Living in a luxury high-rise in the Trung Hoa - Nhan Chinh quarter for over two years, Nguyen Thi Huong (42) has never seen the opposite apartment light up once.

From her balcony, every night Huong sees that unit silent in darkness. Through the glass, she can see dusty and cluttered furniture, suggesting the owner left long ago. At first she thought the owner was simply away, but over time, the persistent darkness sometimes gave her chills. 

“A building with too many empty units makes the shared space feel cold and lifeless,” she said.

The building guard said the apartment sees almost no visitors. Occasionally cleaning staff check in, otherwise it stays locked. Many residents passing by wonder why such an apartment is left vacant for so long.

Behind the silence of that unit, nothing is actually mysterious. The apartment opposite Huong is a duplex, high-end double-height unit with large area, usually chosen by the wealthy or foreigners.

Previously, such duplexes rented for VND80-120 million per month, mostly to businesspeople and experts from Korea, Japan, or Europe working in Vietnam. They chose here for the central location, full amenities, and premium space.

However, when COVID-19 broke out, waves of foreigners who were leaving froze the luxury market. Many rental contracts were canceled, turning duplexes into “inventory”, hard to rent, hard to sell.

Not only in Cau Giay, this situation can be seen in other luxury areas like My Dinh or Tay Ho Tay (West West Lake). A 250-300 sqm duplex now rents for VND20-30 million per month. Ultra-luxury units over 300 sqm can reach VND150-160 million per month, but there are few inquiries. Sale prices for these units exceed VND20 billion, not for the masses.

Cold market

These “hibernating” apartments in the vibrant city reflect a dark corner of Hanoi’s luxury real estate market. Nguyen Van Hai, a real estate broker, said current duplex sale prices range from VND20-30 billion depending on location and fittings.

This apartment type is a double-height design that takes up much space, unsuitable for small families or singles. Most owners are businesspeople or wealthy living elsewhere, so they are not rushed to sell or rent. High rents and costly maintenance fees deter tenants, while selling also proves difficult.

According to Hai, duplex apartments are a niche product aimed at high-income earners. After the pandemic, demand for both renting and buying dropped sharply. Many owners are reluctant to lower prices for fear of devaluing their assets, leaving the market nearly frozen.

In Cau Giay, a three-bedroom duplex of more than 260 sqm is currently listed for about VND27 billion, while a larger 300 sqm unit is priced at VND41 billion. Rental prices range from VND60–80 million per month. In My Dinh, two- to four-bedroom units rent for VND30–50 million per month, but occupancy rates remain at just 50–60 percent due to weak demand and economic fluctuations.

With the economy struggling, only foreign experts can afford rentals at VND50 million per month

Even when unoccupied, owners still have to pay annual service fees of tens of millions of dong. Over the years, these costs accumulate, while the property itself deteriorates.

To avoid waste during a time when the market is gradually recovering, real estate experts suggest that owners take a more flexible approach to asset utilization.

Some experts recommend shifting to short-term rental models via platforms like Airbnb or Booking, turning duplexes into luxury homestays for tourists or business travelers. Partnering with serviced-apartment management firms to handle full operations is another way for owners to generate passive income and prevent their properties from sitting empty for too long.

Meanwhile, other experts argue that leasing luxury apartments is not the best choice. Many apartments, from mid-range to high-end, are left vacant not because there are no tenants, but because the owners don’t want to rent them out. 

Apartment prices keep rising, so just leaving them empty still brings profit. Since these are luxury units, owners tend to be selective; most are already wealthy and don’t need the money from rentals, so they prefer to keep the property unused rather than risk damage from careless tenants.

Duy Anh