Real Estate

Unbelievable Housing Deal in Thanh Xuan: Just 70 Million VND/m², But Buyers Are Running Away!

Amidst the soaring property prices in Thanh Xuan, Hanoi, a peculiar trend has emerged: numerous houses are being listed at half the market rate, sparking curiosity among buyers. However, upon arrival, many potential purchasers are compelled to leave empty-handed.

Administrator

12 October, 2025

Mr. Le Thanh Son, a resident of Bac Ninh, was surprised when a real estate agent introduced him to a 50m² house in an alley in Thanh Xuan, priced at 80 million VND per square meter, totaling around 4 billion VND. This price is 30-50% lower than the average for similar alley houses in Thanh Xuan.

The agent explained that the owner needed cash urgently for business purposes, hence the rushed sale.

Upon visiting the property, Mr. Son was shocked to find the house located deep within a narrow alley, accessible only by motorcycle, with several long-standing graves nearby. Additionally, the land lacked a proper land-use rights certificate (red book).

“Initially, the low price excited me. But navigating the tight alley and seeing the graves behind the house gave me chills. Without a red book, I feared legal disputes,” Mr. Son recounted.

According to Mr. Son, these concerns caused dozens of potential buyers to decline the offer. “The owner claimed they’d lived there without issues, but I wasn’t convinced. Despite the low price, I decided not to risk it,” he added.

Properties near graves often deter buyers. Illustration: D.A

A similar case in Kim Giang was listed at 70 million VND per square meter, significantly below the local average of 100-130 million VND. However, the house was adjacent to a shrine, with an overhanging banyan tree encroaching on the property.

Mr. Tuan, a Thanh Xuan real estate agent, noted that properties near shrines, graves, or cemeteries are typically cheaper due to buyer hesitancy. Such homes are less appealing for both personal use and rental investments.

These properties often sell at 30-50% below market value, yet most buyers remain uninterested after viewing them.

You Get What You Pay For

In Thanh Xuan, alley houses accessible by motorcycle range from 80 to 210 million VND per square meter. Prime areas like Nhan Chinh and Thanh Xuan Trung command 170-210 million VND per square meter due to their central location and developed infrastructure.

Thượng Đình and Khương Mai also maintain high prices, ranging from 150 to 180 million VND per square meter, thanks to their proximity to major roads like Nguyen Trai and Truong Chinh.

Other areas such as Phuong Liet, Khuong Trung, Ha Dinh, and Khuong Dinh range from 100 to 170 million VND per square meter. Kim Giang, Thanh Xuan Bac, and Thanh Xuan Nam are more affordable at 80-130 million VND per square meter due to their distance from the city center and narrower alleys.

Prices of 70-80 million VND per square meter are significantly lower than the local average, often indicating underlying issues such as legal complications, poor location, or unfavorable feng shui.

Mr. Le Quoc Anh, an experienced investor, warns that unusually low prices often signal high risks. In real estate, “you get what you pay for.” No property is unusually cheap without a reason.

Purchasing a property without a red book is a legal time bomb. Many buyers of such properties later discover forged documents, boundary disputes, or difficulties in obtaining bank loans, sometimes even facing repossession without compensation.

From a feng shui perspective, homes near graves, temples, or shrines are considered inauspicious. Even if buyers are not superstitious, they may struggle to resell due to widespread market skepticism, often at a significant loss.

Mr. Le Quoc Anh advises extreme caution when encountering unusually cheap properties. Buyers should thoroughly verify legal documents, inspect the original red book, and confirm ownership details. For properties without a red book, scrutinize land origin documents and avoid handwritten agreements.

Location is equally critical. Houses in narrow, deep alleys or near cemeteries, shrines, or poorly developed areas are harder to resell and prone to depreciation. Buyers should check local planning authorities to avoid purchasing properties slated for demolition or road expansion.

Additionally, comparing prices of 3-5 similar properties in the area is essential to understand market rates. In real estate, an unusually cheap property is rarely a bargain and often signals hidden risks.

Duy Anh

– 06:15 12/10/2025