According to Lao Dong reporters, house prices in alleys in Dong Da and Thanh Xuan districts (Hanoi) have been continuously increasing recently.
For example, a 5-storey house on Nguyen Hong Street, with a 6m frontage and full legal documents, is being offered for sale at 9.5 billion VND. Another 5-storey house, 60m2 wide, located in an alley, 600m from Nguyen Trai Street, with a red book, is also being offered for sale at 9.8 billion VND.
On many social networking groups, information about houses for sale in alleys in Dong Da and Thanh Xuan districts is also posted continuously, with prices of nearly ten billion VND/house.
Research data from the Vietnam Association of Realtors (Vars) recently showed that the prices of individual houses being traded in Hanoi recently increased by 5-15% compared to the end of 2023.
Vars analyzed that in reality, in the market, in the inner city of Hanoi, the number of houses priced from 3-4 billion VND is quite scarce. Even in the suburbs of Hanoi, houses in alleys are currently trading at around 70-80 million VND/m2, even corner lots, beautiful lots, the price will be around more than 100 million VND/m2.
Mr. Nguyen Van Xuan (45 years old, living in Dong Da district, Hanoi) informed that because he has no need to use it, his family is quickly selling the house in the alley on O Cho Dua street.
According to Mr. Xuan’s description, the 5-storey house in the alley, 70m2 wide, has a red book. In addition to living, buyers can also post long-term rental ads with prices ranging from 20-30 million VND/month.
"The house is located in the central district, not far from major universities, so recently many people have made appointments to come see it. Currently, my family is selling the house for 9.5 billion VND, including all furniture and interior," said Mr. Xuan.
However, despite the continuous increase in prices, there is still no detailed statistical data on the actual number of transactions in the alley housing segment in central districts of Hanoi.
Mr. Do Ngoc Thang - Regional Sales Director at OneHousing - commented that the inner city of Hanoi is a place where land funds cannot be expanded further but the population is still increasing and most importantly, there is real demand for housing, investment, business and rental.
Therefore, the price of real estate in Hanoi's inner city, including the segment of private houses and houses in alleys, is still a safe and sustainable channel for storing assets.
Many real estate experts note that, in addition to the strengths, home buyers in alleys need to consider a number of criteria such as alley width, fire prevention and fighting approach, housing quality, construction, legal procedures such as red books, construction permits to anticipate risks, and have options suitable to their needs and finances.
