Before Tet, Ms. H and a friend rented a house to open an office in a urban area in District 9 (now in Thu Duc City, Ho Chi Minh City). She mainly sells land and houses in the District 9 area. Being an experienced broker in the market, selling in many segments from apartments, land to houses and villas, Ms. H has built good relationships with investors and brokers.
According to Ms. H, since December 2023 until now, she and her brokerage team have closed 9 adjoining houses in the urban area of DTL, not to mention some pieces of land in the District 9 area. The customers are mainly those who have ready money and do not need bank loans. There are customers, even overseas Vietnamese, who buy 3 houses at once. According to Ms. H, there is little inventory of second-hand properties, so some customers want to buy but cannot find a suitable one because they have been sold previously.
Recently, brokers in District 9 have had better transactions than before.
According to Ms. H’s sharing, we learned more about the new row of townhouses being offered for sale in this urban area, and found that a significant number of units have been sold. Most of them have prices ranging from tens of billion VND per unit. The lowest-priced unit is 6.9 billion VND. Larger units have prices ranging from 14-15 billion VND per unit. Not only Ms. H but also some other brokers in District 9 have been continuously making transactions recently, including both land and houses. However, compared to the purchasing power in early 2022, the current purchasing power is only about 40%.
“The people making purchases in this period have mostly researched and looked at the area and projects for quite a long time before making a decision. The reasonable real estate prices compared to the previous period have increased demand,” said a broker.
According to the observation, the discounts for second-hand townhouses have stopped decreasing. The deeply discounted units, which were sold in early 2023 for 1-2 billion VND less, are now no longer available. The market is seeing sellers holding prices or following the market’s pace in raising prices.
In contrast, the segment of subdivided land in District 9 has become easier to sell. The remaining inventory still consists of products that have been discounted by 10-30% compared to early 2022. Recently, a plot of land over 50 square meters in Long Truong Ward, District 9, was sold in just 5 days after being listed. It was known that the price of this plot of land had decreased by nearly 400 million VND compared to its price at the beginning of 2022. Cash buyers saw the opportunity for further price increases in the future and were ready to make a purchase.
According to data from batdongsan.com.vn, compared to early 2023, the real estate market in the early months of this year has shown more positive signs in terms of the level of interest and the number of property listings from buyers. The nationwide demand for buying real estate in January 2024 increased by 66% compared to the same period in 2023, and the number of property listings for sale also increased by 52%.
According to this unit, the land market, after nearly 2 years of being relatively quiet, has seen a surge in searches from December to now. The search rate is much higher than in 2022-2023 and is approaching the search rate in 2021. This shows that many people have started searching for sub-2 billion VND land, especially those with full ownership papers.
Single-family townhouses are among the top areas with high search interest but scarce supply in Binh Chanh, District 8, and Nha Be. According to Batdongsan.com.vn, these are the areas with relatively large price adjustments compared to other areas.
As for the reasons, the representative of this unit believes that the previously changing land laws all created major changes to the real estate market – probably the reason for the sudden increase in search volume in recent months.
