Buyers have returned after Tet holiday. Photo: Ha Vy
According to reports, before and after the Lunar New Year in the real estate market in the South (mainly in Ho Chi Minh City), there have been continuous brokerage activities and transactions closed. Including land transactions, townhouses, and factories. Images of brokers going to notary public offices or having transactions posted on personal pages have attracted attention after Tet in the context of the difficult real estate market.
Ms. H, a freelance broker currently selling land projects and townhouses in Ho Chi Minh City, said that before and after Tet, there were quite a few buyers for houses and land in Ho Chi Minh City. In some urban areas in District 9, in the next phase of opening for sales, there were buyers who purchased several units at once. These units are priced at billions of Vietnamese dong per unit. Doubtful of the story that Ms. H shared, we further investigated the transactions of brokers in the area.
Mr. T, a long-time broker in the Eastern market of Ho Chi Minh City, said that from November 2023 to now, many brokers in the area have been involved in transactions for land and townhouses. Some luxury townhouses priced at 7-14 billion Vietnamese dong per unit were still sold by brokers. Although not as lively as in previous periods, wealthy customers still made purchases.
In most well-planned urban areas, the majority of buyers are existing customers buying more and overseas Vietnamese. In the segment of land plots, end-users purchased more than investors. Investors only make a purchase when the price is 20-30% lower than the market price, however, it is currently rare to find products at such a discounted price. “There is no fever, but transactions still quietly take place in both new products and secondary market,” Mr. T shared.
However, Mr. T also admitted that real estate transactions are not continuous. Finding customers at this stage, although better than the end of 2022 and the beginning of 2023, is still difficult in the context of the general market fluctuations. Most transactions that emerge in the market are group transactions or involve experienced and long-time brokers. Overall, demand is still slow.
When asked about the real estate transactions in Nhon Trach after Tet, Mr. Q, a long-time broker and investor in this market, said that there have been transactions but they are still slow. Compared to previous times, buyers have started to show interest again. Brokers in the area are also active in the market after a period of stagnation.
