Talking to Lao Dong, Mr. Nguyen Huu Sinh (living in To Hieu apartment complex, Cau Giay district) informed that despite being in a degraded state, many old apartment buildings are recently being sold by residents at expensive prices.
Mr. Sinh added that at the end of 2023, the price of collective houses here only fluctuated around 30-35 million VND/m2, but now it has skyrocketed to 50-60 million VND/m2.
"The apartment I am selling has a land area of 50 square meters, a usable area of 70 square meters, and a selling price of 2.6 billion VND, equivalent to more than 50 million VND/square meter. Although it was built decades ago, the old apartment is still attractive because it is located in the center of Hanoi, has full surrounding amenities, and is close to parks and schools," said Mr. Sinh.
Similarly, Ms. Le Thi Hoa (living in Kim Lien apartment building, Dong Da district) informed that she felt very surprised when recently, many old apartment buildings were being sold at prices equal to those of old apartments.
Even the 35m2 apartment building next to Ms. Hoa's house is being sold by its owner for 2.4 billion VND, equivalent to 70 million VND/m2.
Many real estate brokers in Hanoi informed that recently the old apartment market is becoming more active again with more transactions and prices increasing by 5-10% compared to early 2024.
In particular, with old collective houses in central districts of Hanoi such as Dong Da, Thanh Xuan, Cau Giay, buying and selling and liquidating are often very easy and quick. This is also one of the reasons why house prices in these areas are often pushed up very high.
However, the fact that old, degraded apartments are being sold for 50-60 million VND/m2 makes many people confused because this price is as high as that of apartments in Hanoi.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - commented that many old apartment buildings 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 also note that when buying and selling old apartment buildings, buyers need to pay special attention to the actual area. The reason is that during their stay, many households have expanded their tiger cages by tens of square meters, causing great risks and reducing the value when the owner wants to resell or transfer.
