In the context of the continuous increase in house prices in Hanoi's inner city, many young people believe that with 2 billion VND in hand, they can find a temporary stable place to live in the alley. However, the reality is completely different when the housing price level in Hanoi is increasing.
The story of Mr. Nguyen Hoang Minh (from Nam Dinh, currently living in Hanoi) and his wife shows that finding a house that is affordable and legal is not easy. According to Mr. Minh, the couple has saved for many years and borrowed more than 20% from the bank to reach the 2 billion VND mark, a figure that he once believed was "enough to get into an alley in Hanoi".
"We decided to buy a small house as long as we have a red book and a convenient location to work. But when I went to see nearly a dozen apartments, with a budget of 2 billion VND in the central area, the area was too small, just a little larger than the rented room" - Mr. Minh shared.
Mr. Minh said that every time he hears an introduction about a "financial dream of 2 billion VND" house, he prepares for disappointment. Houses offered by brokers often have similar characteristics with an area of 1015m2, a common certificate or no certificate, and an entrance is less than 1 meter wide.
"The broker often told my wife and I that the house in Hanoi's alley is not cheap at the moment, having a house for 2 billion VND is too good. But in reality, I felt like I was taking risks and not buying property" - Mr. Minh assessed.
According to a survey by Lao Dong, in inner-city wards of Hanoi such as Dong Da, Hai Ba Trung, Cau Giay, Thanh Xuan..., it is not difficult to find houses of just over 10 square meters being advertised for sale on social networks, brokerage groups or trading platforms.
These "squatting" houses have the same characteristic of being super small, usually under 20m2 with deep, narrow alleys that are only enough for a motorbike to pass each other. Especially without a red book, if the transaction is in the form of a notarized document.
A house deep in Dinh Cong Thuong alley (Hoang Mai) with an area of over 20m2 with 2 floors, 2 bedrooms but no red book is being advertised for 1.9 billion VND.
Another house with an area of 15m2 in Bach Dang ward (Hanoi) is advertised as "rarely, near the center, good for investment and rental" for 2.1 billion VND. The broker of this house said that the house's land is urban land, with full annual tax payment documents but no red book.
"This house will be bought and sold through the form of a notarized document, the construction cost will only cost 2-3 million VND. If the goodwill is good, the owner will give more fortune to the customers" - this broker shared.
The super-small alley housing market in Hanoi of just over 10 square meters without red books is reflecting the great pressure of the housing problem in Hanoi when the population increases rapidly, land fund is limited, and house prices skyrocket. In that context, "squatting" houses worth more than VND2 billion have become an unforgettable choice for a part of the people.
However, behind those narrow walls are countless risks such as vague legal documents, low liquidity, unsafe conditions and the risk of losing everything. Because according to the law, the record only records the payment of money and the current status of assets, does not establish ownership, does not replace the transfer contract, and does not serve as a basis for issuing red books. The certificate does not create land use rights for the buyer.
