Urban Real Estate Priced at 6-7 Billion VND is Scarce
After more than three months of searching for property in alleys, Mr. Lê Quang Việt (an IT engineer) remains indecisive. With a budget of 6 billion VND, he’s targeting a 30m² property in the alleys along Giải Phóng Street. Within this budget, agents have only shown him small properties in deep alleys or those requiring extensive renovations, leaving him discouraged.
“I’ve spent nearly three months exploring alleys from Định Công and Hoàng Văn Thụ to the Giáp Bát area. At 6 billion VND, all I’ve found are properties under 30m², located deep in alleys, some even in dead-ends, with narrow facades and inadequate infrastructure. Some listings priced at 6.5 billion VND are only 25m², making renovations nearly impossible,” Mr. Việt shared.
In Đống Đa District, Ms. Thu Phượng (a bank employee) faces similar challenges. “I thought 7 billion VND would make things easier, but it hasn’t. Nicer properties in good locations are already priced at 8-9 billion VND. The remaining options within my budget are either too small or in inconvenient alleys. Spending this much for such a tiny, inconvenient space isn’t worth it,” Ms. Phượng said.
Urban real estate is in short supply. Photo: Duy Anh |
According to surveys from several real estate agencies, there are few properties listed in central districts’ alleys priced between 6-7 billion VND. These properties typically have modest sizes (under 30m²), are in inconvenient locations (deep alleys, narrow lanes, facades under 2m), or require significant renovations. Previously, such properties were priced at only 3-4 billion VND.
On a real estate website, a homeowner in Văn Hương Alley is listing a 26m² property for nearly 7 billion VND, equivalent to over 265 million VND/m². In Tôn Đức Thắng Street, another 24m² property in a lane is priced at 258 million VND/m². In Văn Chương Alley, a 19m², four-story house is listed at 289 million VND/m².
In areas like Hoàng Mai, Hà Đông, and Thanh Xuân, properties priced around 6-7 billion VND are also under 30m² and located in deep alleys.
High Prices Stall Transactions
Mr. Nguyễn Đình Thắng (a real estate agent in Hoàng Mai) noted that buyers struggle to find suitable properties at 6-7 billion VND. Sellers, anticipating further price increases, are holding out, especially for properties in slightly better locations, which are now priced above 8 billion VND.
According to Mr. Thắng, this segment sees few transactions due to several factors. Sellers of slightly better alley properties (over 30m², accessible alleys, car-wide lanes) are unwilling to sell at 6-7 billion VND.
Sellers tend to hold onto properties, waiting for prices to rise further. If they do sell, they list at much higher prices than buyers are willing to pay. The actual supply for this segment is extremely limited.
Meanwhile, buyers with such a large budget expect a property with good utility, adequate living space, and future profit potential. Spending a significant amount on a property under 30m² in a deep alley is considered “not worth it.”
Mr. Thắng believes Hanoi’s property prices are unlikely to drop due to increasing urbanization, rising land prices, and construction material costs. “No one can predict the future. However, with limited supply and high real demand, prices may remain high for a long time,” he said.
To facilitate transactions, both buyers and sellers need to adjust their expectations. Sellers should price properties realistically, considering factors like specific location (alley depth, width), actual size, legal status, and market demand. Overly high prices will only leave properties unsold.
Buyers should clearly define their needs—whether for living or investment. For living purposes, balance budget with living space requirements. Consider expanding the search to suburban areas like Đan Phượng or Hoài Đức, or opt for renovatable properties at lower prices.
For those prioritizing comfort, amenities, and modern living spaces, apartments are a better option. Most importantly, avoid rushing into decisions without finding a property that meets both needs and budget.
Duy Anh
– 06:00 26/09/2025
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