By midday on October 1, despite the rain having stopped and the sun peeking through, Trieu Khuc Street in Thanh Liet Ward, Hanoi, remained severely flooded, with water levels reaching mid-calf and inundating numerous homes.
After every heavy rainfall lasting over 30 minutes, several streets and alleys in Trieu Khuc, such as Trieu Khuc Road, Alley 342, and the Trieu Khuc Market area, are submerged in water. In many sections, the floodwaters reach depths of 0.5 to 0.7 meters, causing severe traffic congestion and significantly disrupting daily life.
This area frequently experiences deep flooding whenever Hanoi faces heavy rain, earning it the nickname “Trieu Khuc Bay” among locals.
Despite the flooding, property prices in the area continue to soar. Market surveys indicate that the average land and property price in Trieu Khuc ranges from 150 to 270 million VND per square meter, a 20-30% increase compared to the beginning of the year. For properties along the main road, which offer business advantages and convenient transportation, prices can reach 250 to 500 million VND per square meter. Properties in narrower alleys, ranging from 2 to 4 meters in width, are priced lower, between 100 and 300 million VND per square meter.
Mr. Manh, a real estate agent, notes that transactions for properties along Trieu Khuc’s main road are relatively rare, with 70-80% of deals involving properties in alleys, primarily driven by small-scale investors.
He is currently listing a 60-square-meter property along Trieu Khuc Road, suitable for business, at over 16.5 billion VND, equivalent to more than 275 million VND per square meter.
Many areas in Trieu Khuc flood with every rainfall. Photo: L.B |
Some smaller properties in the alleys are priced lower. For instance, a 32-square-meter property near Trieu Khuc Lake is listed at around 200 million VND per square meter. Another property, measuring 35 square meters with a 5-story building in a connected alley, is priced at 250 million VND per square meter. Properties in narrower alleys are even more affordable, starting at 130 million VND per square meter for units ranging from 30 to 35 square meters.
For resettlement land, plots with wide car-accessible roads, approximately 60 square meters in size, are listed at up to 16.3 billion VND, equivalent to 271.67 million VND per square meter.
Additionally, several completed mini-apartments, ranging from 7 to 9 stories, are on the market for between 15 billion and 26 billion VND, depending on the actual area and monthly rental income potential.
According to Mr. Manh, compared to nearby areas like Yen Xa, where land prices are similar or lower in some locations, Trieu Khuc remains attractive due to its advantageous location and high rental liquidity.
Flooding Concerns Persist, Yet Demand Remains Strong
Ms. Nguyen Thu Ha, a freelance real estate agent, mentions that properties in Trieu Khuc are always in demand. The area’s primary advantage is its proximity to universities, high-quality residents, and a substantial rental demand. Student dorm rooms here rent easily for 3 to 4.5 million VND per month. Many mini-apartments generate stable income, ranging from 70 to 150 million VND monthly. These factors motivate investors to spend generously.
“The most significant issue in Trieu Khuc is the severe flooding during heavy rains. Many low-lying areas and narrow alleys experience water levels rising to knee height during heavy rainfall. Despite this, investors are willing to overlook the flooding due to the area’s financial advantages and strategic location,” Ms. Ha explains.
The flooding issue not only affects the quality of life but also deters some investors. Mr. Tran Van Cuong, a Trieu Khuc resident, shares that he purchased a 35-square-meter property in an alley two years ago for 4.5 billion VND. Its value has since increased to nearly 6 billion VND.
However, persistent flooding has become a nightmare. At times, water levels rise high enough to flood the living room, damaging furniture and forcing children to miss school due to impassable roads. Mr. Cuong has even had to walk 2 kilometers to get home.
“When I bought the property, the agent mentioned occasional minor flooding. I thought it wouldn’t be a big deal. Now, I realize that every time it rains, my spouse and I have to divide tasks—one picks up the children, while the other stays home to prevent water from entering the house. Our living conditions are significantly impacted. I wonder if the city will ever permanently resolve this issue,” Mr. Cuong worries.
Mr. Cuong advises prospective buyers to carefully consider their purchases. Spending 6 to 7 billion VND on a property that floods deeply with every heavy rain warrants serious thought.
He suggests that buyers thoroughly research the infrastructure, inquire about flooding conditions in the area, and carefully weigh the investment benefits against long-term living risks. Focusing solely on price appreciation or rental potential while ignoring environmental factors can lead to disappointment.
Duy Anh
– 06:00 02/10/2025
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