Can't sell a house for several months
Worked for 3 years at a company real estate broker In Hanoi , Mr. Nguyen Van Dung (from Thai Nguyen) said he has never experienced such a difficult period as the present.
The high price of residential land has made Mr. Dung's customer base increasingly narrow. Previously, with only about 2 - 3 billion VND, customers could buy a house in an alley in areas such as Hai Ba Trung, Hoang Mai, Ha Dong (old) districts, but now in these locations, the house price has increased to 5 - 6 billion VND for a 30 m² house in a small alley.
" There are not many customers with a financial flow of around 6 billion VND. Moreover, if they have this amount of money, they will also choose the apartment segment instead of buying a house far from the center, located in narrow, stuffy alleys ," said Mr. Dung.
In addition, not only are there few customers, but the supply of goods for sale on the market is also very limited. Currently, the regulations on dividing red books are very strict, so large plots of land are not eligible to be divided into smaller plots for sale as before. In addition, land prices have increased too much, many homeowners have the mentality of "hoarding" to wait for the price to increase instead of buying and selling like before. Therefore, the supply of products that was already limited is now even less.
" There are many areas where there are only a few dozen products left for sale. The lack of abundant supply and high prices have caused many customers to switch to renting houses or buying apartments ," Mr. Dung shared.
According to Mr. Dung, for the past 4-5 months, he has not sold any products, so he currently does not even have a fixed salary. Meanwhile, to try to maintain his job, he still has to pay for advertising, phone calls, and customer service...
" Although these expenses are not too large, because I have not had any income for many months and have had to use my savings from before, my capital is gradually running out. Now every month I have to balance my spending as economically as possible to maintain my life in the capital. If I still cannot sell my products in the next few months, I will probably have to quit my job and find a new one ," Mr. Dung said sadly.
Similarly, Mr. Hoang Anh Minh - a broker residential land in Hanoi also shared that in the past 3 months, the market has almost dropped sharply in transaction volume.
" I post land for sale every day but no one asks or customers just ask for fun, almost no one is interested in buying for real, " Mr. Minh complained.
He also said that he has been involved in real estate brokerage and investment for about 3 years now, right when the residential real estate market in Hanoi was bustling. During the hot market, the number of brokers participating in brokerage increased sharply. Real estate prices also doubled, tripled, investors from other provinces flocked in.
Previously, a plot of land in Vinh Hung ward with a good location cost around 2.5 - 3 billion VND and was quickly sold after only half a month to a month. As long as the land was beautiful, in a good location, and at a reasonable price, customers would buy it right away. At that time, on average, Mr. Minh successfully transacted 2-3 deals per week. Some evenings, customers even asked to come to his house to receive a deposit.
However, the market has become increasingly quiet recently. Mr. Minh said: " There is a plot of land that has been for sale for 3 months without any buyers. Many people called to ask about the location and liked it very much, but when they heard the price, they refused to go see it ."
According to Mr. Minh, the price of residential land in Hanoi has increased too much in recent years, which has caused the market transactions to start to slow down. High prices have made buyers no longer interested in this segment.
" Customers who buy residential land in small alleys only have a financial capacity of around 3 billion VND. But currently, with this amount of money, it is almost impossible to buy, even a 30 m² house in an alley in areas such as Hoang Mai ward, Vinh Hung ward, Vinh Tuy... These are areas where real estate prices are much cheaper than other areas in Hanoi. Therefore, for the past few months, I have not been able to sell any house, my savings are gradually running out, if I still cannot sell, I will have to change jobs to make a living, " said Mr. Minh.
The price of residential land in Hanoi has actually increased sharply in recent times. A report from the One Mount Group Center for Market Research and Customer Insights said that in the second quarter, the price of residential land in the inner city continued to increase, reaching 250 million VND/m².
Surveys in Thanh Xuan, Cau Giay, Dong Da areas show that house prices in wide alleys with red books remain at 300 - 350 million VND/m².
In the context of prices constantly climbing but people's incomes not increasing correspondingly, the market is witnessing a clear decline in transaction volume.
Data from the Vietnam Association of Realtors shows that in the first and early second quarters of this year, the number of successful transactions in Hanoi decreased by more than 45% compared to the same period last year. Many areas that used to be hot spots such as Hoai Duc, Dong Anh, Thanh Tri now record a transaction level of almost zero.
This situation is not a local phenomenon but is widespread. Even inner-city areas that are always considered hot spots for transaction prices such as Cau Giay, Thanh Xuan or Nam Tu Liem are also in a gloomy situation.
Investment capital also changes direction
Explaining the sharp decline in residential real estate transactions, according to experts from One Mount Group, the price level of residential real estate in Hanoi is currently maintained at a high level (ranging from 4 to 5 billion VND). This figure exceeds the affordability of real buyers.
In the context of income not keeping up with price increases, most customers tend to postpone home buying plans or look for opportunities in more distant areas.
In addition, when seeing that the price has been anchored at a very high level, many investors have also begun to shift their investment capital. Instead of continuing to pour capital into the Hanoi inner-city market with high prices and low liquidity, many investors have shifted to neighboring provinces such as Hung Yen, Bac Ninh ... to anticipate information about planning and administrative mergers.
In addition, many investors are also cautious about economic fluctuations, they do not want to spend money immediately, and have the mentality of waiting for prices to decrease.
Commenting on the shift in capital flows from investors, Mr. Le Dinh Chung, General Director of SGO Homes Real Estate Investment and Development JSC, analyzed that the Hanoi real estate market has shown signs of stagnation, so many investors are looking for opportunities outside Hanoi.
“ Real estate prices in Hanoi are too high, causing investors to withdraw from the market and shift their search to neighboring areas. Their perspective now is to accumulate land funds in the suburbs instead of short-term ‘surfing’. They want to anticipate development when infrastructure is completed, especially in industrial parks. In particular, legal factors are considered key, ” Mr. Chung emphasized.
Mr. Dinh Minh Tuan, a real estate expert, also said that the average selling price of real estate in Hanoi has increased significantly in most segments. The adjustment in selling prices has led to a decrease in transaction volume and this trend may continue to move sideways throughout the year.
" The sharp increase in prices over the past 2 years has exceeded the affordability of real buyers, and even investors have begun to be more cautious. In addition, after the "hot" increase period, the psychology of waiting for adjustment from buyers has also greatly affected transactions during this period. Real home buyers do not have suitable products, while investors are selling and waiting, " said Mr. Tuan.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS) commented that the reason why many customers "turned away" from residential land is because the price of this segment has now reached its peak.
He advised: " Currently, house prices in Hanoi have reached their peak. If you want to buy, you need to consider very carefully. To avoid getting lost in the "matrix" of selling prices in Hanoi today, buyers should choose a reputable unit for reference. At the same time, buyers should take the time to carefully research the selling prices of similar houses in the same area ."
Source: https://baolangson.vn/gia-nha-dat-tho-cu-ha-noi-cao-chot-vot-moi-gioi-bo-nghe-vi-khong-ban-duoc-hang-5056308.html
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