Brian Jeffrey
The Nam Trung Yen resettlement project’s apartment buildings are showing signs of deterioration, with crumbling walls and aging roofs. Despite this, several buyers are willing to invest between VND3-4 billion.
One resident from the A6C Building shared that she purchased a 60 sq m apartment on the fourth floor for VND2.1 billion last year. Astonishingly, the property is now estimated at VND4 billion.
She expressed her surprise, stating, “I never expected apartment prices to double in just one year.”
A broker on a real estate forum proposed a 57.2 sq m apartment in the A6D section at VND4.1 billion, or VND71 per sq m. This unit includes two bedrooms and basic amenities.
Although the apartment has been recently painted, it still suffers from cracks and peeling walls, and the outside shows rough surfaces with crumbling cement exposing older bricks. Even with these issues, the market price remains over VND4 billion.
Local resident Lan Anh noted that many families have enlarged their balconies to make better use of space, which may pose risks due to the building’s poor condition. “It feels more like an old housing quarter in Hanoi than a resettlement area,” she remarked.
Commenting on the prices set by brokers, H from Cau Giay district expressed skepticism: “I find the rates to be inflated. I’ve heard brokers list prices at double the real worth in many instances.”
Long, who purchased a 60 sq m unit in the 6B complex for VND3 billion, reported an increase of VND300 million in value within just two months.
“The VND3 billion price was valid about 4-5 months ago. Now, you can’t find a unit for that price,” he stated.
Inquiring about the high prices despite the deteriorating conditions, Phuong, a resident of D Building, mentioned that the apartments are equipped with fire safety measures, have a spacious yard, and possess legal documents affirming land ownership rights.
Another tenant explained that the price rise is reflective of the overall market trends. He noted that some apartments were affected by Typhoon Yagi, prompting certain families to sell and relocate.
