According to Lao Dong reporters, despite their current state of disrepair, many old apartment buildings in Kim Lien, Trung Tu (Hanoi) have recently been listed by their owners at nearly 5 billion VND/unit.
Mr. Nguyen Van Tho (36 years old, living in Kim Lien apartment complex) informed that recently, many people are looking to buy Kim Lien apartment complex at expensive prices, equal to apartments, even though this apartment complex has been in use for decades and has many signs of deterioration.
According to Mr. Tho, around the apartment complex there are markets, kindergartens, Kim Lien Primary School, Dong Da Secondary School, Kim Lien High School, hospitals, and full living amenities.
"Many old Kim Lien collective houses with a land use area of 40m2 and a usable area of 100m2 are being sold for nearly 5 billion VND/unit. In mid-2024, many old collective houses here were advertised for sale at about 50-60 million VND/m2, but are currently being advertised for 60-80 million VND/m2, with some houses exceeding 100 million VND/m2" - Mr. Tho said.
Similarly, Ms. Le Thu Huong (living in Dong Da district) is also selling a Trung Tu apartment building with a usable area of about 80 square meters, priced at 4.7 billion VND, equivalent to nearly 60 million VND/square meter. Although located in an old apartment building, Ms. Huong said that the house has just been repaired and has new furniture.
Many real estate experts say that with old apartment buildings in central districts of Hanoi such as Dong Da, Thanh Xuan, Cau Giay, buying, selling and liquidating are often very easy and quick, which is also one of the reasons why housing prices in these areas are often pushed up very high.
Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - noted that although the segment is located in the center of Hanoi, when buying and selling old collective houses, buyers need to pay attention to the actual area.
Because, during their stay, many households have expanded their tiger cages by tens of square meters, reducing the value when the owner wants to transfer. Buyers should also note that renovations and expansions are common in old apartment buildings, causing the area in the red book to often be much smaller than the area for sale.
Savills Hanoi - a real estate service provider - analyzed that in the context of rising housing prices, the real estate market is witnessing an imbalance between demand and supply of apartments, especially for products in the affordable segment.
Therefore, old collective apartments in Hanoi with moderate area, located in the inner city are the choice of many people, causing the price of this segment to be pushed up recently.
