Real estate agents are hyping up apartment prices in Hanoi, but owners have been advertising their properties for three months without finding buyers.

(Dan Tri Newspaper) - Apartment prices in Hanoi are said to have been continuously rising recently, yet homeowners have been trying to sell their properties for months without finding buyers. The "fever" seems to be just hype from real estate agents.

The homeowner has been trying to sell the property for a long time but still hasn't found a buyer.

Recently, news of continuously rising apartment prices in Hanoi has been widespread, prompting many owners to want to sell for a profit. However, some homeowners report that they have been trying to sell their properties for a long time without success.

Ms. Nguyen Thanh (Nam Tu Liem, Hanoi) recounted that at the beginning of 2020, her family bought a 78m2 apartment with two bedrooms for 2.7 billion VND, equivalent to 34.6 million VND/m2. Mid-year, her family moved to a house. Because she felt the unused apartment was wasteful, and many people believe apartment prices are skyrocketing, she wants to sell it and invest the money elsewhere.

In early August, after consulting with several real estate agents, Ms. Thanh's apartment was valued at 4.8 billion VND, equivalent to 61.5 million VND/m2. Seeing the high price, Ms. Thanh asked the agents to find a buyer. Initially, some people came to view the apartment, but they never contacted her again.

An apartment complex in Hanoi (Photo: Duong Tam).

By October, Ms. Thanh noticed that many real estate agents still believed apartment prices would continue to rise. However, fewer and fewer people were inquiring about buying her apartment. To sell quickly, Ms. Thanh lowered the price by 300 million VND, but she still hasn't been able to complete the transaction. "People say the market is booming, that any apartment that goes on sale sells out immediately. But I've been advertising for three months and still haven't been able to sell it," she said.

Similarly, Mr. Tuan (Cau Giay District, Hanoi) said that in 2019, his family bought a 72m2 apartment in Thanh Xuan District for 2.9 billion VND, equivalent to over 40 million VND/m2, to rent out. By September of this year, he saw that similar apartments were being advertised for sale at 6 billion VND, so he stopped renting them out and decided to sell them instead.

"I've been trying to sell my apartment for two months, but I still haven't found a buyer. I've seen many other apartments in this project that have been listed for sale for a long time without any new residents moving in. Seeing that it wasn't feasible, I recently posted an ad looking for tenants, waiting to see what the actual market price is before putting it up for sale again," he said.

The family is putting their plans on hold, waiting for prices to drop.

Speaking to a reporter from Dan Tri newspaper , Mr. Nguyen Truong Giang, the owner of a real estate brokerage in Hanoi, said that apartment prices have increased sharply recently, even exceeding the purchasing power of most people. Recently, apartment transactions have cooled down.

Some buyers are waiting for apartment prices to drop (Photo: Duong Tam).

However, the asking price has not yet decreased due to the homeowner's high expectations. Conversely, buyers are now hesitant to buy, waiting for prices to fall.

According to him, sellers who want to sell quickly should use the prices of successful transactions in the project as a reference. Using the asking prices of similar apartments as a reference will make it very difficult to find buyers.

Mr. Pham Duc Toan, General Director of EZ Property Investment and Development Joint Stock Company, believes that the recent surge in apartment prices in Hanoi was only localized due to a mismatch between supply and demand. Currently, Hanoi's apartment prices have surpassed their peak.

"I have a group of friends who are all high-income earners, but when they look at the current apartment prices, they all think they are too high, disproportionate to the value, and very inaccessible," he said.

According to him, apartment prices are too high, causing many people to postpone their home-buying plans, believing the prices are disproportionate. Therefore, apartment liquidity will gradually decrease. From now until the end of the year, apartment prices will not continue to rise. If they do, it will only be a localized and insignificant phenomenon. However, it will also be very difficult for apartment prices to fall, except in cases where those in need of cash lower their prices to sell quickly.

Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Real Estate Brokers (VARS), stated that interest in apartments has cooled down because people are less prone to FOMO (fear of missing out). However, now that a new price level has been established, it will be difficult for prices to fall further from now until the end of the year, especially since the supply and demand issues in the Hanoi market have yet to be resolved.

According to him, although the price increase shows signs of being influenced by misinformation created by speculative groups generating artificial supply and demand to drive up prices in the resale market, buyers should carefully compare prices before making a purchase, regardless of the timing.

Source: https://dantri.com.vn/bat-dong-san/co-ho-sot-gia-chung-cu-o-ha-noi-chu-rao-suot-3-thang-khong-co-khach-mua-20241109013257130.htm