Vietnam - Prices for Hanoi’s facing-street houses on the cloud

VietNamNet Bridge – Despite economic crisis and the fall of the estate market, prices for houses facing the street in Hanoi are towering, averaging VND300-550 million ($15,000-25,000) per one square meter.

The real estate market has been depressed for a long time, causing a drop of estate prices in Hanoi. However, street-facing houses in Hanoi’s centers are still at very high prices.

These houses are advertised on small ads websites at towering prices. The highest prices belong to houses in Hoan Kiem district, with VND300-550 million per one square meter. A 50sq.m house on Ngo Tat To street is offered for sale at VND17.5 billion ($870,000). Another 50sq.m house on Ham Long street is advertised at VND29 billion ($1.4 million).

The prices in Ba Dinh District are lower, averaging VND250-350 million ($12,000-17,000)/sq.m. A 40sq.m house on Van Bao Street is offered for sale at VND16.2 billion ($800,000).

An estate transaction office on Ma May Street, Hanoi, said that this office had performed several transactions of street-facing houses in Hanoi though many houses of this kind were offered for sale. It is very difficult to sell this category of houses because of their “virtual prices.”

“Owners of facing-street houses in the center offer prices that are much higher than the market prices, so it is very difficult to bargain with them,” an estate broker said.

P. Linh

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