By the end of 2024, both primary and secondary apartment prices will increase. Accordingly, the selling price of primary apartments reached VND 72 million/m2, up 36% over the same period last year and 12% over the previous quarter. This is the highest increase recorded in the past 8 years in the Hanoi apartment market.
Secondary apartment prices also recorded a steady increase compared to the beginning of the year, up 5% quarter-on-quarter. Compared to the same period last year, secondary apartment prices in Hanoi increased by more than 26% year-on-year, the highest annual increase ever recorded.
Ms. Le Thi Thanh (46 years old, in Nam Tu Liem district, Hanoi) shared that when she saw the high price of apartments, she sold her apartment for 5 billion VND.
With that amount of money, she discussed with her husband to buy a private house in the alley for convenience in living and working, however, the price of this segment in inner city districts is also increasing rapidly.
The real estate broker took Ms. Thanh to see some houses in the alley on Quan Nhan Street (Thanh Xuan District), but she had to "turn around quickly" because the prices were too high. Among them, a house with an area of 40m2, 5 floors was advertised for sale at nearly 7.1 billion VND, equivalent to 178 million VND/m2 and another house in the alley of 43m2 on Lac Long Quan Street (Tay Ho District), built 5 floors, including 5 bedrooms, 4 bathrooms, was advertised for 8.8 billion VND, equivalent to more than 205 million VND/m2...
While the price of houses in the inner city alleys is expensive, Thanh and her husband have turned to the suburbs to find a new place to live. Notably, in suburban areas such as Duc Thuong, An Thuong, An Khanh (Hoai Duc district) and Tan Trieu, Tu Hiep (Thanh Tri district), land in alleys is attracting the attention of investors and real estate brokers.
Homeowners do not hesitate to sell at prices up to 110 million VND/m2, even some beautiful plots cost up to 130 million VND/m2.
Mr. Do Manh Tuan (29 years old, from Thanh Hoa), after getting married at the end of 2023, is looking for a house in an alley instead of an apartment because the land price in Hanoi is too high. Although he is mainly looking in communes in Hoai Duc, Thanh Tri, and Dong Anh districts, the price of real estate here is not cheap.
According to Mr. Tuan, the price of land and houses in alleys in some suburban communes in Hanoi is currently around 100 million VND/m2. Pre-built houses in small alleys cost from 80 to 110 million VND/m2.
Ms. Nguyen Thi Theu, owner of a real estate brokerage in Hanoi, said that due to the high price of apartments, many Hanoians have turned to buying houses in alleys. But for the past few months, despite continuously taking customers to see houses even in the suburbs, it is very difficult to close the deal because the selling price is hundreds of millions of VND/m2...
Sharing with reporters, Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - said that in the condition of limited supply, the price of primary apartments in Hanoi is "high", newly opened projects are all priced in the high-end segment, a private house with an area of 30 - 40m2 with a price of around 4 billion VND is attracting many people who want to "settle down".
However, in addition to real housing demand, the increase in house prices in alleys also comes from investment demand. Because this type of housing is considered to have good liquidity with full legal documents and affordable prices.
