Properties in Hanoi’s old quarter are being advertised at billions of dong per square metre. Photo for illustration.
According to listings on real estate exchanges and online platforms, some prime-location properties in the old quarter, considered the “diamond land” of Hanoi, are being marketed at record levels.
One 10-storey building on Bao Khanh Street near Hoan Kiem Lake, with an area of 132 square metres, is on sale for VND 380 billion (USD 14.6 million), equivalent to nearly VND 2.88 billion (USD 110,600) per square metre. Another 12-storey property of 140 square metres on the same street is listed at the same total price, or around VND 2.71 billion (USD 104,000) per square metre.
On Gia Ngu Street, a 14-storey house covering 490 square metres is being advertised for VND 1.35 trillion (USD 51.9 million), equating to nearly VND 2.76 billion (USD 106,000) per square metre.
Brokers claim these properties are in prime business locations, currently being operated as hotels and commercial venues.
Beyond the old quarter, other central streets such as Xa Dan, Lang Ha, Huynh Thuc Khang and Thai Ha are also seeing asking prices above VND 1 billion (USD 38,400) per square metre.
For example, on Xa Dan Street, a 150-square-metre property is listed at VND 170 billion (USD 6.54 million), or VND 1.13 billion (USD 43,600) per square metre. Another 60-square-metre house is offered at VND 63 billion (USD 2.42 million), or VND 1.05 billion (USD 40,400) per square metre. Just a year ago, the highest prices on Xa Dan were in the range of VND 700–800 million (USD 26,900–30,700) per square metre.
The surge in headline asking prices, some nearing VND 3 billion per square metre, has left both investors and residents astonished.
However, experts caution that these are seller expectations rather than confirmed transactions. “If no deals are finalised, these figures are only illusions. Nearly VND 3 billion per square metre has never been recorded in any notarised transaction,” one property analyst said.
They added that properties priced at hundreds of billions of dong are in an ultra-luxury segment with extremely limited buyers. Many owners are not under pressure to sell and instead use sky-high asking prices to test the market.
Nguyen The Diep, vice chairman of the Hanoi Real Estate Club, noted that whole-townhouse and street-front properties remain attractive for investors seeking safe, long-term value retention.
“Yet their weakness is the very high price level, reaching tens of billions of dong per property, which makes them illiquid. This is a segment reserved for buyers with strong capital and long-term investment horizons,” he said.
