The intense competition in Hanoi’s real estate market has made it challenging for real estate agents to find suitable properties for their clients.
Moreover, the scarcity of land and the rising prices of homes in central areas have led to a shortage of supply, especially for houses that meet criteria such as area size and car accessibility. Agents have to work diligently to meet their clients’ demands.
According to Dinh Truong, a real estate agent in Long Bien, one of his clients is urgently looking for a house to prepare for their wedding, with a budget of VND 5-7 billion. The requirements include a front width of at least 3.7 meters, car accessibility, and a location within a 1-2 km radius of Chuong Duong or Long Bien Bridge. If the house is newly built, it would be preferable. Dinh Truong shared that he has been searching for days without success and is seeking help from his colleagues.
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Thao Linh, another agent, mentioned that houses meeting the above requirements are rare and almost non-existent. Properties with wider frontages and car-accessible alleys tend to be more expensive. With a budget of VND 6.5-7 billion in the Ngoc Lam area of Long Bien, one can only find smaller houses, and very few have car access.
Consulting multiple agents, houses in this segment usually range from VND 8-10 billion and above, depending on specific locations and construction status. For example, in some wider alleys around Ngoc Thuy or Nguyen Van Cu streets, where cars can pass through, houses with areas ranging from 50 to 70 square meters start at VND 7.5 to 9 billion. Newly built houses in these areas are particularly scarce, and if available, their prices would far exceed VND 7 billion, making the search extremely challenging.
Tran Duc Khang, Director of Business Region 2 at OneHousing, shared his insights on the recent steady and stable price increases in Hanoi’s residential land market.
In recent months, it has become rare to find a house priced at VND 3-4 billion in Hanoi’s inner city. For a moderately sized alley where motorbikes can pass by, a house with an area of 30 square meters and 2-3 bedrooms would cost more than VND 100 million per square meter for the land alone, plus construction costs, bringing the total transaction price to over VND 4 billion.
Therefore, houses in the VND 3-4 billion range, if any, would have drawbacks such as unfavorable feng shui, old construction, deep and narrow alleys, or locations with underdeveloped infrastructure.
In the outskirts, houses in alleys are currently trading at around VND 70-80 million per square meter, and for corner lots or more attractive locations, the price can exceed VND 100 million per square meter.
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