The market for houses in alleys is not only bustling in Hanoi's inner city districts but also spreading to the suburbs. For example, in Chuong My ward, Hanoi, houses in alleys with an area of 42m2 were built with 3 floors, a bustling residential area, and convenient transportation. After a year, the number has increased nearly 2 times, up to 104 million VND/m2.
For more than 3 months now, Mr. Nguyen Manh Hung (Cau Giay, Hanoi) and his wife have taken the opportunity to see the house on the weekend to keep up with the progress of "pinning" the house to welcome the new year. Along with savings and additional bank loans, Mr. Hung and his wife have 2 billion VND.
Initially, to facilitate work and travel, the couple decided to buy an apartment in My Dinh ward, Dong Ngac. However, according to Mr. Hung's research, apartment prices in the inner city of Hanoi are very high.
An apartment in My Dinh I Urban Area (Hanoi) with an area of over 60m2 and 3 bedrooms costs up to 8 billion VND, equivalent to nearly 70 million VND/m2. Mr. Hung researched other 2-3 bedroom apartments in this area that are also priced from 6-8 billion VND.
"After careful calculation, I decided to buy a house in an alley with a small area. In some areas such as Dong Da, Ha Dong, Long Bien, many old houses are being sold for just under 3 billion VND, with an area of 25-35m2, in alleys. Although we have to repair it when we move in and travel in the alley, my family does not have to pay for monthly service fees and can settle down for a long time," said Mr. Hung.
According to a survey by Lao Dong Newspaper reporters, the price of houses in alleys in the inner city ranges from 70-300 million VND/m2 depending on location and area. In some inner-city districts around the center such as Thanh Xuan, the selling price is from 200-300 million VND/m2. In Ha Dong, the selling price of private houses in alleys is fluctuating from 60-276 million VND/m2.
Ms. Pham Hai Yen - a real estate broker in Hanoi said that the number of customers asking to buy houses in alleys at the end of the year increased slightly compared to the first months of 2024. Private houses in alleys with prices ranging from 3-5 billion VND/unit have always received attention because of their lower prices but are now considered a " rare item".
Commenting on the price of the alley house segment in the coming time, Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - said that it is very difficult to immediately reduce the price frame. However, in the long term, prices are likely to be adjusted more stably.
Explaining the above forecast, Mr. Diep gave many reasons, based on the law of supply and demand, in the coming period when social housing projects are put on the market, this will be a balance for prices to "low down".
According to Mr. Diep, the current viewpoint of the Party and State is to pay attention to streamlining administrative reform, helping project approval activities as quickly as possible, limiting waiting time or slow project issuance. Reducing administrative procedures will help attract businesses to participate, and prices will also decrease.
The representative of Hanoi Real Estate Club hopes that in the coming years, the alley house segment will be stable, developed sustainably, and not increase unusually.
