VietNamNet Bridge – A lot of houses and apartments in the old quarter of Hanoi have been put on sale, but few people have shown their interests.

Possessing the houses on the ancient streets of Hanoi was once the dream of many people. The houses in the area were so expensive that just several square meters of land there could be exchanged for a whole apartment or a large land plot in the suburbs.

However, things have got quite different. Since the day the old quarter conservation plan was approved by the Ministry of Construction, which said 70 percent of the local population would be relocated to new urban areas, the prices of the houses there have decreased dramatically.

Most of the houses or flats there, being owned by thousands of households, were built with the French styled architecture.

A local resident he has sold a 20 square meter flat on Hang Bo street for VND1 billion, the price which is just equal to 50 percent of the price of some years before.

However, there are not many such successful transactions. A lot of people in the old quarter have offered to sell their houses. They would rather to sell the houses for money instead of having to leave within 8 years as decided by the city’s authorities.

According to Phung Van Hung from the Quang Minh real estate trading floor on Nguyen Khoai Street, only one transaction has been successful over the last two years. The buyer, a man, said he bought a 20 square meter house for his daughter and her family, at the price which was 30 percent lower than the initially set price level.

“My daughter just wants to live in the old quarter for a certain period before she has to leave as requested by the municipal authorities,” he explained. “If she wants to settle down for a long time, she would not choose the house.”

More and more people in the old quarter have put their houses on sale, though the relocation would only finish after 8 more years. The successful transactions mostly have the prices lower by 40-60 percent than the prices of several years ago.

One square meter of ancient house with French architecture style is about VND30-40 million. About 10-15 houses share the same address and the same small alleys, just one meter in width, just enough for one person with one motorbike to go.

The living conditions here are uncomfortable. People have to live in cramped and dank rooms, while households have to share many things, from the taps, water tanks to toilets and alleys.

Meanwhile, the houses still in good conditions remain very expensive. A man has offered to sell a 5-storey house, 32 square meters on Phung Hung Street for VND11 billion. A 70 square meter flat on Hang Bac Street, is priced at VND4 billion. Especially, an 83 square meter house has been put for sale at VND45 billion.

House owners all offer very high commissions for brokers in successful transactions. Hung H.S, a real estate trading floor, now offers to sell a series of house with the total area of 130-450 square meters at VND40-150 billion. The commissions promised are VND500 million at minimum and “one Camry car” at maximum.

TBKTVN