A Range of Prices for Old Apartments in Hanoi
Old apartment buildings in Hanoi, though dilapidated, are still being advertised at prices ranging from a few dozen million to several hundred million Vietnamese Dong per square meter.
A survey found a 55-square-meter apartment in Thanh Xuan Bac, located on Khat Duy Tien Street in Thanh Xuan District, on sale for 2.3 billion VND. The seller disclosed that while the actual living space is 55 square meters, the red book only registered 27 square meters. The apartment features two bedrooms, one bathroom, a kitchen, a living room, and a balcony.
In the same area, a smaller 27-square-meter apartment with one bedroom, a living room, a kitchen, and a bathroom is listed at 1.3 billion VND. This apartment also comes with a red book, and the owner is willing to transfer ownership immediately upon agreement.
Old apartment buildings and housing complexes in Hanoi are commanding prices ranging from a few dozen million to over a hundred million VND per square meter, despite their dilapidated state. Photo: N.Le |
In the neighboring district of Thanh Xuan, a 54-square-meter apartment in the Xa Phong housing complex in Thuong Dinh Ward is on the market for 1.98 billion VND, translating to over 36.6 million VND per square meter.
According to the seller, the apartment includes two bedrooms, one loft, a living room, a kitchen, and two bathrooms. It is move-in ready, as the current owners are leaving behind all the furnishings, including air conditioners, water heaters, a washing machine, a refrigerator, an induction cooker, a television, beds, and closets.
For those on a tighter budget, there is an apartment in the Co Khi housing complex, also in Thanh Xuan District, priced below 2 billion VND. Spanning 65 square meters and featuring two bedrooms, this apartment comes with a red book and is on the market for 1.8 billion VND, which equates to just over 27.6 million VND per square meter.
In the Cau Giay district, a 35-square-meter apartment on the fifth floor of a housing complex in Nghia Tan is listed at 1.75 billion VND. This apartment only has one bedroom, a living room, a kitchen, and a bathroom, and its red book only registers 17 square meters.
Moving to the Dong Da district, a 50-square-meter apartment on the first floor of a complex in Vinh Ho, Trung Liet Ward, which can be used for business purposes, is advertised at a premium price of 3.5 billion VND, or 70 million VND per square meter.
Apartments Priced Around 2 Billion VND Are in High Demand
Ms. Thuy Nga, a real estate agent specializing in old apartments in Hanoi, shared that as prices for modern condominiums in the city soared, many buyers with limited budgets shifted their focus to old apartments.
 Old apartments in Hanoi with price tags of around 2 billion VND remain sought-after by prospective buyers. Photo: N.Le |
“I just closed a deal on an old apartment on Khuat Duy Tien Street for a little over 2 billion VND for a young couple who had been searching for a condominium for a year without success,” she said. “Apartments in this price range are scarce, but most buyers looking for a home tend to gravitate towards this price point.”
Ms. Nga added that some investors are also on the lookout for apartments priced below 2 billion VND, not for living but for renting purposes.
“The news about the renovation of old apartment buildings and the introduction of new policies might have piqued their interest. As a result, in desirable locations like Dong Da district, the asking prices quoted by owners have increased by 10-20% compared to over a year ago,” she noted.
Explaining the high prices and persistent demand for old apartments in Hanoi despite their dilapidated state, Mr. Nguyen The Diep, Vice President of the Hanoi Real Estate Association, attributed it to the city’s high urbanization rate and substantial demand for housing and investment properties.
“The price hike is a result of strong real demand, while supply has yet to catch up,” he said. “Old apartments priced around 2 billion VND align with the financial capabilities of many buyers seeking a home, so they are willing to put up with the shabbiness and await renovation.
To address the overarching housing issue, Mr. Diep emphasized the urgency of putting the Housing Law, Land Law, and Law on Housing and Real Estate Business into practice. He also called for more aggressive initiatives in social housing development.
However, Mr. Diep cautioned buyers of old apartments to consider factors such as safety. While there are plans for the city to renovate and rebuild old apartment buildings, the timeline is uncertain, and buyers may have to wait for an extended period.
By Nguyen Le
