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$200,000 townhouses in alleys most popular in Hanoi housing market

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Son, a real estate broker in the capital, said in the past two months more people have been looking to buy 30-45-square-meter houses situated inside alleys in inner-city districts like Ha Dong, Hoang Mai, Hai Ba Trung, and Dong Da.

Any house that fits the description is almost guaranteed to be sold quickly on listing, he said.

Manh Truong, a seasoned real estate investor who focuses on residential houses in alleys, said demand for houses and residential lands remains strong in Hanoi despite consumers tightening their purse strings.

Many people are interested in small houses in alleys if their prices are similar to those of apartments in the vicinity, he said.

Earlier this year he sold a 35-square-meter house in an alley in Ha Dong District’s Duong Noi Ward for VND3.4 billion, earning a profit of 30% in two years.

While many other segments are seeing a decline in demand, the market for residential lands and houses remains steady, according to a recent note from real estate trading platform Batdongsan.

Prices in this segment have increased by 4-9% this year.

Tay Ho District saw the biggest of 9%.

A Batdongsan survey of brokers specializing in residential properties also found the highest number of transactions involved houses in the VND3-5 billion range.

Pham Duc Toan, CEO of real estate agency EZ Property, said the jump in apartment prices in both the primary and secondary markets in recent years has prompted many people to shift their focus to houses and lands.

Despite being in the same price range, many buyers are willing to accept the inconveniences of a house in an alley in exchange for a larger area and more control over the land adjoining the property.

Tuan Anh, director of a real estate trading floor in the westernpart of Hanoi, said the demand also comes from middle-class investors who buy, renovate and resell houses.

Prices of houses and lands in alleys do not fluctuate as much as in other segments, and this offers stability for those who look to accumulate assets, he said.

This year real estate that serves housing needs, generates cash flows and has high liquidity continues to be the preferred choice for buyers, he added.

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