotely on behalf of the owner.

Rather than focusing purely on luxury finishes, the approach balanced:

Furniture selection, styling, contractor coordination, and installation were all handled locally while keeping the owner updated through regular video calls, progress photos, and remote approvals throughout the process. The final result was a modern, comfortable apartment designed to appeal to professional long-term tenants while remaining practical to operate and maintain from overseas.

Remote Ownership & Leasing

Since the purchase, the owner has only visited Hanoi occasionally, making reliable local management an essential part of the investment strategy. Beyond the acquisition itself, we continued supporting the property through:

The apartment was eventually leased to a Japanese professional couple, providing stable long-term occupancy and consistent rental income. Day-to-day communication, maintenance coordination, and tenant support continue to be handled locally on the owner’s behalf, allowing the property to operate smoothly while being managed almost entirely from overseas.

For many foreign buyers, purchasing the apartment is only the beginning. Long-term ownership often depends just as much on reliable execution after the transaction as the purchase itself.

Investment Outcome

While past performance does not guarantee future results, this case highlights how identifying scarce central-city assets early can significantly influence long-term investment outcomes in Hanoi’s residential market.

Key Takeaways for Foreign Buyers

Foreign ownership eligibility matters

Not every project available for foreign ownership. Understanding legal eligibility early is an important part of the acquisition process.

Scarcity matters

Some of Hanoi’s strongest long-term residential scarcity dynamics may exist within the city’s established central districts where future luxury supply is limited.

Remote ownership requires reliable local execution

For overseas investors, purchasing the property is only the beginning. Leasing, furnishing, tenant coordination, and ongoing management all play a major role in long-term ownership success.

End-to-end support can significantly reduce friction

Having local support for acquisition, setup, leasing, and management allows foreign buyers to operate property investments in Vietnam more efficiently while living abroad.

Long-term positioning should matter more than short-term momentum

Rather than focusing only on newly launched projects or market hype, evaluating location quality, supply constraints, and long-term urban positioning can lead to stronger investment decisions over time.

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