According to a survey by VTC News , recently, many old townhouses in Hanoi are being offered for sale on real estate transaction websites, with prices ranging from several hundred million VND/m2 at the lowest to billions of VND/m2 depending on location. Notably, some prices have reached as high as 2.1 billion VND/m2, shocking many people.
This is a house on Cau Go street, near the "Shark's Mouth" section, with a direct view of Hoan Kiem Lake. It has an area of 40m2 and 5 floors, and is being offered for sale at 84 billion VND.
An old townhouse is being offered for sale at 2.1 billion VND per square meter.
For example, a house with an area of 65m2 and a 6m frontage on Dinh Tien Hoang street is being advertised for sale at 70 billion VND, equivalent to more than 1 billion VND/m2.
Another house on Tong Dan street, with an area of 45m2 and 3 floors, is also being offered for sale at 40.5 billion VND, equivalent to approximately 900 million VND/m2.
On Hang Ga Street, a 65m2, 5-story townhouse is currently being offered for sale at 50 billion VND, equivalent to nearly 800 million VND per square meter.
A four-story house on Hang Be street, with an area of 32 square meters, is also being offered for sale at 25 billion VND, equivalent to approximately over 781 million VND per square meter.
With prices reaching billions of dong per square meter, many people estimate that, with the average income of 20 million dong per month, it would be difficult to buy even one square meter of a house in Hanoi's Old Quarter even after saving for 20 years.
Accordingly, with an income of 20 million VND, family living expenses are approximately 10 million VND, leaving 10 million VND for savings. In one year, they can save 120 million VND, and in 20 years, that's 2.4 billion VND.
However, after 20 years, the price of houses and land in the old town will also increase over time, so with 2.4 billion VND, it would be difficult to buy even 1 square meter of house in the old town.
According to data from Batdongsan.com.vn, the average house prices in some of Hanoi's Old Quarter streets during March, April, and May 2023 compared to the same period in previous years are as follows: The asking price for a house on Lo Su Street in 2023 was 1.058 billion VND/m2, while in 2019 it was 972 million VND/m2. Similarly, the asking price for a house on Hang Buom Street in 2023 was 924 million VND/m2, compared to 706 million VND/m2 in 2019…
The average asking price for street-front houses in Hanoi's Old Quarter is around 597 million VND/m2, an increase of about 8% compared to 2019.
According to experts, Hanoi's Old Quarter is dubbed "land worth its weight in gold," a "money-making" area thanks to its prime location and status as a tourist destination, attracting many visitors and making it very favorable for business. Therefore, real estate in this area consistently ranks among the most expensive, with prices comparable to prime real estate in Paris, Hong Kong, and other prime locations.
According to Mr. Tran Thanh Tung, a seasoned real estate broker specializing in the Old Quarter, two to three years ago, before the COVID-19 pandemic, Old Quarter properties were rarely put up for sale. There was a time when buyers lined up to purchase because, in addition to Hanoi's super-rich, real estate tycoons from provinces like Thanh Hoa, Ha Tinh , and Nghe An also wanted to buy them to both preserve their capital and invest in rental properties.
Since 2020, with the outbreak of COVID-19 and the resulting sluggish business conditions, the number of listings for renting and selling houses in the Old Quarter on classified ad websites has increased daily.
According to Mr. Tung, although the price of houses in the old town is high, it has actually decreased by about 10% this year compared to 2022, and this trend may continue until the end of 2023.
“ In the long term, old townhouses are always a promising investment opportunity for investors, as they not only preserve capital well but also yield high rental income. Therefore, this is a good time for investors with money to buy, ” Mr. Tung shared.
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