Mr. Nguyen Van Minh (44 years old, living in a collective housing area on Hang Bai Street, Hoan Kiem District) informed that many houses in this area are being sold by their owners at expensive prices, equal to luxury apartments, even though this collective housing area has been in use for decades and shows many signs of deterioration.
Mr. Minh shared that many old collective houses in Hoan Kiem district with modest areas are being offered for sale at over 100 - 150 million VND/m2.
For example, a 50m2 apartment building on Hang Bai Street (Hoan Kiem District) is being sold for 6 billion VND, equivalent to 120 million VND/m2.
Similarly, a nearby apartment building with an area of 30 square meters and 2 bedrooms is being sold by the owner for 3.4 billion VND, equivalent to 113 million VND/square meter.
Explaining this expensive price, many real estate experts said that, although it was built and put into use decades ago, the old apartment building still has appeal and is sought after by many people because it is located in the center of Hanoi, has full surrounding amenities, and is close to parks and schools.
In fact, with old apartment buildings in central districts of Hanoi, 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.
However, Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - noted that although this 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 to increase the usable space. Renovations and expansions are common in old apartment buildings, making the area in the red book often much smaller than the area advertised for sale.
Experts from the Onehousing Real Estate Ecosystem said that with a budget of 1-3 billion VND, owning a house in the center of Hanoi is not easy.
Therefore, many people with moderate finances have accepted the dilapidated, degraded living space of old apartment buildings in order to take a central location that is convenient for living and working.
The biggest advantage of the apartment building is its prime location, full of amenities and convenient transportation. If the house is on the first floor, it can be rented out for good business.
