In Hanoi, many urban areas such as Nam An Khanh, Duong Noi, and Geleximco have been built for years, but many villas remain vacant and unused. To avoid waste, many people have rented them out at surprisingly low prices.
For example, in the Nam An Khanh urban area (Hoai Duc District), the rent for a 150 sqm villa with an exterior finish (excluding furniture, electricity, and water) is only about 7 million VND per month. If you want to rent, customers must make a deposit, and the broker will contact the landlord to install electricity and water.
When renting, customers must sign a three-year contract, with the first year’s price remaining the same, and the following years decreasing by no more than 10% per year. Brokers also reveal that the reason for the long-term rental discount is that the landlord has no plans to complete the villa, so to keep tenants, they offer gradual discounts for long-term stays. “In fact, there are many abandoned villas in this area, and because they lack electricity and water and are not finished inside, they look very temporary, and very few people want to rent them,” the broker said.
According to a survey on Batdongsan.com, villas and townhouses in the Nam An Khanh area currently range from 130 to 150 million VND per sqm, double or triple their price five years ago.
At 7 million VND per month for a 150 sqm townhouse in Nam An Khanh, the rent is equivalent to that of a mini-apartment in central districts such as Cau Giay or Dong Da.
Similarly, in the Duong Noi urban area (Ha Dong District), brokers say that a 83 sqm townhouse with an exterior finish and connected utilities costs 15-16 million VND per month. This price will increase by 4 million for those with installed electricity and water. For a 180 sqm villa with full finishes, the rent is about 30-32 million VND per month.
Project brokers also shared that, in addition to residential use, many tenants in this urban area also use the properties as offices or online business locations.
According to Batdongsan.com, the selling price of villas and townhouses in the Duong Noi area fluctuates around 188.5 million VND per sqm. Many villas here are offered for sale at prices above 30 billion VND per unit.
A 60 sqm townhouse with basic finishes.
Another project with relatively low rent is the Geleximco urban area (Hoai Duc). Here, townhouses with an area of 60-80 sqm with finishes are only 15-18 million VND per month. Brokers shared that tenants must sign a 2-3 year contract, with a one-month deposit and three months’ rent paid in advance.
According to Mr. Vinh, a veteran broker, the reason for the low rent of these villas, worth billions of VND, is their distance from the center. In addition, most of the villas were built roughly a decade ago and are now degraded. Many villas are available for rent at low prices, ranging from 7 to 10 million VND, mostly those that are newly built and lack tiles, electricity, and water. These villas are usually rented by workers or used as storage spaces.
