Talking to Lao Dong, Mr. Hoang Van Son (living in Hoang Mai district, Hanoi) informed that with a small amount of savings, at the end of July 2024, his family decided to buy a house in the alley for 2.3 billion VND, area 32m2, built 3 floors.
"With savings of more than 2 billion VND, my family, after calculating the options, decided to buy a house in this alley even though it did not have a red book and the agreement was made by handwritten documents. Although the legal documents were not correct and there were potential risks, my family believed that as long as we had a house in Hanoi, it was fine," said Mr. Son.
Hanging a sign for sale of a house in an alley on Hanoi's Old Quarter, Ms. Bich (living on Hang Ngang Street, Hoan Kiem District) shared that the house is located deep in the alley without a red book, the usable area is 12 square meters, if including the area of the bathroom, kitchen, and toilet, it is 28 square meters.
According to Ms. Bich, the 12m2 house with an attic is being sold for more than 2 billion VND, equivalent to more than 170 million VND/m2. Generations in Ms. Bich's family have lived here for nearly 80 years, the house is located in Hanoi's Old Quarter, so it is very convenient to move around. If the buyer is interested, the owner will also consider reducing the price.
Explaining why many people are looking to buy houses and land without red books recently, Mr. Tran Hoang - a real estate broker in Hanoi - shared that many people have real housing needs but due to limited finances, they have chosen to buy houses in alleys without red books.
According to Mr. Hoang, a few adventurous investors even choose this segment to invest in because if there is a chance to get a red book, they will make a big profit. In particular, the 2024 Land Law coming into effect will make the issuance of red books more convenient.
For the alley house segment in general, the OneHousing real estate ecosystem analyzes that the advantages of alley houses and land in Dong Da, Thanh Xuan, Ha Dong districts... are the advantage of being located in the center of Hanoi.
However, to maximize the advantages of houses in alleys, according to OneHousing, it is important to carefully research the legal documents, land use rights, information about the area and the condition of the house in the alley before deciding to buy so that buyers can avoid future inconveniences and risks.
Speaking with Lao Dong, Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - mentioned that the price of houses in alleys in the center of Hanoi in recent months has been advertised at very high prices.
In essence, the market for houses in alleys is not large. The reason why many people are looking to buy recently is because this segment has more convenient factors than apartments and has long-term profit potential.
Experts say that, in addition to the strengths, people who want to buy a house in an alley need to consider some criteria such as the width of the alley, the direction of fire prevention and fighting, the quality of the house, the construction, especially the legal procedures such as red books, construction permits to anticipate risks, have options suitable to their needs and finances.
