Old apartment buildings in central HCMC carry unique characteristics, reflecting the architecture and lifestyle of residents over many decades. Units in these buildings are often small, with basic living spaces suited for small families.

The quality of these apartments has declined over time, with many places showing outdated electrical and water systems in need of renovation.

Although they have such limitations and lack internal amenities, their prime locations and convenient commuting options keep them attractive to many buyers.

At No89–91 Nguyen Du street, Saigon ward, stands an apartment building constructed before 1975. It is only five floors tall with more than 100 units. According to a 2022 assessment, the building was rated grade B, meaning it did not meet normal usage requirements.

Nguyen Van Hau, a local broker, said residents in old apartment buildings tend to live stably, so listings are extremely scarce. As a result, buyers do not have much data for price comparison. But due to its central location, the selling price of units at 89–91 Nguyen Du has exceeded VND100 million per sqm in recent years.

For example, a 26 sqm one-bedroom unit at 89–91 Nguyen Du is currently listed at VND2.8 billion. Another unit of the same size but fully furnished is being offered at VND3.4 billion.

According to Hau, rental prices here are also quite strong, up 20 percent compared to the end of last year. A one-bedroom unit can be rented for VND12–15 million per month.

“In addition to traditional long-term leasing, some buyers still look for units in old apartment buildings to run short-term rentals or convert them into mini offices for lease,” Hau said.

The apartment building at No26 Ly Tu Trong street, Saigon ward, was also built before 1975 and shows signs of degradation. Most units here have been renovated and are now leased as business premises.

Not only located in a prime area in central HCMC, this building also sits directly opposite the Vincom Dong Khoi shopping mall, so selling prices are not inferior to those of new apartment buildings.

According to broker Truong Dieu Anh, the owner of a 53 sqm unit at 26 Ly Tu Trong has asked her to sell it for VND8.4 billion, equivalent to nearly VND160 million per sqm. The unit has been renovated and is fully furnished.

Rental prices here are also high. Dieu Anh said a 68 sqm unit is currently rented for VND38 million per month.

Located on Nguyen Hue walking street, the No42 Nguyen Hue apartment building was originally a residential block but has now become a complex of cafés and fashion stores. Selling prices of units at the building constructed before 1975 are VND300–450 million per sqm.

Anh Phuong