Current housing prices have fallen to much lower than during the escalation period of 2008-2010, some projects have decreased prices up to 50 percent, equal to the price level in 2006.
The real estate market in 2013 has started to show positive responses, gradually recovering market confidence; social houses and small apartments of convenient location, low price under VND15 million/m2 still have high liquidity and increasing sale record.
As reported by the Ministry of Construction, current housing prices have fallen, much lower compared to the escalation period of 2008-2010, some projects have decreased up to 50 percent, equal to the price level in 2006. Most projects have reduced prices by 10 – 30 percent, some, like Sunrise City Project of Novaland Group, Everrich 3 Project of Phat Dat Company (Ho Chi Minh City) have prices reduced nearly 50 percent compared to the “hot” time of more than 2 years ago.
Besides, the inventory valuation of real estate is also on a declining line. In particular, inventory valuation in September (VND101,889 billion) decreased 3.96 percent compared to August, 20.74 percent compared to March. The number of real estate inventory in the two biggest cities are also in decline: real estate inventory valuation of Hanoi in July, 2013 was VND14,487 billion, down 15 percent compared with June; in Ho Chi Minh City, inventory evaluation as of September was VND21,947 billion, down 16.1 percent compared to August.
The market has begun to show positive signals, just as the comment of Mr Nguyen Dinh Anh: “Real estate has had some positive shifting, gradually coming out from the freeze which had been overshadowing the market over the last few years,” and, “the market has seen ‘small waves’ sending signal of recovery” (quoted from Savills).
The positive signs of real estate market in the first three quarters have made the community eagerly look forward to the last three months, expecting the market would prosper even more during those months.
According to Mr Vu Cuong Quyet, President of Northern Greenland Company, the apartment market in 2013 has displayed more positive signs than the last year. “The last months of the year, the market is receiving much supportive information such as interest rates declining, remittance flows forecast to increase at the end of the year. This is also the time of the year when number of house buyers grows highest, so the market’s liquidity is likely to be further improved,”
According to the September report on financial and monetary economics issued recently by the Financial Supervisory Commission, the national currency market in the first nine months of 2013 have continued to improve. As for the real estate market, experts said that the market were sending signals of recovery, this has given real estate businesses confidence to bring out more house offers as well as start new projects.
Specifically, in the second real estate session in Hanoi recently, more than 3,500 products from 60 enterprises were introduced to the market, of which many projects has sold a considerable large number of apartments.
Cheap real estate projects which currently hold high interest such as condominiums of Dang Xa 2 and North Co Nhue – Chem have prices ranging from VND9 – 10.8 million/m2. Viglacera Corporation recently announced the low-income housing project Dang Xa 2 on sale with prices from VND8.68 million/m2. Muong Thanh Group has also launched the project of 600 commercial apartments in the CT12 Kim Van – Kim Lu Condominium (Hoang Mai, Hanoi) with prices ranging from VND10 – 14.5 million/m2.
Besides low-priced condominium projects in high-demand, the luxury apartment projects which are going to the market also have great selling record. Positive sales can be seen in projects such as Lancaster, Indochina Plaza Hanoi, Hoang Thanh Tower. Several major projects soon to be finished such as Le Van Luong Residential, Mandarin Garden, Mulberry Lane, Nam Do Complex and Hyundai Hillstate also have good sale records.
T.N
Đăng ký: VietNam News