Mr. Nguyen Van Minh (living in Kim Lien apartment building, Dong Da district) informed that many old apartment buildings here are being sold by people at a price of 4-5 billion VND/unit despite their current degraded condition.
Mr. Minh added that at the beginning of 2024, the price of collective houses here only fluctuated between 40-55 million VND/m2, but now it has skyrocketed to 58-70 million VND/m2.
Posting an ad for sale of an old Trung Tu apartment building (Dong Da district) with a price of 4.9 billion VND, Mr. Le Van Tam informed that because he no longer needs to use it, his family is urgently selling the apartment building on the first floor, which can be used for living or business.
According to Mr. Tam, the apartment for sale has an area of about 70 square meters, with a selling price of 4.9 billion VND. The house has a red book in the owner's name, and can be used for both living and long-term business rental.
Referring to this content, Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - also noted that although the segment is located in the center of Hanoi, when buying and selling old collective houses, buyers need to pay attention to the actual area.
During their stay, many households have expanded their "tiger cages" by tens of square meters, reducing their value when the owner wants to transfer. Buyers should also note that renovations and expansions are common in old apartment buildings, causing the actual area in the red book to often be much smaller than the area advertised for sale.
According to many real estate experts, in the context of rising housing prices and scarce supply, renovating and rebuilding old apartments can help cool down apartment prices in the inner city.
Hanoi currently has about 1,579 old apartment buildings and collective houses. Of these, in the inner city districts alone, there are 20 apartment complexes, 69 apartment groups and 209 individual old apartment buildings that need to be renovated and rebuilt.
Architect Pham Thanh Tung - Chief of Office of the Vietnam Association of Architects - commented that to solve the problem of renovating old apartments and collective houses, Hanoi needs to establish a detailed planning project. Investors must comply with the above project along with the general planning and zoning planning of the city.
Along with that, experts said that Hanoi needs to focus on resettlement for people after relocation, clarify resettlement issues and compensation policies to gain consensus from 100% of the people.
