The skyrocketing prices of Hanoi’s real estate market have prompted Facebook users to create a group called “Community Stop Buying Hanoi Houses to Avoid Price Gouging” to share information and experiences in purchasing property in the city. In contrast, a group named “Group Stop Selling Hanoi Houses to Wait for Price Increase” has emerged, with most members being sellers and brokers, aiming to exchange buying and selling perspectives.
According to our observations, there are currently two opposing viewpoints in the real estate market groups. One suggests temporarily halting home purchases due to the current high prices, while the other involves owners debating whether to sell now or even withhold their properties from the market.
The forum, “Community Stop Buying Hanoi Houses to Avoid Price Gouging,” has attracted nearly 60,000 participants in just over four months, with over 20,000 new members joining in the past week alone.
The group’s founder shared, “After challenging house-hunting experiences, I decided to take a break and stop following the market. It’s not that I don’t desperately want to buy, but land and apartment prices keep rising daily at unimaginable rates, increasing by 30-50% in the last six months.”
Two contrasting Hanoi real estate groups engage in lively debates among their members. Screenshot. |
“We don’t seek cheap deals; we just want to pay the right price,” the group administrator emphasized.
Joining the discussion, Nguyen Nguyen argued that Hanoi’s real estate market has recently witnessed significant price hikes in both apartments and land, with increases ranging from 50-70%, and some properties even doubling in value. Therefore, during this phase, it’s prudent not to rush into purchases and instead focus on understanding the true value of properties, avoiding the inflated prices often advertised.
Dinh Hong from Thanh Xuan, Hanoi, shared that he recently left several real estate groups as he found the information repetitive and lacking the insights he needed.
Many individuals expressed feeling pressured by posts from brokers selling modest properties at exorbitant prices. For instance, a broker recently advertised a 30-square-meter house with a one-meter frontage for 6.5 billion VND (approximately 276,000 USD), prompting discussions on these unrealistic expectations.
Pham Huy added that it’s not just the city center; even linked houses in Ha Dong are priced at 14-15 billion VND (approximately 596,000 – 637,000 USD), equivalent to 200-250 million VND per square meter. Prices have doubled in less than a year, a surge not seen in neighboring provinces and cities.
In response, a group named “Group Stop Selling Hanoi Houses to Wait for Price Increase” emerged, with around 400 members as of August 15. Some readers believe this group may be a countermeasure initiated by the broker community and property owners.
From a broker’s perspective, Mr. D.A from Bac Tu Liem, Hanoi, noted that the current situation is very different from the past, and most brokers today are knowledgeable and dedicated to their clients’ best interests. However, he acknowledged that a small number of brokers might still inflate prices to benefit from the difference.
This broker urged homebuyers to view real estate agents more positively. While acknowledging the dynamic nature of the real estate market, he assured that it doesn’t significantly impact brokers’ operations.
“When a property reaches a desirable price, we close the deal without worrying too much about the current market trends,” Mr. D.A. added.
Minh Anh, a homeowner from Nam Tu Liem, Hanoi, expressed that Hanoi’s dense population means that buyers must spend a substantial sum to acquire a desirable property within the city. However, some prospective buyers offer only 60-70% of the asking price, which is unacceptable to sellers. These buyers then take to real estate forums to complain about the market.
Several readers in this group argued that the housing market could stagnate or experience slight increases, but prices would never drop by 50%. If such a drastic reduction occurred, the market would descend into chaos. When prices are low, sellers hesitate to sell, and when they rise, they are accused of price gouging.
Tien Anh
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