The bank is promoting real estate liquidation to recover debts, with prices starting at 600 million VND per square metre

DNHN - To recover debts, the bank is promoting real estate liquidation. The bank reduced the price of a property in the old town from 600 million VND/m2 to 382 million VND/m2.

On June 21, Agribank AMC will continue to auction off numerous collateral assets for debt recovery and settlement.

The bank will conduct an auction of land use rights, house ownership, and other land-related assets located at 110 Hang Buom Street, Hang Buom Ward, Hoan Kiem District, Ha City. Interior. This time, the starting price is VND 38.5 billion (including VAT), a significant decrease from the VND 60.5 billion offered in August 2022. Consequently, this real estate block has decreased by 36% in less than nine months.

According to the bank's description, the land area of the property located at 110 Hang Buom is 100,8 m2. The floor area of the house on the land is 205,2 m2. This property is being mortgaged at the Agribank Ha Thanh branch by AJMAL Vietnam Co., Ltd.

Agribank also auctioned on June 16 the land use right and house located at 19 Hang Chieu Street, Dong Xian Ward, Hoan Kiem District, Ho Chi Minh City, Vietnam. Hanoi. This property has a land area of 160 square metres and a floor area of 287,4 square metres. The starting price is VND 71.4 billion, a significant decrease from VND 107 billion nine months ago, or a 33% decrease.

Other banks have recently sold some additional old-town properties. For instance, after March, Vietcombank announced the sale of real estate located at 29 Hang Thiec, Hang Gai ward, Hoan Kiem district, Hanoi, with a starting price of VND 52 billion. According to the description provided by Vietcombank, the land parcel measures 154 m2. Individual houses with a construction area of 103.4m2 and a floor area of 230m2 are attached to the land.

Because it is a central area frequented by tourists, the old town has always commanded the highest prices in the city. In addition to the possibility of future price increases, rents in these areas are also extremely high. In the past, despite always being expensive, it was extremely challenging to purchase a home in the old town area.

However, since the outbreak of the disease and the deteriorating economy, the rental market is no longer as lucrative as it once was, resulting in the aggressive sale of numerous homes. On some real estate websites, it is easy to find a variety of old townhouses for sale for hundreds of millions to billions of dong per square metre. Nota bene: Due to a lack of buyers, the prices of many properties in this area have dropped significantly in recent months, particularly the properties that the banks listed above sell.

Nhan Ha