The Vietnam real estate market is witnessing positive signs for residential apartments in the low to medium range. Since interest rates fell to 11 percent, positive changes have been seen in the market.
According to recent research from the market research division of Batdongsan.com.vn, interest rates have been declining, buyer psychology has begun to change and transactions in the market have also become easier. Interest rates could even drop to nine percent but now that property prices are considered to have hit rock-bottom and are unlikely to fall further, many people have decided to withdraw their savings to buy real estate.
Property priced at around VND2 billion is currently the most popular, as it usually involves reputable investors and good construction schedules. For instance, the Dai Thanh project in Hanoi, priced at VND14 million psm, has attracted many interested customers. Although only the foundation of the project has been built, all apartments have been sold by investors. Another project, Sky Garden Towers, where the apartments, range in price from VND1.8 billion to 2.2 billion, also had a very successful launch. According to a representative of the project’s investors, 90 percent of the apartments in Phase One were sold out in less than two months.
In addition, residential projects around Hanoi, which are priced upwards of VND17.5 to VND20 million psm, currently attract the most interest and have witnessed a significant number of successful deals.
Mr Le Xuan Truong, CEO of Batdongsan.com.vn, said that in the last two weeks, traffic to Batdongsan.com.vn has increased by 20 percent in Hanoi and 14 percent in HCM City from two months ago. Customers with listings on the website also stated that over the past two weeks, they received more calls from customers and have been selling properties more quickly and easily.
"It is noteworthy that the market has also seen the participation of a number of small investors, while real buyers still dominate. Once interest rates go down, the real estate market will become a more attractive investment channel," Truong said.
Source: Batdongsan.com.vn
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