Hundreds of vacant villas and townhouses in Hanoi suburb close to land priced at $5,300 consistent with squarem

Also in Hoai Duc District is Nam An Khanh, a project with among the most unoccupied units. It has nearly 1,800 townhouses and villas.

It was approved in 2006 but delays in getting permits and financial difficulties prevented development until 2015.

Many parts are still incomplete even now. Some units are used as brokerage offices, restaurants and coffee shops.

Property analyst Dang Hung Vo says 70% of units in many urban areas are bought by speculators, not people with demand for housing.

This explains why thousands of units in Hoai Duc have remained unoccupied for years, he says. Speculators who bought them years ago are still waiting for the right time to sell, he says.

Increasing speculation has pushed property prices way past levels affordable for most people, he adds.