Million dollar homes still up for sale
29-08-2012
 Large houses in inner-city districts of Hanoi are being offered for sale online at tens or even hundreds of billions of VND. |
According to major real estate trading websites, the districts of Hoan Kiem and Ba Dinh are home to some of the most expensive houses available.
In Ba Dinh District, prices vary from a five-floor 70 square metre house on Linh Lang Street on sale for VND14.2 billion (USD676,190); to a 102-square metre home on Nguyen Truong To Street sold at VND56 billion (USD2.6 million) and a 200-square metre one at USD67 billion (USD3.1 million).
In Hoan Kiem District, a 65-square metre house on Hang Cot Street is valued at VND33 billion (USD1.5 million); rising to VND70 billion (USD3.3 million) for a 120-square metre house on Ly Thuong Kiet Street.
Pham Xuan Can, Chairman of Sohovietnam Real Estate Consulting Company, said current economic difficulties and tightened banking loans were posing a challenge for real estate investors, therefore, massive sales of such houses was inevitable; and despite the outrageous prices being quoted, the prices included discounts of 20-30% lower than at the height of the property boom. Despite the high prices, these luxury buildings are still attracting buyers who seem to have more money than sense.
A representative from a real estate office on Ma May Street Hanoi said so far this year, the office had only sold 1-2 apartments because the sellers were asking for too high prices. Large houses were proving particularly hard to sell.
