(Dan Tri) - Many small apartment buildings in Hanoi are being sold for 100-150 million VND/m2.
Apartment prices are equal to luxury apartments
Since the beginning of the year, the prices of apartments, townhouses, villas, houses in alleys... in Hanoi have increased sharply. In addition, the selling price of collective houses has also shocked many people when it reached hundreds of millions of VND/m2.
According to a survey by Dan Tri reporters, the apartment complex at 11 Vong Duc (Hang Bai Ward, Hoan Kiem District, Hanoi) was built around 1960 and has now seriously degraded. Currently, houses in this apartment complex are being offered for sale at 130-150 million VND/m2.
For example, a collective house with an area of only 15.4 square meters is being offered for sale at a price of 2.15 billion VND, equivalent to nearly 140 million VND/square meter. According to the seller, the price of this collective house can be said to be the lowest on the market. The house can be expanded to a larger area.
At Nghia Tan apartment complex (Cau Giay district, Hanoi), some houses are being offered for sale at prices of over 100 million VND/m2. For example, a house with an area of 30m2 on the red book is being offered for sale at 3.58 billion VND, equivalent to over 119 million VND/m2. The seller said that because the owner needed money, he was selling it quickly at that price.
A residential area in Hanoi (Illustration: Duong Tam).
At the Trung Tu apartment complex (Dong Da district, Hanoi), a house with a red book area of 35 square meters is being offered for sale at a price of 3.9 billion VND, equivalent to more than 111 million VND/square meter. At the Kim Ma Thuong apartment complex (Ba Dinh district, Hanoi), a house with a red book area of 43 square meters is being offered for sale at a price of 4.2 billion VND, equivalent to 97.7 million VND/square meter.
In the context of Hanoi's continuously rising housing prices, Mr. Nguyen Khac Tu (from Nam Dinh) calculated to buy old collective houses that might have a lower price. However, after visiting many houses in collective areas, he was shocked because the prices were too high and not commensurate with the value.
"Many collective houses are over 50 years old but are being sold for 100-150 million VND/m2. Not to mention, the living space is cramped, buying these houses will cost a lot of money to repair. Seeing that, my family quickly gave up the idea of buying a collective house," he said.
With prices ranging from 100 million VND to 150 million VND/m2, many collective houses are on par with the prices of high-end, luxury apartments in Hanoi. In addition, collective houses often have small areas on the red book and are expanded with more usable area.
Expert: Many risks when buying old collectives
Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Realtors (VARS) - assessed that the reason for the high price of collective houses is due to their central location. In addition, the high price of this segment is also due to the influence of apartment and house prices in the alley in recent times. However, some collective houses are being sold at unreasonable prices.
Apartment complex 11 Vong Duc, Hang Bai ward, Hoan Kiem district, Hanoi (Photo: Nguyen Ngoan).
He said that buyers of old apartment buildings should also pay attention to the actual area and the expansion area when buying. Because during their stay, many households have expanded their "tiger cages and bird cages" by tens of square meters with many risks.
Notably, the area of the apartment building’s extension is usually not included in the area granted in the red book, and is not considered when transferring or in compensation when the apartment building has to be demolished or rebuilt. In addition, the apartment buildings do not have a fire protection system, so they do not ensure safety for users.
"Old apartment buildings can provide housing for people, but there are many other risks. Therefore, buyers need to consider carefully before spending money," he said.
Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - said that it is undeniable that old apartment buildings are located in "golden land" locations. However, these apartments are all seriously degraded, so buyers will have to spend a lot of money to renovate them.
In addition, these apartments are all expanded, but the actual area on the red book will be very small. Therefore, if the State rebuilds the apartment complex, the difference in area outside the red book will not be compensated.
Source: https://dantri.com.vn/bat-dong-san/gia-rao-ban-nha-tap-the-xap-xe-o-ha-noi-ngang-ngua-chung-cu-hang-sang-20241127032925784.htm
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