Reports have found that apartment prices increased by VND10 million per sq m in the last year. After a period of hot growth, apartment prices have stayed at new high levels. Market analysis firms reported that as of the first quarter 2024, apartment prices had increased for 21 consecutive quarters. The average price is at VND59 million per sq m.

The sky-high prices have made it impossible for young families to buy apartments as their financial capability cannot catch up with the price escalations. 

Unable to own apartments with full legal status, many of them buy apartments with no "so hong", or pink book.

Hong Ngoc, 32, from Nam Dinh, said she and her husband have been saving money for many years, but still cannot buy an apartment in Hanoi. They now live in a 55 sq m apartment in Ha Dong district, and to buy the apartment, they would have to pay VND2.5 billion.

They tend to seek apartments with no pink book in the same district. The products have the same usable area, but are much cheaper.

Ngoc is not alone. Many Hanoians and migrant workers take risks to buy apartments with unclear legal status after many years of living in rentals.

Hoang Tung, 35, who owns an apartment in Ha Dong, said he has received many calls from brokers over the last year, asking him if he wants to sell the apartment.

“This shows high demand for accommodations in the district,” Tung said. But he doesn’t intend to sell his apartment.

The 56 sq m apartment where Tung and his family members are living was bought in 2016 at VND19 million per sq m. As construction then went slowly, he could only move to the apartment four years after making the first payment campaign (2020).

According to Tung, all the apartments of the same block cannot get a pink book because the developer has not installed a fire prevention and control system that can meet requirements, while the electricity supply system is not stable.

As the apartments there don’t have pink book, their prices have increased more slowly than other apartments. Tung said the prices there were VND27-28 million per sqm last year and are now VND30-32 million per sq m.

N. Le