On an online real estate trading site, a detached villa with an area of over 300 m2 in the Vinhomes Green Bay project, Me Tri, Nam Tu Liem ( Hanoi ) is being advertised for sale by a broker for over 430 billion VND, with a unit price of over 1.4 billion VND/m2.
This is a “shocking” price, considered by many to be “virtual”. At the same time, another detached villa in the same project with an area of over 300 m2, with completed interior, was offered for sale at the same time for 200 billion VND, with a unit price of over 650 million VND/m2.
A real estate broker said that the price abnormality did not only appear in Nam Tu Liem district, but was also very "bustling" in Gia Lam about 4-5 years ago. Investors were also surprised when townhouses and villas in Gia Lam were almost the same price as street-front houses in the central area of Hanoi.
Why are there areas where real estate prices are increasing so rapidly? In response to this question, a veteran real estate broker said: there must be a large enough market, with enough products, to attract brokers to focus on operating in that area, then prices will increase rapidly.
This is a noticeable fact in Hanoi. Urban projects have higher price increases than other areas in all segments, from apartments, townhouses, to villas. Meanwhile, many new urban projects of smaller scale, with quite prime locations in districts such as Dong Da, Cau Giay, Thanh Xuan... have stable residents, good amenities, but in the long term, transaction prices fluctuate insignificantly.
The auction land market also has some issues worth discussing. On August 10, Thanh Oai District (Hanoi) organized an auction of 68 plots of land in Ngo Ba area, Thanh Than village, Thanh Cao commune. By September 9, a representative of the Thanh Oai District Land Fund Development Center said that although the deadline for paying the auction fee had expired, only 13 plots had paid in full and all of them had low winning prices.
The land lot with the highest bid price, over 100 million VND/m2, the auction winner has not paid the required amount and has forfeited the deposit. The land lot with the winning bid price of over 100 million VND/m2 has a difference compared to the starting price of 88 million VND/m2, 8 times higher than the starting price. Many other land lots have winning prices from 63-80 million VND/m2, 5 to more than 6 times higher than the starting price... Meanwhile, the average land sale price in the second quarter of 2024 in this locality is only about 27 million VND/m2.
The psychological factors of the market are being affected by events and price fluctuations in recent times. It is undeniable that the story of "virtual" prices has gradually become "real price fevers".
Just a few months ago, in the role of a home buyer, a real estate broker took me around a large urban area located in Gia Lam district (Hanoi). The most common information I heard was "x 2, x 3 is certain in hand" (meaning, the price will definitely double or triple).
After a while, the broker showed me houses that “money cannot buy” because the owners are rich and have status. Many townhouses were introduced by the broker as “great” options and were touted: “If you don’t choose them, you will miss your chance, the listings are flying off very quickly, last week they were all closed.”
The participation of a group of brokers with leading information, creating a "Fomo" mentality makes home buyers no longer calm enough when making decisions (Fomo is an abbreviation of the phrase Fear of missing out - meaning the psychological effect of fear of missing out on opportunities when standing outside the trend of the crowd).
Advice like “buy and win”, “don’t close and lose the opportunity”, or examples of Mr. A, Ms. B making a profit of billions, several billions of dong on the land they just bought… have made many people impatient to invest.
Ms. Do Thu Hang, Senior Director of Research and Consulting Department of Savills Hanoi, shared about the "Fomo" psychology when Hanoi's apartment prices had an unusual increase in early 2024: "Never before have buyers gone to see real estate and closed the purchase as quickly as this time.
In the past, buyers often researched and considered for a long time before deciding to make a deposit because real estate is a valuable asset. But recently, more and more people have made quick decisions, went to see the property, and made a deposit all in the same session.
Mr. Nguyen Quoc Anh, Deputy General Director of Property Guru Vietnam Company also assessed: "Currently, we feel the heat of the Hanoi market, but in reality, in other localities, such as Da Nang and Ho Chi Minh City, the market has not fluctuated much. Overall, the Vietnamese real estate market is still in the early stages of recovery."
Commenting on the recent "shocking" real estate prices, Mr. Nguyen Van Dinh, Vice President of the Vietnam Real Estate Association, said that the prices were given to create information that the market currently has such high prices: "In general, there is a motive, serving to increase the prices of some other real estates.
Creating information that the price trend is increasing strongly makes people who need to buy impatient, seeing a more reasonable price, they will buy immediately. This is a rumor-making action, causing confusion, confusion, and manipulation, causing great disadvantages to the market, making buyers not know what to do, not knowing which price is the right price, which price is the real price.
Mr. Nguyen Quoc Anh recommends that buyers and investors should research the market carefully and learn about price fluctuations through objective sources of information before deciding to buy any product.
Faced with market disruption, state management agencies have yet to find a truly effective solution. Mr. Nguyen Van Dinh said that first of all, it is necessary to promote official information channels, and provide correct and sufficient information for people to refer to.
Source: https://baolangson.vn/ngan-chan-hanh-vi-thoi-gia-gay-nhieu-loan-thi-truong-bat-dong-san-5021643.html
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