Real Estate

Unveiling the Truth: Affordable $1 Million Homes in the Heart of Hanoi

Property prices in Hanoi continue to soar to unprecedented heights, leaving many to wonder if a budget of over 1 billion VND can still secure a home in the city's central areas.

Administrator

17 November, 2025

Market surveys reveal that property prices in Hanoi’s inner-city districts like Hoan Kiem, Ba Dinh, and Dong Da (old areas) are exceptionally high. Most houses in these areas, even those located in small alleys, rarely fall below VND 100 million per square meter. Finding a house priced under VND 1 billion within the city center is considered a significant challenge.

According to Mr. Quan, a real estate agent, it is still possible to purchase a house in central Hanoi for over VND 1 billion. Despite limited availability, buyers can find properties priced between VND 1 billion and VND 1.7 billion, primarily consisting of ultra-small units, sometimes as small as 5-6 square meters, located deep within alleys with various limitations.

Mr. Quan notes that only 1-2 properties have proper land titles, while the rest are typically older constructions or lack the minimum area required for separate land titles.

The agent is currently marketing a property in central Dong Da, priced just over VND 1 billion. Due to its affordability, the house has several drawbacks: it has an area of just over 6 square meters, is 30-40 meters from the main road, and is accessed via a dimly lit alley. The narrow, steep staircase adds to the inconvenience.

To maximize space, the owner has built five levels: the first floor serves as a kitchen with a loft for storage, the second floor is a living room, the third floor contains a bedroom and bathroom, the fourth floor has an additional bedroom, and the fifth floor is a rooftop area. This property is ideal for singles or young couples willing to compromise on space for a central location.

Houses priced at VND 1 billion are often located in deep alleys with dimly lit entrances. Illustration: D.A

In this rare low-price segment, another property near Van Mieu is priced at approximately VND 1.68 billion and comes with a full land title. The house has an area of about 6 square meters, a frontage of over 1 meter, and is built with four levels and a rooftop.

However, the interior space is extremely limited. The windows are almost inoperable due to proximity to neighboring houses, and there is no bathroom inside. Residents must use a shared bathroom across the alley.

The agent humorously remarks that entering the house requires maneuvering around walls, akin to exercising. Despite its constraints, the property is suitable for short-term rentals, catering to tourists seeking an authentic experience in Hanoi’s historic Old Quarter.

In the Van Mieu area, one of Hanoi’s most central and historically significant locations, real estate prices are significantly higher than in surrounding areas. Street-front properties near Van Mieu are typically listed between VND 300 million and VND 450 million per square meter, depending on location, condition, and frontage width.

Properties accessible by car in alleys are priced lower, ranging from VND 200 million to VND 270 million per square meter, while those accessible only by motorbike are generally between VND 140 million and VND 190 million per square meter.

In the Tan Mai area, agent Ms. Thao is marketing a property priced just over VND 1 billion. Despite its location at the end of an alley, the house is relatively well-lit, features windows, and has a frontage of over 1 meter. The first floor is used as a kitchen, and the upper floors can be arranged as bedrooms.

According to Ms. Thao, this property is suitable for singles, students, or parents purchasing for their children during university studies. Its proximity to the city center also makes it a liquid asset if resale is necessary.

In the Tan Mai (Hoang Mai) area, street-front properties are listed between VND 260 million and VND 380 million per square meter, depending on location and frontage width. Properties accessible by car in alleys are more affordable, ranging from VND 160 million to VND 220 million per square meter, while those accessible only by motorbike typically fall between VND 120 million and VND 160 million per square meter.

It is evident that with a budget of over VND 1 billion, buyers can still own property in central Hanoi, but they must accept significant trade-offs such as ultra-small spaces, deep alley locations, steep staircases, limited natural light, and sometimes a lack of private bathrooms.

Despite their affordability, these properties over VND 1 billion have low liquidity, and finding suitable buyers can be time-consuming. Prospective buyers often express concerns about the inconveniences associated with living in ultra-small houses in deep alleys.

Buyers should carefully consider their decision. Quality of life is a major issue, as most of these properties have extremely limited space, steep staircases, inadequate lighting, and sometimes no private bathrooms, making long-term living uncomfortable.

Additionally, buyers must pay close attention to legal aspects, as some properties do not meet the minimum area requirements for separate land titles or were constructed without proper permits, posing risks during ownership transfer and resale due to their ultra-small size.

Duy Anh

– 06:00 15/11/2025