According to Lao Dong reporters, many houses in alleys in Ha Dong district (Hanoi) have recently been sold at expensive prices, from 9-10 billion VND/house, depending on the area.
Mr. Nguyen Van Xuan (born in 1980, living in Nam Dinh) shared that in June 2024, he closed the deal to buy a 5-storey house in an alley in Van Quan ward for 10.1 billion VND, including all furniture and interior.
"The house is located in the center, near the market, near major universities in Ha Dong district, so the price is quite high. Because we have idle money, my family decided to buy this 5-storey house to renovate, and is currently renting it out for 15 million VND/month" - Mr. Xuan said.
Selling a house in an alley, Ms. Trinh Thi Hanh (born in 1989, living in Van Quan ward, Ha Dong district) informed that the house she is selling is 41 square meters wide, has 3 floors with a price of 9.6 billion VND, equivalent to more than 228 million VND/m2 including all costs of red book procedures and transfer.
According to Ms. Hanh, if the buyer does not need to live there, they can post a rental ad, earning an additional passive income of 15-20 million VND/month.
Mr. Tran Hoang (a real estate broker in Hanoi) admitted that from the beginning of 2024 until now, the real estate market in Hanoi's alleys has been quite vibrant.
Many houses and land priced from 3-5 billion VND have a fairly quick and easy liquidity, while the higher segment of over 10 billion VND will be selective of customers with stable finances and higher income.
This broker also said that because the price of affordable and mid-range apartments in Hanoi is increasing, many buyers are gradually shifting their search and choosing houses and land located in alleys with the same price but with many convenient factors such as being located in the inner city, near parks, commercial centers, and businesses.
Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - mentioned that the price of houses in alleys in the center of Hanoi in recent months has been sold at very high prices, with many houses costing up to tens of billions of VND.
According to Mr. Nguyen The Diep, inner-city apartments are often expensive and have their own inconveniences. Many people have sought to buy houses in alleys at reasonable prices to suit their needs, convenient for work, and have long-term profit potential.
However, this expert also noted that, in addition to the strengths, home buyers in alleys in Hanoi need to consider a number of criteria such as the entrance, quality of the house, construction, legal procedures such as red books, construction permits to anticipate risks, and have options suitable to their needs and finances.
