Living in Kim Lien apartment complex (Dong Da district, Hanoi) for nearly 10 years, Ms. Le Thi Ngoc was very surprised when her 30m2 apartment filled with furniture and a crisscrossed tiger cage in the apartment complex was being advertised for sale online for 3 billion VND, equivalent to 100 million VND/m2.
With the small area, according to Ms. Ngoc, many households here cannot stand the cramped living conditions so they have put their houses up for sale and moved to other places. Households with economic conditions take better care of their houses such as renovating and renovating the space to make it airy even though the rooms are so small that they can only fit a bed.
"Many people living here are selling old collective houses with modest areas for 3 billion VND. I don't know since when the price of old collective houses has become so high. Some are being sold for more than 100 million VND/m2" - Ms. Ngoc said.
Living in a situation where she has to share a toilet, wait in line to shower and use the toilet, Ms. Tran Thi Hoa (Vong Duc street, Hoan Kiem district) was surprised to share that many dilapidated apartment buildings are being offered for sale at 3-4 billion VND/unit even though they are dark all year round and the lights have to be on 24/7.
To have more living space, according to Ms. Hoa, many households here have to design an additional attic, some use it as a place to sleep, store living things, and household items are also kept to a minimum.
Many real estate experts say that the reason why old apartment buildings in Hanoi, despite being degraded, are being sold at high prices is because they are located in prime locations in Hanoi's central districts. The fact that apartment buildings in Hanoi have plans to renovate and rebuild has also made this segment receive attention in terms of support and compensation plans.
Speaking with Lao Dong, Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - commented that many old collective apartments located in "golden land" locations in the center of Hanoi have high selling prices and are being sought after because of the scarce supply of new houses.
However, experts say that when buying and selling old apartment buildings, buyers also need to pay attention to the actual area. The reason is that during their stay, many households have added tiger cages of tens of square meters, causing great risks and reducing the value when the owner wants to resell or transfer.
