Holding nearly 1.5 billion VND in savings since their wedding, Mr. Nguyen Minh Tuan (Nam Dinh) wants to find a cheap apartment to settle down because he is tired of looking for a place to stay today and moving tomorrow. Partly because the family has more members, staying in a 20m2 rented room is very inconvenient.
Starting his search for a house, Mr. Tuan was overwhelmed by the high prices of apartments and real estate in Hanoi. With nearly 1.5 billion VND, Mr. Tuan had to borrow a lot more to be able to buy an apartment near the city center.
"Without many options, I tried to find some apartments without a certificate of ownership at a much cheaper price than the market in the same area. I plan to stay there temporarily, and later when my wife and I have more money, we will sell them to buy an apartment near the center. Although the price is cheap, I am still quite worried about the legality of these apartments" - Mr. Tuan shared.
According to CBRE's real estate market report for the third quarter of 2024, in the primary market, the average selling price has reached VND 64 million/m2 (excluding VAT and maintenance fees), the average selling price in the secondary market has reached VND 46 million/m2 (excluding VAT and maintenance fees).
Apartment prices in Hanoi are currently very high, beyond the means of many people. For this reason, not only Mr. Tuan but many people are also looking for types of housing with lower prices.
According to a survey by Lao Dong Newspaper, many apartment and real estate buying and selling groups in Hanoi continuously post information about selling many apartments without red books.
For example, an apartment in Linh Dam (Hoang Mai, Hanoi) without a red book with an area of 56 square meters is being offered by a broker for VND2.4 billion. The apartment is on a middle floor with 2 bedrooms, 2 bathrooms and basic furniture. The broker said that because the apartment does not have a red book, the transaction is based on a sales contract.
Learning more in Linh Nam area (Hoang Mai, Hanoi), Mr. Tuan was offered a 2-bedroom apartment of nearly 80 square meters with a price of 3.4 billion VND by a broker. The apartment will be traded through a sales contract because it does not have a certificate yet. The broker added that customers can rest assured to "pay" because the apartment is waiting to be granted a certificate.
According to Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club, there are many reasons leading to the situation of apartments not being granted certificates. For example, the project investor does not provide complete legal documents or the documents are not transparent and clear. The investor cannot complete the project or completes it but it is not the same as the original design registered in the construction permit...
"Although the price is relatively cheap, people who buy an apartment without a certificate are at risk of facing risks. Therefore, before 'deciding' to spend money, it is necessary to carefully check the legal documents of the apartment" - Mr. Diep said.
