Apartments in the “rich house” apartment project have the highest selling price of more than 200 million VND/m2, but some old dormitory apartments have deteriorated the price is also over 100 million VND/m2… is the reality in Hanoi real estate market.
‘Stunned’ with apartment prices for the ‘rich’
Project D’. Palais de Louis at 6 Nguyen Van Huyen, Cau Giay District (Hanoi) was started construction by Tan Hoang Minh Group at the end of 2009.
Officially launched in 2012, the asking price was up to 145 million VND/m2, equivalent to about 13-27 billion VND/unit, this was the most expensive project in Hanoi market at that time. However, due to delays, the investor must return the entire deposit to the customer.
After a long period of “immobility”, in mid-April 4, the project was announced to change its name to Hanoi Signature, the new investor is Ramond Holdings Real Estate Business Investment Joint Stock Company (Ramond Holdings).
Currently, on some real estate listing sites, information related to the project and the price of apartments for sale in thisresidentialproject has appeared.
Accordingly, the time to hand over the apartment is expected in the second quarter of 2025, there is a total red book. The apartments at Hanoi Signature have 3 forms of handover.
Specifically, with about 30 units of the rough handover package, the price is from 97-180 million VND/m2. About 70 basic handover apartments, priced at 145-198 million VND/m2. Notably, with 140 units of the completed handover package, the price is 140-219 million VND/m2.
The sale also introduces the sales policy applied to the first 50 customers who are given free car parking space, worth VND 750 million; free management fee, parking service fee for 10 years; 0% bank interest rate support for 24-36 months. The payment schedule is divided into 8 closed installments.
In the Hanoi market, some high-end projects were sold a few years ago, now secondary sellers also offer sky-high prices.
For example, a penthouse apartment with an area of 231m2 in Starlake Tay Ho project in Xuan La ward (Tay Ho district) is for sale for VND 37 billion; equivalent to more than 160 million VND/m2.
Also in Tay Ho district, a corner apartment with an area of 181 m2 at Heritage West Lake project, Lac Long Quan street, Phu Thuong ward is selling for VND 30 billion, equivalent to over VND 165.7 million / m2. According to the introduction, the apartment has a lake view, a long-term red book and is fully furnished, with 4 bedrooms; It is now 40% closed and will be handed over by October.
Or in Ba Dinh district, apartments with an area of 143m2 at Vinhomes Metropolis – Lieu Gia project are in need of sale for VND 20 billion, or nearly VND 140 million / m2.
The old dormitory collapsed every meter over a hundred million VND
High prices are not only in new apartment projects, notably, old collective apartments with prime locations in Hanoi also have asking prices of over hundred million VND per square meter.
For example, the owner of a group house on Pham Hong Thai Street, Nguyen Trung Truc Ward (Ba Dinh District) is for sale at a price of more than 167.7 million VND/m2.
Specifically, the 3-storey apartment, the area on the book is more than 38m2, the usable area is 58 m2, 800m from Dong Xuan market … hanging selling price of VND 6.4 billion. The landlord clearly stated that he only sells directly to the person who needs to buy and does not receive brokers or intermediaries.
Also in Ba Dinh district, the collective apartment on the 1st floor, located on Tran Huy Lieu street, Kim Ma ward has an area of 70m2, a façade of 10m the landlord is selling for VND 8.5 billion; ie over 121 million VND/m2. According to the introduction, the apartment is being operated as a restaurant, parked cars, only 20m from Kim Ma Street.
Also for sale at a price of up to 100 million VND/m2, the collective apartment on the 1st floor, in Hang Bong street, Hang Buom ward (Hoan Kiem district) costs 3.3 billion VND, the area in the red book is 32.9m2.
The seller said that the actual usable area of the apartment is 42m2 and has a mezzanine of 15m2, wider than the area in the “red book”. The apartment has a façade of more than 4m, about 50m from Hang Buom street, is being rented as a homestay for 15 million VND/month.
Talking about old collective apartments, “rich” apartments with expensive prices today in the Hanoi market, sharing with PV VietNamNet, Mr. Nguyen Chi Thanh, Vice Chairman of the Vietnam Association of Real Estate Brokers, said that old apartments and old collectives in essence the price of that type of house cannot be high because it has been deteriorating for many years; It only has the advantage of location and is priced before the renovation information. Those asking prices are the expected prices if rebuilt.
“The current asking price of hundreds of millions of VND per square meter is too high. People who choose to buy old apartments at that price are investors, not real residents. They buy heavily in terms of investment and future expectations and also potential risks because they do not know when they will be renovated,” Thanh said.
As for new apartment projects, why is the price expensive? The reason, the quantity is limited, the project has been built, the location is beautiful, high quality, good infrastructure …
However, according to Mr. Thanh, the price offered is also an expectation, whether the market accepts that price or not is another matter.
However, with the high-end segment, according to the Vice Chairman of the Vietnam Association of Real Estate Brokers, compared to house prices in Ho Chi Minh City. In HCMC, prices in Hanoi are still lower.
