One 3-storey house with 30 sq m on each floor and a front area of just one meter wide is being offered for VND6.5 billion, or VND217 million per sq m. Only someone with a keen eye could find the house in the central area of Hanoi. 

Quang, a real estate broker in Dong Da district, who showed the house, said it was used as a retail premise and has been repaired and upgraded.

Kien, the owner of a street tea shop nearby, said the house’s front area is too small, so it is almost hidden behind sun parasols and trees. Few people realize there is an independent house there.

He said many buyers have visited to learn about the house which is for sale, but they were disappointed about the small frontage area.

The front of the house, built on an L-shape land plot, can be used for business, while the area in the back is larger, with stairs and rooms for accommodations.

Kien said the landlord offered to sell the house last year, but no buyer has been found.

“When I placed an ad about the house on real estate forums, many people commented that VND6.5 billion was ‘crazily high’. However, the most valuable thing isn't its view. It is expensive because it is located in a central business district, on a busy street with heavy traffic, very favorable to do business,” Quang said.

However, many people have said they cannot imagine doing business with a house with such a narrow front area.

“It nearly falls in between two large houses,” a real estate forum member commented.

But there are many houses like this in Hanoi. The common characteristics are that they are super thin with a small area and are super expensive.

The houses are unique and odd, and some are located in small alleys, but they are still pricey as they are in the inner city districts of Dong Da, Hai Ba Trung and Thanh Xuan. Many of them are offered for sale for VND4-5 billion.

Hung, a real estate broker in Hai Ba Trung district, showed one house, 50 meters from the Bach Mai street front, with all necessary amenities and full legal status. The 40sqm house with four stories is offered for VND5.2 billion, but the landlord said the price is negotiable.  

Though the house is located in an inner city district, many potential buyers have been disappointed because of the small alley. It is so narrow that it fits only one person and one small motorbike.

According to Hung, the houses in Bach Mai area are priced for VND4-5 billion each, and most are located in small alleys.

Cuong, a house tenant, said 4-5 families live in the small alley. He has been renting a 30 sq m house for two years for VND3 million a month. 

Cuong said though the small alley makes it inconvenient and stuffy, he continues to live there because it is just 100 meters from his office.

“People buy houses to re-lease to people like us. The rents are VND2-3 million a month,” Cuong said.

Unlike Cuong, many other people said they would not live in such poor conditions. Hai Minh, a member of a real estate forum, said if people have VND5 billion, they should use the money to buy a land plot or apartment rather than a house in poor condition.

About 300m away, next to the intersection of Le Thanh Nghi and Bach Mai streets, a house is on sale. It is located in an alley 15 meters from the main road and priced for VND4 billion. The house with four floors and an area of 45m2 consists of small rooms for rent.

The biggest problem is the small alley that leads to the house, which is described as a ‘shelter’ area because it is dark and dank. There are 7-8 families living around the area.

However, when VietNamNet reporters came to learn about the house, the landlord said it had been sold for VND3.9 billion, including VND100 million for the brokerage service.

Tien Anh