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Small alley homes sell well in Hanoi City

A house in an alley in Kim Giang Street in Hanoi City’s Thanh Xuan District is offered at VND750 million. The market for small alley homes is still lucrative in the city - Photo: Thuy Ngan

Prices of alley houses in the capital have declined by 30% compared to the golden age of the property market. Therefore, a lot of customers who have a real demand for accommodation are considering buying the properties due to low prices and convenient locations.

Some retail investors and brokers have paid attention to the segment given the high market demand. Nguyen Trong Bang, former director of a property exchange center, said that he has focused on the alley house segment. The condo segment has been quiet in recent times but many clients have been seeking houses priced at around VND2 billion each.

Most Vietnamese people still prefer a private landed home to an apartment, especially as some condo project investors have hurt the confidence of customers. Therefore, more and more people are seeking to buy private homes, Bang explained.

From a small investor, Bang has called for his friends to invest in the alley home business. His group has conducted nearly 10 successful transactions since earlier this year.

Tran Van Hien, a manager of the real estate exchange center at nhadat24g.net, said that his center has also shifted to small houses from 30-50 square meters each this year. While the condo segment is still in hibernation, small house transactions are still profitable, Hien said.

Nguyen Huu Thu, a property investor in Cau Giay District, said that he has joined the alley home business after many homebuyers have come to his area to seek a small house.

Over the past three months, Thu has been involved in seven transactions in Thanh Xuan, Dong Da and Cau Giay districts. The houses have been sold at VND1.5-2.5 billion each.

Bang said that residential land in some alleys has declined sharply in price. In Cau Giay and Thanh Xuan districts, houses measured around 30 square meters each have been offered at around VND900 million each, down by around VND300-500 million compared to late 2007.

In districts nearer to the city center, prices of alley houses have also declined by VND4-5 million per square meter against the peak. Therefore, many homebuyers have rushed to buy small alley homes from 25-40 square meters each at VND2 billion each or less.

Bang said investment in alley homes can fetch high profits due to the ready-made infrastructures in the central area, advantageous locations and reasonable prices. However, to gain success in transactions, it is necessary to build up a team to conduct all steps such as buying houses, making procedures, repairing and launching products onto the market.

Pham Trung Ha, general director of Hoa Phat Land Company, said that condo supply is huge just now but many customers still want to buy private homes.

Nguyen Viet Hai, general director of VIC Investment Joint Stock Company, said that the transaction of small alley homes has reported high liquidity and is the safest segment at the moment.


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