According to Lao Dong reporters in early January 2025, many old apartment buildings such as Giang Vo and Thanh Cong (Ba Dinh District, Hanoi) have recently been being sold at high prices on social networks.
Many houses on the first floor of the apartment building can be used for trading and business, the selling price has exceeded 100 million VND/m2.
For example, an 80m2 apartment building in Giang Vo is being sold by its owner for 3.99 billion VND, equivalent to nearly 50 million VND/m2. According to the owner, the house has an actual area on the red book of only about 40m2, but during use, the balcony and hallway space has been expanded.
An old Thanh Cong apartment building with an area of 70 square meters is also being offered by the owner for 3.8 billion VND, equivalent to 55 million VND/square meter, equal to the price of an apartment located in the suburbs of Hanoi.
Notably, a 70m2 apartment building on the first floor of Thanh Cong apartment complex is being offered for sale for 7.7 billion VND, equivalent to 109 million VND/m2. The owner here said that if he decides to buy but does not move in immediately, he will still have a monthly income from renting out the premises at a price of 12 million VND/m2.
Talking to Lao Dong, Mr. Nguyen Van Toan (47 years old, living in Giang Vo apartment building) said he was very surprised when many old, degraded houses were being advertised for sale by homeowners and brokers for 50-60 million VND/m2.
According to Mr. Toan, although the living space is narrow and degraded, there are markets, kindergartens, schools and other amenities around the apartment complex.
According to statistics from the Hanoi People's Committee, the capital currently has nearly 1,579 old apartment buildings over 50 years old, mainly built in the period 1960-1990, concentrated in 4 inner-city districts.
Regarding this issue, according to Deputy Director of Hanoi Department of Construction Mac Dinh Minh, the projects to renovate old apartment buildings are being implemented behind the approved schedule because the investors have not yet agreed on compensation, support, temporary housing, and resettlement plans.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - informed that many old collective apartments located in "golden land" locations in the center of Hanoi are being sought after recently due to the scarce supply of new housing.
However, Mr. Dinh said that buyers also need to pay attention to the actual area and the expansion area when buying old collective houses. During their stay, many households have expanded "tiger cages and bird cages" of tens of square meters, causing great risks and reducing the value when buying, selling and transferring.
