Shockingly expensive price of 2.1 billion VND/m2, only the super rich dare to buy

According to a survey by VTC News , recently, many old townhouses in Hanoi are being sold on real estate trading sites, the lowest price is several hundred million VND/m2 and the highest is up to a billion VND/m2 depending on the location. In particular, there is a price of up to 2.1 billion VND/m2 that makes many people surprised.

This is a house on Cau Go street, Ham Ca Shark section, with a direct view of Hoan Kiem lake, with an area of 40m2 and 5 floors, for sale price is 84 billion VND.

Hanoi's Old Quarter Houses Are Being Massively Sold: Shockingly Expensive Price of 2.1 Billion VND/m2, Only the Super Rich Dare to Buy - 1 — An old townhouse is for sale at 2.1 billion VND/m2.

Or a house with an area of 65m2, 6m frontage on Dinh Tien Hoang street is for sale for 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 sold for 40.5 billion VND, equivalent to about 900 million VND/m2.

On Hang Ga Street, a 65m2, 5-story street-front house is currently for sale for 50 billion VND, equivalent to nearly 800 million VND/m2.

A 4-storey house on Hang Be Street with an area of 32 square meters is also being sold for 25 billion VND, equivalent to about 781 million VND/square meter.

With prices reaching billions of VND/m2, many people calculate that with the income of 20 million VND/month of the majority of people, if they save for 20 years, it will be difficult to buy 1 m2 of house in Hanoi's old town.

Accordingly, with an income of 20 million VND, family living expenses are about 10 million VND, and savings are 10 million VND. In 1 year, you will save 120 million VND, in 20 years, it will be 2.4 billion VND.

However, after 20 years, the price of real estate in the old town will also increase over time, so with 2.4 billion VND, it is difficult to buy 1 square meter of house in the old town.

According to data from Batdongsan.com.vn, the average house prices in some streets of Hanoi's Old Quarter in March, April and May 2023 compared to the same period in previous years are as follows: The advertised price for houses on Lo Su Street in 2023 is 1.058 billion VND/m2 and in 2019 it is 972 million VND/m2. Or on Hang Buom Street, the advertised price in 2023 is 924 million VND/m2, while in 2019 it is 706 million VND/m2...

The average selling price of street-front houses in Hanoi's Old Quarter is around VND597 million/m2, an increase of about 8% compared to 2019.

According to experts, Hanoi's Old Quarter is known as "every inch of land is gold", "making money" thanks to its prime location, being a tourist area, attracting many visitors, so it is very convenient for business. Therefore, real estate in this area is always the most expensive, with prices comparable to golden land in Paris, Hong Kong...

Mr. Tran Thanh Tung - an experienced real estate broker in the old town, said that 2-3 years ago, before the COVID-19 pandemic, old town houses were rarely for sale. There was a time when customers "lined up" to buy because in addition to the super-rich in Hanoi, real estate tycoons from Thanh Hoa, Ha Tinh , Nghe An provinces... also wanted to buy to both keep money and invest in renting.

From 2020 to now, when the COVID-19 pandemic broke out, business was difficult, the number of ads for renting and selling old townhouses on classifieds sites increased every day.

According to Mr. Tung, although the price of old town houses is high, this year has actually decreased by about 10% compared to 2022 and this trend may last until the end of 2023.

“ In the long term, old townhouses are always a promised land for investors, because not only can you keep your money well, but the rental profit in this area is also very high. Therefore, this is a good time for investors with money to buy in, ” Mr. Tung shared.

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