Talking to Lao Dong reporter, Ms. Nguyen Thi Dan (60 years old, living in Kim Lien apartment building, Dong Da district) shared that although many apartment buildings here show signs of deterioration and are being expanded, they are still being sold by their owners at expensive prices, exceeding 100 million VND/m2.
Similarly, Mr. Nguyen Quoc Huy (living on To Hieu Street, Cau Giay District) informed that many old collective houses here have an area of only 10-15m2 on the red book, but the owners during the process of using them expanded and renovated the usable area to 30-50m2.
"Some of the expanded collective houses here are being sold for over 100 million VND/m2. For example, an old collective house with an area of about 30m2 is being sold for 3.58 billion VND, equivalent to over 119 million VND/m2," said Mr. Huy.
The selling price of old collective apartments in central districts of Hanoi such as Hoan Kiem and Hai Ba Trung is also currently recording a high increase.
However, according to Lao Dong reporters' research, in reality, although the selling price has been pushed up quite high, there is still no data on the actual transaction volume of the old apartment segment in Hanoi.
Some real estate experts also note that it is not uncommon for homeowners to advertise very high prices to attract the attention of those in need, or to create a virtual price level.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - mentioned that in fact, many old collective houses have become "hot" products because they are located in central locations in Hanoi. In addition, the supply of new housing is scarce, so the demand for housing types is increasing, especially in inner-city districts.
The expert also noted that there were information in Hanoi City, renovating and rebuilding the old collective - where the potential became a golden position, buyers need to consider carefully before going down.
Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - said that it is undeniable that old apartment buildings are located in "golden land" locations. However, these apartments are all severely degraded, so buyers will have to spend a lot of money to renovate them.
In addition, these apartments are all expanded, but the actual area on the red book will be very small. Therefore, if the State rebuilds the apartment complex, the difference in area outside the red book will not be compensated.
