According to Lao Dong reporters, an old apartment building in Trung Tu (Dong Da district) with an area of 40 square meters is being sold by the owner for 2.7 billion VND, equivalent to 68 million VND/square meter.
According to the owner, the apartment has 2 bedrooms, with an actual usable area of about 80 square meters, including the expanded areas in the hallway and the balcony cage.
Just about 1km away, the old Kim Lien apartment building (Dong Da district) with an area of 83 square meters is being offered for sale at 6.3 billion VND, equivalent to more than 75 million VND/square meter, surprising many people because of its severe deterioration.
A 71m2 apartment building in Nghia Tan (Cau Giay district) is also being offered for sale by the owner for 4.3 billion VND, equivalent to more than 61 million VND/m2, even though it has been in use for decades.
Mr. Nguyen Manh (36 years old, living in Nghia Tan apartment building) informed that he felt very shocked when he heard the selling price of the old apartment building in the district.
Mr. Manh described that many houses in Nghia Tan apartment complex are in a state of disrepair, with limited space, but are being sold at prices exceeding 60 million VND/m2, making many people living here like him feel quite surprised.
Many real estate experts believe that the reason for the high price of old apartment buildings in Hanoi is because of their central location.
In addition, the high price of this segment is also due to the influence of the price of apartments and houses in the alley in recent times. However, there are many cases where collective houses are being sold at unreasonable prices.
Experts also acknowledge that with old apartment buildings in central districts of Hanoi such as Dong Da, Thanh Xuan, Cau Giay..., buying and 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.
Over the years, Hanoi has always paid attention to the renovation and reconstruction of old apartment buildings. However, according to data from the Hanoi Department of Construction, by the end of 2023, the renovation and reconstruction of old apartment buildings had only reached 1.14% of the plan, with 19 areas being renovated and reconstructed.
Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - commented that although the apartment segment is located in the center of Hanoi, when buying and selling old apartment buildings, 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.
