Tips on how to buy a house for under 2 billion VND in Hanoi

Recently, many experts and research units have continuously warned about the imbalance between real estate segments. Specifically, the high-end housing segment is in surplus, while the social housing segment and low-cost commercial housing under 2 billion VND/unit are absent.

For example, in Ho Chi Minh City, in 2020, affordable housing under 30 million VND/m2 accounted for only 1%; in 2021 and now, there is no more affordable housing. Meanwhile, high-end housing accounts for 74%, the remaining 26% is mid-range housing. There are many townhouses priced at 500 billion VND, or luxury apartments priced at over 100 billion VND.

Similarly, in Hanoi , newly opened commercial housing projects in the city center are almost never priced below VND25 million/m2. Apartments with this price are only available in a few projects in areas far from the center. Meanwhile, the main products on the market are still apartments priced from over VND30 million/m2 to under VND50 million/m2.

According to a survey by Dan Tri , almost all apartment projects that are selling apartments are priced at no less than 2 billion VND. Some new projects priced at less than 2 billion VND are usually social housing or located far from the center or have high discounts.

In particular, in Hoang Mai district, an apartment project advertised as high-end HaNoi Melody Residences is under construction and is expected to be handed over in 2024, applying a "super-huge" discount policy of up to 38%, but customers must pay 95% of the apartment value in advance with available money.

Mách nhỏ cách mua nhà giá dưới 2 tỷ đồng tại Hà Nội - 1 — To buy an apartment with a high discount, customers must pay 95% of the apartment value in advance with available money (Photo: Ha Phong).

According to this discount rate, a 2-bedroom apartment with an area of 74m2 has a discounted selling price of 1.85 billion VND, equivalent to about 25 million VND/m2 (the selling price before discount is 3.3 billion VND). However, the new project is under construction and buyers have to wait, cannot move in immediately, and also have to accept the risk if the investor delays the construction progress.

With a budget of less than 2 billion VND, a good solution for buyers is used apartments or apartments without a pink book. The advantage of buying a used apartment is that you can move in immediately.

Or in Hoang Mai district, apartments in HUD apartment buildings, HH Linh Dam, Kim Van Kim Lu apartment buildings, T&T Riverview Vinh Hung, resettlement houses Den Lu, Phap Van - Tu Hiep, social housing in the Southwest Linh Dam area..., are being advertised for sale at prices of 1.2-1.9 billion VND. These apartments have areas of 40m2, 67m2 or 70m2 with 1-2 bedrooms.

Mách nhỏ cách mua nhà giá dưới 2 tỷ đồng tại Hà Nội - 2 — An advertisement for an apartment for sale for less than 2 billion VND (Screenshot: Ha Phong).

In Ha Dong district, some apartments in Xuan Mai Tower apartment buildings in To Hieu, Mipec City View in Kien Hung, Duong Noi apartment building, Ha Dong Burn Institute apartment building..., are all mid-range projects, where people have lived for several years. Currently, there are some apartments with various areas from 45m2 to 100m2 with prices ranging from 1.3 to 2 billion VND.

In Long Bien district, some apartments at the Logistics Academy are being offered for sale at VND23-25 million/m2. On average, a 72m2 apartment costs about VND1.7 billion.

In Hoai Duc district, some apartments in apartment buildings such as Thang Long Victoria, Gemek Tower, The Golden An Khanh..., are also selling apartments with an area of 60-74m2 with prices ranging from 1.5-2 billion VND.

Or in Thanh Tri district, apartments in Dai Thanh urban area currently have many apartments for sale with prices ranging from 1-1.3 billion VND, area of 45-60m2. Apartments in Tu Hiep Plaza apartment building, Tecco Garden Thanh Tri apartment building, Eco Green Nguyen Xien, Institute 103 apartment building in Tan Trieu commune..., many apartments with area of 56-78m2 are for sale with prices around 1.7-2 billion VND.

According to Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Realtors (VARS), mid-range and affordable apartments and real estate with good commercial exploitation value will still have transactions, so the possibility of lowering prices is very difficult, especially in the context of scarce supply. Most of the inventory products of the real estate market are currently in the high-end segment, due to poor liquidity, not suitable for home buyers' budgets.

He predicted that the land fund in the inner city areas of the two big cities of Hanoi and Ho Chi Minh City will become increasingly scarce. Along with changes in planning, policies will be tightened further, making the supply of commercial housing projects and apartments in this area increasingly scarce.

The shrinking land fund means that only a few high-end real estate projects are being developed. While the demand for apartment ownership remains very high, apartment prices are difficult to reduce, especially in the context of scarce project supply.

Source