Hanoi's Old Quarter houses are being sold in droves, with prices per square meter equal to those of an old apartment building.

Price per square meter of townhouse in the old quarter is equal to that of an old apartment building

Hanoi's Old Quarter is known as the "diamond street" because, in addition to its appeal to small traders, its prices are sky-high. With great rental potential, in the past, homeowners had almost no need to sell. However, up to now, a series of townhouses in the Old Quarter have appeared for sale at prices of billions of VND per square meter.

According to a survey by Dan Tri reporters, townhouses on Ta Hien and Luong Ngoc Quyen (Hoan Kiem District) are being sold for prices ranging from 800 million to 1.2 billion VND/m2. For example, a house on Ta Hien Street with an area of ​​over 180m2 is being sold for 230 billion VND, equivalent to nearly 1.3 billion VND/m2.

Or on Luong Ngoc Quyen street, a house located on a corner lot with an area of ​​51 square meters, built with 3 floors, is being offered for sale for nearly 54 billion VND, equivalent to nearly 1.1 billion VND/square meter.

On Trang Thi Street, townhouses are being sold for between VND900 million and VND1.4 billion per square meter, and houses with a view of Hoan Kiem Lake are even priced at VND1.8 billion per square meter. For example, a townhouse on Trang Thi Street has an area of ​​90 square meters. The seller said that because the house is old, only the land price is charged. However, this house is still priced at VND170 billion, equivalent to VND1.88 billion per square meter.

Notably, on Au Trieu, Hang Bong, and Hang Dao streets, there are townhouses with prices ranging from 2-2.4 billion VND/m2. For example, a house on Hang Dao with an area of ​​29m2 is being offered for sale at 69.8 billion VND, equivalent to more than 2.4 billion VND/m2. According to the seller, the house has a full view of Hoan Kiem Lake. The house for rent can bring the owner a cash flow of more than 120 million VND/month.

Many townhouses in the old quarter are being sold for the same price per square meter as an old 2-bedroom apartment (screenshot).

Or another house on Ly Thai To street with an area of ​​30m2, built over 4 floors, is being sold for 75 billion VND, equivalent to 2.5 billion VND/m2.

The price of 2-2.4 billion VND is not the highest selling price in the Old Quarter area so far. Previously, at the end of 2021, a townhouse with an area of ​​270m2 on Dinh Tien Hoang Street was offered for sale at a price of 1,000 billion VND, equivalent to 3.7 billion VND/m2.

However, the highest selling price currently is 2.4 billion VND, which is equal to some 2-bedroom apartments in Nam Tu Liem and Bac Tu Liem districts.

High price but difficult to liquidate because of large value

According to Mr. Vu Thanh Tung - owner of a real estate brokerage in Hanoi, most of the people who own houses in the Old Quarter do not live there but rent them out to run hotels and shops. Land in the Old Quarter is extremely limited and has a strong cultural and historical character, so the price is always high.

However, Mr. Tung revealed that townhouses in the old quarter have high value, so liquidity will be low. Because the amount of money to own a house here is very large. Besides, renting for business is now more difficult than before, so cash flow investors must also calculate very carefully before deciding to buy.

Townhouses in the Old Quarter are valuable so they are not always easy to liquidate (Illustration: Duong Tam)

According to him, the habits of business people have also changed compared to before, they still depend on premises to be able to sell online. The rental price of townhouses has decreased a lot in recent times. In fact, there are also many townhouses that cannot be rented out, causing many people to sell more. However, according to the general trend of the market, the price of townhouses has increased recently, even in the past 3 years, some places have increased by 50%.

Pointing out the reason why townhouse prices have continued to increase in recent times, Mr. Chung said that the supply of townhouses in Hanoi is currently very scarce. Many townhouse owners have "borrowed" the above reason to increase the selling price. However, the selling price must be accepted by the market to establish a common price. In the long term, he said that townhouse prices will continue to increase but the profit margin will not be as high as before.

Mr. Nguyen The Diep - Permanent Vice President of Hanoi Real Estate Club - said that many homeowners offer high prices due to expectations. However, investors need to research carefully before putting down money, because the transaction price may be much lower than the price offered by the homeowner.

"The price increase of homeowners is also due to the demand of the townhouse segment, especially on prime streets, which is always increasing but the supply is not increasing," Mr. Diep added.

Source: https://dantri.com.vn/bat-dong-san/o-at-rao-ban-nha-pho-co-ha-noi-gia-moi-m2-ngang-ngua-mot-can-chung-cu-cu-20240831004347768.htm