Real estate prices in Trieu Khuc, Hanoi, increase despite flooding

At noon on October 1, although the rain had stopped and the sun was shining, Trieu Khuc Street, Thanh Liet Ward, Hanoi was still severely flooded, with water up to the calves, flooding into many houses.

Every rain is flooding

After each heavy rain lasting over 30 minutes, many streets and alleys in Trieu Khuc such as Trieu Khuc street, alley 342, Trieu Khuc market area... are submerged in water. Many sections are flooded up to 0.5-0.7m deep, causing traffic jams and seriously affecting daily life.

This area is often flooded when Hanoi has heavy rain, so many people call it "Trieu Khuc Bay".

However, real estate prices here are constantly increasing. Market research shows that the average real estate price in Trieu Khuc is 150-270 million VND/m2, an increase of about 20-30% compared to the beginning of the year. For real estate on the street, thanks to the advantage of business and convenient transportation, the price is up to 250-500 million VND/m2. Real estate in narrow alleys 2-4 m wide has lower prices, ranging from 100-300 million VND/m2.

Mr. Manh (a real estate broker) said that the number of real estate transactions on Trieu Khuc street is usually quite small, houses and land in alleys account for 70-80%, mainly due to small investment demand from investors.

He is selling a 60m2 house on Trieu Khuc street, suitable for business, priced at more than 16.5 billion VND, equivalent to over 275 million VND/m2.

Giá nhà đất Triều Khúc Hà Nội tăng cao bất chấp ngập lụt - Ảnh 3. — Many Trieu Khuc areas are flooded every time it rains. Photo: LB

Some small-sized houses in alleys have lower prices. For example, a 32-square-meter house in an alley near Trieu Khuc Lake is being offered for sale at around VND200 million/square meter. Another house with an area of 35 square meters, a 5-story house, in a connecting alley, is being offered at VND250 million/square meter. Some houses in narrow alleys have lower prices, from VND130 million/square meter with an area of 30-35 square meters.

For resettlement land, subdivided plots with wide car roads, area of about 60m2 are offered for sale up to 16.3 billion VND, equivalent to 271.67 million VND/m2.

In addition, some completed mini apartments with 7-9 floors are for sale from 15 billion to 26 billion VND, depending on the actual area and monthly rental revenue performance.

According to Mr. Manh, compared to some neighboring areas such as Yen Xa with similar or lower residential land prices in some locations, Trieu Khuc still attracts customers thanks to its location advantages and rental liquidity.

Floods still attract tourists

Ms. Nguyen Thu Ha (a freelance real estate broker) said that Trieu Khuc real estate always has buyers. The biggest advantage is that it is close to universities, has a high level of education and extremely high rental demand. A student room here can easily be rented for 3-4.5 million VND/month. Many mini apartments bring in stable revenue, from 70 million to 150 million VND/month. That is the reason why investors are willing to spend a lot.

“The biggest problem in Trieu Khuc is the serious flooding every time there is heavy rain. Many low-lying areas and small alleys, when it rains heavily, the water rises, sometimes up to knee-deep. Despite knowing this, many investors still accept it due to the advantages of cash flow and location,” said Ms. Ha.

The flooding problem not only affects the quality of life but also makes some investors apprehensive. Mr. Tran Van Cuong (living in Trieu Khuc) said that he bought a 35m2 house in the alley 2 years ago for 4.5 billion VND. Now the house has increased to nearly 6 billion VND.

But the flood nightmare came again and again. There was a time when the water rose so high that it flooded into the living room, destroying all the furniture and forcing the children to miss school because the roads were paralyzed. He even had to walk 2 km home.

“When I bought the house, the broker said it only occasionally flooded. I thought flooding was a small problem. Now I realize it, every time it rains, my husband and I have one person pick up the child, the other stay home to prevent the water from flooding the house. Our living conditions have been greatly affected. I wonder if the city will be able to completely resolve this situation in the future?”, Mr. Cuong worried.

Mr. Cuong advises home buyers here to consider carefully. Bring 6-7 billion to buy a house, but if it rains heavily and the water floods deeply, you should reconsider.

According to Mr. Cuong, buyers need to carefully study the infrastructure situation, ask about the flooding situation in the area, as well as carefully calculate the investment benefits and risks in long-term living. If you only look at the increased value or rental potential but ignore the living environment, it is easy to be disappointed.