Near Lunar New Year, real estate market is bustling again

A real estate director in Hanoi shared that recently, the number of transactions of apartments and land plots at his company has increased significantly. Every week, there are dozens of successful transactions, especially the project in Me Linh when the construction of Ring Road 4 started.

Apartment products with many flexible sales policies, 0% interest support within 12 months also have good transactions.

" If at the beginning of 2023, the transaction volume was only 1.2 products/month, by the end of 2023, there could be 20-30 transactions/month. Although it is not as exciting as the fever period, the clear increase in transactions shows that the market is recovering, even preparing to enter a new development cycle," said the real estate floor leader.

The real estate market is bustling again.

Similarly, according to the sales unit of a mid-range apartment project in Di An City ( Binh Duong ), in November, an average of 2-3 products were sold each day. This number is still low compared to the previous bustling period, but has also improved compared to the first months of the year.

Since the beginning of the year, the transaction volume of the product basket has reached 70%. The total number of apartments sold is nearly 1,000 units.

" This is a positive signal in the context of home buyers still tightening their purse strings due to economic difficulties ," this person said.

According to the summary report of the Ministry of Construction, in the first half of 2023, the real estate market continued to be in a state of sluggish transactions. However, drastic measures by the Government, the Prime Minister, the Ministry of Construction and localities to remove difficulties have brought results. Obstacles have been gradually removed, and the market situation has changed in a positive direction.

In the last 6 months of the year, the number of searches for transactions in the land and apartment segments... has recovered well and the supply from new projects and transactions has increased.

According to data from Batdongsan.com.vn, the real estate market in the third quarter of 2023 has shown many positive signs when the interest level of the Hanoi market increased by 6%, Ho Chi Minh City increased by 1%, and the whole country increased by 3%. In particular, apartments recorded an increase in both selling prices and the interest level of real estate seekers.

In Ho Chi Minh City, demand for apartments has improved since October.

Accordingly, the number of searches for apartments in Ho Chi Minh City increased by 15%, and the number of listings increased by 5% compared to the previous month. In particular, the inner-city districts with a sharp increase in searches are: District 3 (up 18.3%); Binh Thanh (up 18.9%); District 1 (21.1%), District 8 (20%). Other areas such as District 2, District 7, District 10, Binh Tan, Tan Binh, Tan Phu, Go Vap recorded an increase in demand for apartments from 13-17%.

Some southern provinces also recorded an increase in apartment searches in October, including: Ba Ria-Vung Tau increased by 11%, Binh Duong increased by 19%, Can Tho increased by 10%, Long An increased by 10% and Dong Nai increased by 14% compared to September.

A report from DKRA Group also shows that in November 2020, the wave of selling land and individual houses at a loss has cooled down, and the situation of deep price reductions of 30-35% is no longer common.

After a period of freezing, the real estate market has had transactions.

" Market liquidity has improved compared to last month ," the unit commented.

Analyzing this improvement, Mr. Giang Anh Tuan - Director of Tuan Anh Trading Floor said that rock bottom interest rates are the reason why many investors return to the real estate market at the end of the year.

" Although the market has not been able to return to the previous trading level, the frozen situation is no longer there. The year-end trading volume increased sharply compared to the beginning of the year, proving that the market is recovering, " said Mr. Tuan.

According to Mr. Tuan, with interest rates of only 3-5%/year, many investors are shifting to finding reasonably priced real estate products to invest in.

" Investing in real estate can both be rented out to have a stable monthly cash flow and keep money waiting for a new wave, " said Mr. Tuan.

Meanwhile, Mr. Dinh Minh Tuan, Director of Real Estate in the Southern region, said that when banks lowered interest rates to 7-9%, demand for real estate began to increase.

Besides the cooling interest rates, investors focusing on selling mid-range apartments (about 2-4 billion VND/apartment) also creates attraction for the market.

In addition, the selling price has also been clearly adjusted and the investor has introduced attractive sales policies to both solve the cash flow problem and reduce the pressure on monthly home purchase fees for customers. Better discount activities, payment schedule both stretches and divides the cash flow, helping buyers be more confident when borrowing capital.

These factors are the main reasons why the real estate market is vibrant again, liquidity has improved significantly.

Recently, Prime Minister Pham Minh Chinh signed and issued Official Dispatch No. 1376/CD-TTg dated December 17, 2023 on continuing to resolutely, promptly and effectively implement solutions to promote the safe, healthy and sustainable development of the real estate market.

In particular, the Prime Minister directed the State Bank to continue to closely monitor developments in the real estate market and real estate credit to have solutions to remove difficulties in credit growth for production and business, promote growth, and ensure macroeconomic stability.

Continue to review and have practical and effective solutions to promote credit lending to real estate enterprises; strengthen direction, urging and guidance of commercial banks so that enterprises, real estate projects and home buyers can access credit sources more conveniently, promptly remove difficulties in capital and cash flow.

Chau Anh

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