Looking for a 2 billion VND apartment in Hanoi

According to a survey, the cheapest apartment price in Hanoi is currently about 28 million VND/m2, with an area of ​​about 70m2, the amount of money customers have to spend is 1.96 billion VND.

However, real estate brokers said that very few projects have this level and if there are, there are currently only large-area apartments, so the amount of money customers have to pay is not small.

At an apartment building in Van Quan urban area, Ha Dong district, the price is considered quite cheap compared to the area, nearly 41 million VND/m2. For an apartment of 91 m2, customers have to pay 3.7 billion VND.

“This apartment is located on the last golden land in Van Quan area, owning 2 frontages on Tran Phu and Nguyen Khuyen streets, convenient traffic, cool lake view. If you are not quick, it will be difficult for customers to buy,” a broker advised.

Continuing to learn more about the area further from the center, the reporter learned that at the project in Van Canh commune, Hoai Duc district, a 2-bedroom apartment with an area of ​​66.7 square meters is priced at 2.9 billion VND; a larger apartment with an area of ​​80 square meters is priced at 3.5 billion VND.

Not only are apartments in new projects expensive, but even used apartments are also being sold at high prices.

Specifically, an 83m2 apartment at the HH1C Linh Dam project (Hoang Mai district) including furniture is being sold for 2.55 billion VND, equivalent to more than 30.7 million VND/m2....

Having been unable to find an apartment for less than 2 billion VND, Ms. Lai Thi Loan, who is currently renting an apartment at Eco Green (Nguyen Xien, Thanh Tri), had to put aside her plan to buy a house and switch to renting an apartment long-term to save costs.

4 years, apartment prices increased by 77%

Commenting on apartment prices in Hanoi, Dr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, said that scarce supply, combined with increased input costs from materials, labor, to land prices, etc., have had a cumulative impact on apartment prices.

"The housing demand of people in big cities is still very high, while the preparation of real estate projects for investment is taking a long time, making it impossible to immediately meet the supply. Along with that, many projects are also stalled due to legal problems, so apartment prices remain high and may increase.

Currently, in Hanoi, there are very few apartments priced at 2 billion VND for transactions," said Mr. Dinh.

According to a report by Savills Vietnam, in just the past 4 years, the average price of apartments has reached 54 million VND/m2, increasing for 19 consecutive quarters and increasing by more than 77% compared to the first quarter of 2019.

“Limited new supply, reduced number of apartments handed over and high average primary prices at VND52 million/m2 have caused secondary prices to increase. From 2018 to 2022, the average primary price of apartments increased by 13%/year, while primary supply decreased by 14%/year.”,Savills commented.

The Ministry of Construction also recently released a report on housing and the real estate market in the fourth quarter of 2023. Notably, while many segments are facing difficulties and selling prices are decreasing, apartment prices are still increasing, especially in two major cities.

Specifically in Hanoi, apartment prices continuously increased: Thanh Xuan district increased by about 3.5%, Ha Dong district increased by about 3.7%, Hoang Mai district increased by about 3.8%, Nam Tu Liem district increased by about 4.1%.

Affordable apartments cost from 25 million VND/m2 to 35 million VND/m2, mid-range apartments cost from 35 million VND/m2 to under 50 million VND/m2, and luxury apartments cost over 50 million VND/m2, commonly at 60 - 70 million VND/m2.