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Real estate market not thawing, only prices pushed up
The high quoted prices for houses and land plots have made people think that the real estate market is thawing. However, in fact, the market is still very quiet.
Cheap apartments turn out expensive
After a long time of hibernation, the Hanoi real estate market has seen signs of warming up. Real estate prices have surged by 20-30% just in the past one or two months.
In the Van Khe new urban area, which now is getting special attention from people who want apartments for accommodations and investors, real estate offices and real estate trading centres have been mushrooming in recent months.
However, when VietNamNet’s reporters asked for information about low-cost apartments, all real estate offices and centres here said that the cheapest apartments were VND1bil.
One of the office staff advised the reporters to seek apartments at Xa La urban area, which were cheaper than in the Van Khe area.
A staff of My Dinh II Real Estate Centre told reporters that in fact, sometimes, buyers still can find apartments priced at VND700-800mil, but they need to wait for someone to sell.
However, the staff said that it is not advisable to hunt for cheap apartments, because the apartments here mostly belong to projects in which investors have the right to adjust sale prices any time.
The staff said that in some cases, people thought they could purchase apartments at low prices, but the apartments turned out to be expensive as the investors later adjusted the sale prices.
The reporters were advised to purchase apartments of projects in which investors had made contracts already and could not adjust sale prices. However, the prices of such apartments are relatively high. Besides the original price of VND12.5mil/sq m, buyers have to pay VND250mil more for every apartment. This means that even the smallest apartment would cost one billion VND.
Purchasing houses for accommodations? Wait
A real estate broker in the Van Khe new urban area, who asked to remain anonymous, related that since Tet, the prices of villas and land in the urban area have increased by VDN3-4mil/sq m, while the prices of apartments have surged by VND1.5-2mil/sq m.
He said that a lot of people have rushed here to seek to purchase real estate, but very few transactions have been successful so far, because the sale prices have been pushed up to overly high levels.
He added that many people think that it is now the best time to purchase real estate after a long time of the market’s hibernation, especially apartments in new urban areas, which are far from the centres, and thus have ‘soft’ prices.
However, seeing the high demand, speculators have been trying to push prices up.
The broker said that most people who seek houses now really want accommodations, and they mostly seek apartments priced between VND600mil and VND800mil.
Real estate prices have also been skyrocketing in Dich Vong new urban area in the last two months. Nguyen The Ngoc from Anh Duc Finance Investment Company, whose head office is on Nguyen Phong Sac road, said that the land price in the area has increased by VND5mil/sq m.
Ngoc said that before Tet, his centre had no visitors, while a lot of visitors are coming these days, 20 people per day. However, very few transactions are completed.
Nguyen Thi Hoa from Thang Long Finance Investment Company also said that the prices in Dich Vong area have been skyrocketing since Tet.
She related that before Tet, her company purchased three apartments in a project on Nguyen Phong Sac road at VND15mil/sq m. The price was considered very high at that moment, but it has surged to VND18mil now, though the project is still under construction.
Hoa said that those who really want to buy apartments for accommodations should wait for some more time. She believes that when more and more projects get support from the demand stimulus packages real estate prices will go down.
Trong Tuyen
vietnamnet
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