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Property market shows signs of life
The property markets in Ha Noi and HCM City were expected to recover strongly in the second half of the year, real estate agents said.
Many developers in HCM City had begun launching products, offering flexible payment methods and holding promotions, they said.
Sai Gon Thuong Tin Real Estate Joint-Stock Company Deputy General Firector Bui Tien Thang said the property market in HCM City had shown signs of recovery with more capital flowing into the sector.
The recent announcement to build five satellite towns around Ha Noi had pushed up land prices in these areas, agents said.
The price of 1sq.m of land in Trung Van village, for example, had increased from VND1 million in 2001 to VND40 million last year and now stood at VND45 million, one agent said.
With the population increasing and infrastructure deteriorating in the capital, people were choosing houses in new urban areas, another agent said.
This had helped increase land prices, Cau Giay District property broker Hoang An said.
The price of land plots in Van Canh and Cau Dien were increasing daily and stood at VND30 million a square metre, he said.
The price of apartments in urban areas, such as Trung Van, Xa La, Van Phu and Van Khe in Ha Dong District, had increased from VND28 million per square metre last year to VND32-36 million now, he said.
CB Richard Ellis Viet Nam Co., Ltd said 30,000 apartments were expected to be ready for the HCM City market this year.
Savills Viet Nam forecasts 1,087 luxury apartments would be completed in Ha Noi during the last half of this year
In the city's west, the real estate market revived following a quiet time after Tet, during which apartments sales were few, agents said.
When Nam Cuong Group announced its sale of Hoang Quoc Viet Residentials in Tu Liem District earlier last month, transactions increased, the agents said.
Hadico Estate Trading Floor worker Pham Van Hung said more buyers had entered the apartment market, many of whom had given up looking for land.
Meanwhile, listed prices in the city's west had increased from VND500,000 to VND1 million per square metre ($27 to $54).
Deputy general director of Century Real Estate Company Pham Thanh Hung said infrastructure in the area was considered better than in other suburbs.
Ngo The Vinh, from Vinh Gia Estate Trading Floor, said the number of potential buyers had doubled or tripled in comparison with just after the Tet Holiday.
Vinh said investors were paying higher prices, up to VND1-3 million ($54-160) per square metre.
However, Tran Dinh Chien, of the Viet Trung Construction Company, warned buyers to consider their land or apartment purchases carefully.
He said most "waves" in the market contained abnormal factors.
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