Anh T, a freelance broker in District 9 (formerly, now Thu Duc City, Ho Chi Minh City), happily shared with us that he just had his first “opening” transaction of the year, earning over 20 million VND in commission. As an experienced real estate and rental broker, Mr. T has a familiar group of investors.
Shortly before Tet holiday, he had about 4 transactions, including personal transactions and transactions with his broker group. According to Mr. T, land or individual houses in District 9 with full legal documents received attention from buyers at prices 15-20% lower than market prices. If buyers used to hesitate and negotiate prices in the middle of 2023, by the time near Tet, they already showed an interest in buying due to the fear of price increase after Tet.
The real estate market in District 9 became active after Tet holiday. Photo: Ha Vy
Similarly, the first lucky sale of the year was a townhouse, offered by Ms. H, a freelance broker in Ho Chi Minh City, who continuously posted information about real estate sales right after Tet holiday. According to her, during the Tet holiday, some customers still messaged her about properties in Ho Chi Minh City. However, the number of customers who made buying decisions was still limited.
With individual houses worth tens of billions VND per unit, customers find it hard to make quick decisions in the context of the difficult economy, even though they have the financial means. “Compared to the beginning and the middle of 2023, the mindset of buyers has gradually stabilized. The pieces of land or houses that brokers advertised have received more attention than before, but transactions are still limited,” Ms. H said.
Mr. Minh, a freelance landbroker in District 9, said that at the beginning of the year, he took about 5 customers to view land but did not close any deals. After a period of selling many well-priced products, the prices of remaining land plots decreased significantly. Some investors still wanted to negotiate lower prices, but the sellers did not accept, which was the reason why Mr. Minh did not have any transactions at the beginning of the year. However, he disclosed that he is currently involved in a deal with a few other brokers regarding the leasing of a warehouse that may be finalized next week.
Some brokers have closed their first land deals of the year. Photo: Ha Vy
Even though there were only one or two deals, the brokers seemed excited and even “overflowed” with joy for having luck in the beginning of the year. This creates optimism and trust in the real estate market in the new year. The number of customers finalizing transactions is still limited, but the expectation of brokers shows positive signs for the real estate market in 2024.
According to observations, real estate brokers in District 9 started working diligently from the 10th day of the lunar year. At some locations in Truong Thanh Ward, Long Phuoc Ward, and Long Truong Ward, broker groups were seen working. Along with that, the number of real estate sales listings on personal pages of brokers in District 9 has significantly increased at the beginning of the new year. Most of the listed properties were sent by landlords/owners before Tet holiday.
The number of real estate sales listings in District 9 has noticeably increased at the beginning of the year, but mostly are old listings sent by landlords/owners before Tet holiday. Photo: Ha Vy
According to several notary offices in District 9, during early the year, the number of customers who came to complete legal procedures was sporadic, not crowded. Compared to the period near Tet holiday, the number of property transfer files decreased. The current files mainly belonged to the “remaining” cases from before Tet holiday, including deposits made before Tet holiday and transfer of ownership after Tet holiday.
