Once regarded as a property segment where "money alone could not secure a purchase," townhouses in Hanoi's Old Quarter are appearing on the market in growing numbers. Yet despite the increase in listings, completed transactions remain limited.

Market surveys indicate that after reaching record highs during 2024 and 2025, asking prices for Old Quarter properties have softened in some locations. Depending on the street and the characteristics of each property, asking prices have declined by around 5% to 15% from their peak levels.

Even so, values remain exceptionally high because of the district's limited land supply, while market liquidity has weakened considerably.

Many newly listed properties are promoted as rare opportunities on "golden land" in central Hanoi, suitable for boutique hotels, restaurants or other hospitality businesses.

Premium prices remain the norm

On Hang Dao Street, one townhouse with a land area of 210 square meters and a 5-meter frontage is being offered directly by its owner for VND195 billion (US$7.45 million), or roughly VND929 million (US$35,500) per square meter.

The property is located near Hoan Kiem Lake and is marketed as an ideal site for a luxury hotel or other high-end commercial development, with a separate land-use certificate and a single owner.

A four-story townhouse on Hang Chieu Street measuring 116 square meters is listed for more than VND70 billion (US$2.67 million), equivalent to approximately VND603 million (US$23,000) per square meter.

According to the listing, the property sits close to Dong Xuan Market, benefits from a wide sidewalk and is suitable for hotel or restaurant development.

Nearby, a 100-square-meter, 3½-story townhouse on Hang Be Street is being marketed for VND90 billion (US$3.44 million), or about VND900 million (US$34,400) per square meter. The listing highlights its central Hoan Kiem District location and clear legal status.

On Ma May Street, an 85-square-meter townhouse carries an asking price of VND55.5 billion (US$2.12 million), equal to roughly VND653 million (US$24,900) per square meter.

Agents describe the property as well suited for a boutique hotel, homestay, restaurant or bar serving international visitors.

A two-frontage property on Hang Thung Street is also on the market for approximately VND75 billion (about US$2.87 million).

Although its land-use certificate records just 25.1 square meters, the five-story building offers around 160 square meters of total floor space. The property's value is enhanced by frontages on both Hang Thung Street and Nguyen Huu Huan Street, with a 6.5-meter frontage expanding to 7 meters at the rear.

According to a real estate valuation firm, the property commands a premium because it occupies one of Hang Thung's most valuable locations, where reference land prices are around VND1.095 billion (US$41,800) per square meter.

On Hang Dieu Street, a 108-square-meter, two-story property with a 3.67-meter frontage is valued at about VND78 billion (US$2.98 million), or approximately VND720 million (US$27,500) per square meter.

Another four-story townhouse on the same street, measuring 84 square meters with a 2.9-meter frontage, is listed at around VND51.4 billion (US$1.96 million), equivalent to VND611 million (US$23,300) per square meter.

Listings increase while transactions remain limited

According to Nguyen The, a real estate broker specializing in Hanoi townhouses, Old Quarter properties were once considered "golden geese" because of their prime locations, heavy tourist traffic and strong rental potential.

Owners could typically lease their properties to retailers, restaurants, hotels or cafés at premium rates, while many buildings remained in the same families for generations and rarely entered the market.

As a result, public listings were uncommon, with most transactions taking place through private networks of investors and brokers.

That dynamic has changed.

Many storefronts in the Old Quarter now display "For Lease" signs for extended periods, while a growing number of townhouses have remained listed for sale for months without finding buyers.

Although listings have increased, completed sales remain relatively rare.

Nguyen The said many owners continue to price their properties based on peak market expectations, while buyers have become more cautious about deals worth tens or even hundreds of billions of Vietnamese dong.

Market data also point to weakening liquidity.

On Hang Dieu Street, for example, townhouse prices averaged around VND918 million (US$35,000) per square meter in 2025. Since the beginning of 2026, however, the market has recorded few notable transactions, reflecting subdued demand.

Property brokers say that in the current environment, homes priced closer to prevailing market values are more likely to attract buyers.

Duy Anh