While seeking to buy an apartment in My Dinh residential quarter in Nam Tu Liem district in Hanoi, Van Anh met a broker, Huong, who introduced an 89 sq m apartment with three bedrooms and two toilets with the price of VND4.35 billion.

Anh also met two other brokers who introduced the same apartment, but with different price levels, either lower by VND50 million, or VND20 million higher.

Huong explained that the difference of tens of millions of dong is ‘small’ and is understandable. Buyers can negotiate the prices, but in general, they have to pay more if buying apartments from investors than buying directly from apartment owners.

According to the broker, apartment prices in My Dinh area increased by VND50-100 million  just within one month.

The price increases were even sharper for apartments with moderate areas, which are believed to fit the pockets of young families.

Thanh Ha from Ha Dong district in Hanoi told VietNamNet that in early August, she intended to buy a two-bed 72 sq m apartment on Tran Phu Road in the same district. The broker then said the apartment price was VND3.1 billion, or VND43 million per sq m. 

But in early September, the apartment was offered to sell at VND3.9 billion, an increase of VND800 million just one month later.

Duyen and her husband in Cau Giay district wanted to buy an apartment in Bac Tu Liem district, 72 sq m, two bedrooms, with balcony facing south.

On August 5, they came with a broker to an apartment offered at VND4.5 billion. As the selling price was too high, the couple said they needed more time to think. And they have regretted their decision as the apartment price increased to VND4.9 billion, or VND68 million per sq m, just half a month later.

More surprisingly, when they contacted the broker again to about the apartment, the broker said they could not buy the apartment at the previous price, because the owner only would sell the apartment at VND5.5 billion, which meant a VND1 billion increase just after one month.

According to Nguyen Hoang Nam, CEO of G-Home, apartment prices in Hanoi have increased to a new ground, the same as HCM City. This has caused a shock to buyers as prices have nearly doubled just over the last month.

However, Nam said in many cases brokers have inflated apartment prices to make people think that the prices have become very high. 

Hong Khanh