Trinh Ha has received lots of feedback after he put his 50-square-metre apartment at the To Hieu Building in Cau Giay District for sale. Many people have come to see the apartment which had an actual area of 40 square metres and had been extended at the balcony by 10 more square metres. Ha sets the price for the apartment at VND2.10 billion (USD86,600).

"Many people are interested in buying my apartment as it lies on a busy street," Ha said.

Nguyen Van Cuong has also announced on a social website that he wanted to sell his old 60-square-metre apartment in Lieu Giai Street, Ba Dinh District. Cuong asks for VND 3 billion for this three-bedroom apartment.

"My apartment is in the city centre which has seen rising land and housing prices," Cuong said.

On many real estate forums, old apartments are sold at high prices.

A 30-square-metre apartment in Kim Ma Street, Ba Dinh District is being sold for VND3.10 billion or VND100 million (USD4,123) per square metre.

Another 30-square-metre apartment in Ba Dinh District's Phan Ke Binh Street is up for sale for VND 1.50 billion.

Speaking with the media, the chairman of the Vietnam Association of Realtors, Nguyen Van Dinh, said that the prices of old apartment buildings have recently increased due to a shortage of new apartments.

"Although land prices remain low with few transactions during the economic downturn over the past two years, the demand for apartments in Hanoi has always been high," he said. "And as the demand gets higher than supply at the end of the year, more people are turning to old apartments."

The official, however, warned buyers to check the actual area when buying old apartments.

"Due to limited area, many old apartments have been expanded into the corridors and balconies by dozens of square metres," he said.

Source: Dtinews