Mr. Tran Huu Nghia (45 years old, living in Giang Vo ward, Ba Dinh district) informed that he felt very shocked when he heard the selling price of an old apartment building in the district.
Mr. Nghia described that many houses in Giang Vo apartment complex are in a state of disrepair, with a small area of only about 55 square meters, but the owner is selling them for 4 billion VND, equivalent to more than 72 million VND/square meter.
"The price of old apartment buildings in the inner city is equal to the selling price of new apartments in the suburbs, which makes many people like me quite surprised. Not only are they in a degraded state, many old apartment buildings here are often expanded into "tiger cages", causing fire safety problems," said Mr. Nghia.
According to Lao Dong reporters, many old apartment buildings in Ba Dinh and Dong Da districts (Hanoi) are being sold by their owners at high prices.
For example, a 70m2 house in Trung Tu apartment complex (Dong Da district) is being offered for sale at 4 billion VND, equivalent to more than 57 million VND/m2.
The seller shared that the old apartment building is located in the center of the district, surrounded by full amenities such as shopping malls, schools; the house is designed with 1 living room, 2 separate bedrooms, 2 bathrooms...
The Kim Lien apartment building (Dong Da district) with an area of 80 square meters is also being offered for sale by the owner for 4.2 billion VND, equivalent to more than 52 million VND/square meter, even though it has been in use for more than 60 years and is one of the oldest apartment buildings in Hanoi.
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.
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.
