ID :
10783
Wed, 06/25/2008 - 14:07
Auther :
Shortlink :
https://oananews.org//node/10783
The shortlink copeid
Old Quarter land prices remain high
Hanoi, June 25 (VNA) - Prices of "golden" lands in Hanoi's Old Quarter remain exorbitant despite the recent freeze in the real estate market, said industry insiders.
At a recent bid organised by the Hanoi Natural Resources and Environment Department's Hanoi Housing Management and Development Company, a square metre of land of a house on 48 Hang Bong Street, Hoan Kien District, was recorded at 506 million VND (30,600 USD).
Similarly, a house on 120 Hang Bong Street is being advertised for sale for 342 million VND (20,700 USD) per sq.m.
A property broker in Hanoi said that while real estate transactions
nationwide were stagnant, investors are still interested in buying property in Old Quarter's streets like Hang Ngang, Hang Dao, Hang Bong and Nha Tho or those along West Lake at prices of roughly 450 million VND (27,200 USD).
Land in streets like Ly Thuong Kiet, Tran Hung Dao and Phan Chu Trinh, known as "foreigners streets", were advertising sales at roughly 250 to 300 million VND per square metre while prices of properties in riversides of West and Bay Mau Lakes were fluctuating around 150 to 200 million VND, said the broker.
Brokers said interested investors were mainly overseas Vietnamese from European countries as well as locals who have made a lot of money in the stock market.
Despite the high prices, potential buyers believe that the land is a sound investment, saying that they could sell it for even higher prices or rent it out.
Besides the financial aspect of it, investors also believed that lands in the Old Quarter were the most valuable in the future because of their cultural value and irrespective of the capital's expansion.
General director of the real estate Century Group, Nguyen Trung Vu, argued that the expansion of the capital would not affect the high demand for land in the Old Quarter. No new land can replace the favoured ones in the inner city, said Vu.
However, brokers said that for land to be truly considered "golden" to investors, the area must be between 400 sq.m to 1,000 sq.m, if not more as it needs to be used for the construction of office buildings, high end apartments or commercial complexes.
At a recent bid organised by the Hanoi Natural Resources and Environment Department's Hanoi Housing Management and Development Company, a square metre of land of a house on 48 Hang Bong Street, Hoan Kien District, was recorded at 506 million VND (30,600 USD).
Similarly, a house on 120 Hang Bong Street is being advertised for sale for 342 million VND (20,700 USD) per sq.m.
A property broker in Hanoi said that while real estate transactions
nationwide were stagnant, investors are still interested in buying property in Old Quarter's streets like Hang Ngang, Hang Dao, Hang Bong and Nha Tho or those along West Lake at prices of roughly 450 million VND (27,200 USD).
Land in streets like Ly Thuong Kiet, Tran Hung Dao and Phan Chu Trinh, known as "foreigners streets", were advertising sales at roughly 250 to 300 million VND per square metre while prices of properties in riversides of West and Bay Mau Lakes were fluctuating around 150 to 200 million VND, said the broker.
Brokers said interested investors were mainly overseas Vietnamese from European countries as well as locals who have made a lot of money in the stock market.
Despite the high prices, potential buyers believe that the land is a sound investment, saying that they could sell it for even higher prices or rent it out.
Besides the financial aspect of it, investors also believed that lands in the Old Quarter were the most valuable in the future because of their cultural value and irrespective of the capital's expansion.
General director of the real estate Century Group, Nguyen Trung Vu, argued that the expansion of the capital would not affect the high demand for land in the Old Quarter. No new land can replace the favoured ones in the inner city, said Vu.
However, brokers said that for land to be truly considered "golden" to investors, the area must be between 400 sq.m to 1,000 sq.m, if not more as it needs to be used for the construction of office buildings, high end apartments or commercial complexes.
