The truth about the "apartment fever" in the old Thu Duc

In recent days, on social networking groups specializing in buying and selling apartments and personal pages of real estate brokers, especially in the old Thu Duc area, a series of sensational information has appeared such as "this project is crazy", " Hanoi customers are rushing to buy", or "the owner put it up in the morning and sold it all in the afternoon", some people even boasted of selling "510 apartments" in 1 week.

On TikTok, an account posted a video declaring: "The wave is big, guys, this project is very hot, customers deposit online without having to see the house." However, in the comment section, a series of people refuted, saying that this was just a "wave-making trick" of brokers. One person wrote: "Blowing the breeze, I have a 2-bedroom apartment for 3 billion VND for two years and no one has asked", while another said bluntly: "All sales people spread the news to "lure chickens", there are 3-4 apartments for sale but no one has asked to buy them".

Not only that, posts with content like "customers need to buy 50 apartments in the old Thu Duc project" are also suspected by the online community of being inflated prices. One person commented sarcastically: "Deposit 30%, if you don't buy in a month, you lose the deposit, the seller cries, who really buys!".

- Ảnh 3. — The "wave-making" posts and video clips posted on social networks make many people mistakenly think the market is in a fever. Screenshot

However, a survey by a reporter from the Lao Dong Newspaper on October 7 showed that the market in this area is not as "hot" as rumored, as hundreds of apartments for sale have yet to find buyers.

Many brokers admitted that there were some customers from Hanoi who were interested in the project, but there was no "virtual fever" or "sold out" situation. Ms. Hoa, a veteran broker, said: "It is true that there are customers from Hanoi who have deposited online for 1-2 studio apartments for about 1.7 - 1.8 billion VND, but they are all regular investors who trust the broker, see the book and video to close the deal, not new customers rushing to buy as said online."

According to Mr. Ta Trung Kien, Deputy General Director of Viet A Real Estate Joint Stock Company (Viet A Real), after the survey, it was also confirmed that the number of real buyers is very small. "Some customers in Hanoi asked brokers to introduce apartments, but the number of contracts closed was insignificant. Many brokers shouted "sold out" to create an effect, causing people who have houses to sell to withdraw, thinking that the market price is increasing" - Mr. Kien said.

According to him, the R area of the project is the area with the lowest price, only 43-45 million VND/m², so it is easy to attract attention. However, the supply of apartments is still very large, up to thousands of apartments from old investors, making the possibility of actual price increase not high.

Ms. Hoa also shared that the brokers' "wave-making" made many people mistakenly think that the market was recovering strongly, but in fact, liquidity was only slightly better than the previous quiet period, mainly because sellers were releasing their products en masse, not because of a sudden increase in demand.

Since the beginning of the year, prices at this project have only increased by about 15%, much lower than the 20%-50% increase, or even 80%-90% in other areas of Ho Chi Minh City.

The reason is that the old Thu Duc area has an abundant apartment fund, continuously launched in the past 2-3 years, while the rental price is low, making investors less interested. A fully furnished 3-bedroom apartment can only be rented for 10 million VND/month, or even 8.5 million VND if it is unfurnished. The tenants are mainly students and young working people, choosing areas far from the center to save costs.

Source: https://nld.com.vn/thuc-hu-thong-tin-sot-can-ho-o-thu-duc-cu-196251007144433663.htm