Many brokers said that recently the old apartment market is vibrant again with more sales transactions and prices increasing by 5 – 10% compared to the previous period. However, the fact that old, degraded collective apartments are being sold for more than a hundred million VND/m2 makes many people confused because the price is as high as high-end, luxury apartments in the city center. Hanoi.
The 6-star, super vip apartment project next to Hoan Kiem Lake has an asking price of 500 – 700 million VND/m2 while an old, degraded collective apartment on nearby Hang Bong street is also sold for 583 million VND/m2. m2.
Typically, the super luxury apartment project for only 1% of the Vietnamese elite on Hang Bai street (Hoan Kiem district) has an asking price of 500 – 700 million VND/m2; Luxury apartments on Quang Trung street (Hoan Kiem district) cost 60 – 100 million VND/m2; In other areas such as Lang Ha ward (Dong Da district), luxury apartment prices range from 60 – 70 million VND/m2.
Be careful when buying an old communal house to wait for renovation and compensation
According to analysis by experts, the Government and Hanoi’s continuous moves to promote the renovation and reconstruction of apartment buildings and compensation, support and resettlement plans have “awakened” the market. old collective apartment after many years of “nodding”.
Mr. Dao Ngoc Nghiem, former Director of the Hanoi Department of Planning and Architecture, Vice Chairman of the Vietnam Urban Planning and Development Association, said that buyers of old collective apartments with prices of billions mostly consider it as a long-term investment. Because he saw the opportunity to be reformed and compensated.
But this investment option is very risky because according to Decree 69, only buildings in cases of emergency due to incidents, natural disasters, fires, explosions, expiration dates, or not meeting normal use requirements… can be approved. Renovations.
The proof is that many households once chose to buy houses in the dormitory area of the Institute of Industrial Chemistry (Hanoi) to wait for renovation, and were compensated at a high price, but some people waited up to 15 years for this dormitory to be completed. has not yet been renovated while the building is increasingly deteriorating.
Many people have been “disillusioned” because they bought a dormitory house waiting for renovation and compensation, but the dormitory area has not been renovated. (Photo: Van Xuan)
Therefore, if deciding to invest money, the buyer must carefully consider many factors such as: location, planning, expected renovation time,…
In addition, you need to pay attention to the area on the apartment’s red book because most old apartment buildings are expanded, but many brokers are not interested and often only advertise the apartment area when expanded. However, when renovating, the compensation price only applies to the area on the red book, so the buyer will be disadvantaged…
Lap Dong