Living in Giang Vo apartment complex, Ba Dinh district, Hanoi for nearly 10 years, Ms. Le Thi Binh was very surprised when a 30m2 apartment in a cramped apartment complex was being advertised for sale on social networks at 3 billion VND, equivalent to 100 million VND/m2.
With a small area, according to Ms. Binh, many households here are forced to expand their living areas such as corridors and tiger cages on the balcony. Households with economic conditions should take better care of their houses such as renovating and renovating the space to make it cool.
Also expressing surprise, Mr. Trinh Huu Quang (a resident of Thanh Cong apartment building, Ba Dinh district) informed that many dilapidated apartment buildings are being offered for sale at 3-4 billion VND/unit even though the walls are damp all year round.
Records of Lao Dong reporters in the first months of 2025 show that many old collective houses such as Giang Vo and Thanh Cong (Ba Dinh district, Hanoi) have recently been advertised for sale at expensive prices on social networks.
For example, an 80m2 Giang Vo apartment building is being sold by its owner for 3.99 billion VND, equivalent to nearly 50 million VND/m2. According to the owner here, the house has an actual area on the red book of only about 40m2 but during use, the balcony and corridor space have been expanded.
An old Thanh Cong apartment building with an area of 70m2 is also being advertised by its owner for 3.8 billion VND, equivalent to 55 million VND/m2, equal to the price of an apartment in the suburbs of Hanoi.
Notably, a 70m2 apartment building on the first floor of Thanh Cong apartment complex is being advertised for sale at 7.7 billion VND, equivalent to 109 million VND/m2. The owner here believes that if he shoots but does not stay right away, the monthly income from renting premises is still 12 million VND/m2.
According to statistics from the Hanoi People's Committee, there are currently 1,579 old apartment buildings in the capital with a life of more than 50 years, mainly built in the period of 1960-1990, concentrated in the area of 4 inner-city districts.
Architect Tran Huy Anh - Standing member of the Hanoi Architects Association - assessed that at old apartment buildings such as Nghia Tan, Giang Vo..., after the surveys, most households on the first floor did not agree with the compensation plans.
Planning researchers also believe that one of the major problems when renovating old apartment buildings and collective houses is the lack of consensus among people due to the lack of clear compensation price framework and resettlement policies.
