(Dan Tri) - Most of the apartment buildings in Hanoi were built over 40 years ago. Currently, apartment buildings are being sold for over 100 million VND/m2 if calculated based on the actual area on the red book.
Apartment prices over 100 million VND/m2 are difficult to find buyers
According to a survey by Dan Tri reporters, at Thanh Cong apartment complex (Ba Dinh district, Hanoi), many houses are over 40 years old but are being sold for over 100 million VND/m2.
For example, a house with a usable area of 100m2, the area on the red book is only 34m2, is being offered for sale at a price of 3.9 billion VND. Thus, if calculated based on the area of the red book, the asking price is nearly 115 million VND/m2.
Similarly, another house also in Thanh Cong apartment complex has a usable area of 110m2, designed with 3 bedrooms, but the area on the red book is 34.1m2. The selling price of the house is 4.74 billion VND, equivalent to 139 million VND/m2, calculated according to the area on the red book.
Thanh Cong apartment complex in Thanh Cong ward, Ba Dinh district, Hanoi (Photo: Ngoc Tan).
Kim Lien apartment complex (Ba Dinh district, Hanoi) was built more than 60 years ago. Up to now, many houses here are also being offered for sale at prices of over 100 million VND/m2. For example, a house in this apartment complex has a usable area of 55m2, but the area on the red book is only 24m2 and is being offered for sale at 2.5 billion VND. If calculated based on the area on the red book, the selling price is 104 million VND/m2.
Or in Nghia Tan apartment complex (Cau Giay district, Hanoi) built nearly 40 years ago, a house with an area of 26m2 on the red book, expanded to 60m2, is being offered for sale at 3.5 billion VND. Based on the actual area on the red book, the house costs up to 134.6 million VND/m2.
Mr. Nguyen Van Thanh - owner of a real estate brokerage in Hanoi - said that these apartment buildings were all built several decades ago. Up to now, the owners have expanded the area much larger than the area on the red book and repainted it to find buyers.
He is currently brokering 5 houses in Kim Lien apartment complex but after 4-5 months, there are still no buyers. Or at Thanh Cong apartment complex, many people expect that if a building with a maximum height of 40 floors is built according to the plan proposed by Ba Dinh district, the selling price will continue to increase. However, the apartments here are still difficult to sell because the actual area on the red book is small.
"Many investors have bought before and now have made a profit, so they want to close the deal and move to another area to invest. However, the renovation and new construction plans may not be implemented immediately, so it is difficult to find buyers," he said.
Most of the apartment buildings are expanded to be larger than the area on the red book (Photo: Duong Tam).
It is undeniable that old apartment buildings are located in "golden land" locations in Hanoi. However, these houses are often expanded in usable area, but in reality the area on the red book is very small. The selling price of old apartment buildings from 100 million VND to 150 million VND/m2 is now equal to the price of adjacent houses and villas in Thanh Tri and Hoai Duc districts...
Buyers need to pay attention to the area difference
Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Realtors (VARS) - assessed that the reason for the high price of collective houses is because of their central location. In addition, the high price of this segment is also due to the influence of the price of apartments and houses in alleys in recent times.
However, 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.
Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - said that old collective houses are all expanded 1.5-2 times larger than the area on the red book. Therefore, when rebuilding the collective house, the area difference outside the red book will not be compensated.
The Hanoi People's Committee has just concluded on the detailed planning plan for renovating, reconstructing and rebuilding three old apartment buildings: Thanh Cong, Giang Vo and Ngoc Khanh, Ba Dinh District.
The conclusion stated that Hanoi basically agreed with the architectural planning research plan proposed by the Ba Dinh District People's Committee and the consulting unit.
The Hanoi People's Committee assessed that the proposed plan is relatively orderly and strict, but lacks innovation or breakthrough. In addition, Hanoi proposed that Ba Dinh district study and develop higher-rise buildings for the "core" space for apartment and resettlement areas (maximum 40 floors), apply landmark projects for TOD areas (according to the provisions of the Capital Law)...
For Giang Vo residential area and its vicinity, Hanoi recommends that Ba Dinh district maximize green space and underground space; it is necessary to study some breakthrough high-rise buildings in the area near Giang Vo and Kim Ma streets to create a complex of building bases with commercial and service functions, etc.
For Ngoc Khanh apartment complex and surrounding areas, Hanoi requires Ba Dinh district to pay attention to Kim Ma area, TOD area of S9 station,... to have specific solutions; research and create a traffic axis combined with landscape space; connect Ngoc Khanh lake - Giang Vo lake, the axis connecting Kim Ma street and Nguyen Cong Hoan street.
Source: https://dantri.com.vn/bat-dong-san/nha-tap-the-hon-40-nam-o-ha-noi-duoc-rao-ban-tren-100-trieu-dongm2-20250317154147190.htm
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