Post-1st August Property Prices are Seeing a Rapid Uptick
According to economic experts, the introduction of three new laws will help resolve legal issues, facilitate the restart of paused projects, and encourage new developments. While market principles dictate that increased supply should balance the demand-supply equation, leading to a cooling of property prices, the current market dynamics are exhibiting the opposite trend. This is a natural and inevitable occurrence as the market regains momentum, aligning with the motivations and realities of both buyers and sellers.
As the real estate market recovers and housing demands surge, rising home prices are an inevitable trend. From the developers’ perspective, mounting input costs, bank loan interests, and prolonged project suspensions have made price adjustments inevitable to ensure business viability.
As per the latest report by Dat Xanh Services, primary sales prices in the second half of 2024 are expected to increase significantly compared to the same period last year. Specifically, Hanoi is witnessing the highest price hikes, estimated at 15-20%, due to limited supply and strong buyer demand (1). In Ho Chi Minh City and surrounding areas, prices are also forecasted to rise by 5-10% due to inflation and increased construction costs (2).
The market’s resurgence may make homeownership dreams more challenging for some.
Eximbank Offers up to 85% Loan-to-Value Ratio: Positive Feedback Ensues
In anticipation of rising property prices, Eximbank, among other banks, is offering attractive loan packages with competitive interest rates and simplified procedures.
With a loan-to-value ratio of up to 85%, customers can easily access substantial capital to fulfill their homeownership dreams. Notably, the preferential interest rate of just 3.5%/year, a maximum loan term of 40 years, and a 7-year principal grace period significantly reduce the financial burden on homebuyers. This means that customers can comfortably repay their loans over an extended period without facing overwhelming financial strain.
Eximbank’s high loan-to-value ratio and attractive interest rates are making homeownership more accessible.
Additionally, Eximbank’s quick approval process, completed within 8 hours, is a significant advantage, saving customers time and providing convenience in loan procedures.
The launch of Eximbank’s real estate loan product has been met with positive feedback and high satisfaction from customers. The market’s response indicates that this product offers exceptional features, serving as a “lifeline” for many individual customers.
Easier mortgage interest rates
Starting from the beginning of the year, banks have been implementing various low-interest credit packages, offering loans to pay off debts from other banks… with the aim of stimulating the demand for home loans.
Removing Land Policy Bottlenecks, Creating New Resources for Development
The passing of the Land Law by the National Assembly has been well-received by society, with expectations that policy barriers and bottlenecks will be quickly dismantled and eliminated. This will effectively utilize land resources, contributing to the creation of new resources that will promote socio-economic development…
‘Unusual surge in prices of old apartments’
After years of hard work and saving, many families have accumulated huge sums of money. However, with soaring prices and record low interest rates, buying a home has become a challenging task for many.
Real Estate Expert Forecasts Booming Market for Land in 2024
Currently, land plots are still highly valued by experts as they bring high profits and minimize risks, even in a slow-paced and low liquidity market.
Impact of Overseas Vietnamese Remittances on Real Estate in Vietnam
The real estate market is expected to boom as the Land, Housing, and Real Estate Business Laws come into effect, opening the doors for overseas Vietnamese to purchase houses.
