Hanoi, known as Hà Nội in Vietnamese, serves as the capital and the second most populous city in Vietnam. Its real estate market has witnessed a continuous surge in apartment prices for the past 21 quarters, reaching an average price of VND59 million per square meter.
This upward trend in prices has posed significant challenges for young families who are struggling to afford apartments that come with full legal status. As a result, these families are now considering purchasing apartments without a pink book, which certifies the legal ownership of the property.
The soaring apartment prices in Hanoi have created affordability issues, particularly for young families who aspire to own a property with proper legal documentation.
Consequently, these families are compelled to explore alternative options, such as purchasing apartments without a pink book. This decision, driven by financial constraints, exposes them to potential legal risks associated with unclear ownership status.
The exorbitant apartment prices in Hanoi have forced many individuals to take calculated risks when it comes to purchasing a property. Due to the unaffordability of apartments with clear legal status, some buyers are opting for apartments without a pink book which is equivalent to an OC certificate in India.
This choice, driven by the need for more affordable housing options, exposes them to potential legal complications and uncertainties regarding the ownership of the property.
Despite the absence of a pink book, the demand for accommodations in Hanoi remains remarkably high.
This is evident from the experiences of apartment owners in the bustling Ha Dong district. Despite the legal uncertainties surrounding their properties, these owners have witnessed a consistent demand for their apartments, highlighting the dynamic nature of the real estate market in the city.
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