Mr. Phung, a 35-year-old man, is looking to buy a two-bedroom apartment in the Thanh Xuan district. However, he was surprised to find that each project in this area only had 1-2 units available for sale, and at high prices.
Specifically, at the Golden Land project (275 Nguyen Trai, Thanh Xuan), real estate brokers informed him that out of the four buildings, there were only two units for sale. When he arranged to meet the broker over the weekend to view the properties, upon arrival, he was told that one of the owners had temporarily halted the sale. Currently, there is only one duplex unit with an area of 120 square meters, which the owner is offering for nearly VND 7 billion.
A similar situation occurred at the Five Star project (No. 2 Kim Giang, Thanh Xuan), where the broker initially informed Mr. Phung of the availability of two two-bedroom units and one three-bedroom unit with an area of more than 100 square meters. However, on the day of the visit, the broker informed him that the smaller units were no longer available. Now, the entire project only has one unit with an area of more than 100 square meters for sale, priced at over VND 6 billion.
The Artemis apartment project (No. 3 Le Trong Tan, Thanh Xuan) is also in a similar situation, with only 1-2 units currently for sale.
“For one property in this project, I arranged to meet the owner during the week, but they only agreed to show the property to potential buyers and brokers at exactly 8 pm on Sunday evening,” Mr. Phung shared. “When I arrived at the building, the owner messaged me, saying they were about to receive a deposit from another buyer. There had been a previous viewer who had offered the exact price the owner was asking for. But since I had already arrived at the building, I asked the owner to let me view the property as well. The owner agreed and told me that I was the last potential buyer they would allow to view the property. If I was interested, I could offer a higher price than the previous viewer, and the owner would not accept the deposit from the other buyer.”
Mr. Phung also added that at this project, when the broker took him to view another unit, the owner informed them before they even reached the apartment that they were no longer selling.
“I never thought there would be a time when having billions of dong in hand would not be enough to buy a property due to such a scarce supply. Homebuyers have no choice when there are only one or two units available in an entire building. Owners are demanding high prices, and buyers have to accept them without any room for negotiation,” Mr. Phung said.
Mr. Hung, a broker in Thanh Xuan district, shared that currently, many owners have temporarily halted their sales. With apartment prices continuing to rise, they fear that if they sell now, they will miss out on potential gains in the future. Therefore, they are pausing to observe the market. As a result, homebuyers have limited options due to the lack of available properties. Additionally, sellers are firm on their asking prices, leaving little room for negotiation.
A broker shares about the situation of owners “flipping” and not selling, waiting for higher prices. (Screenshot)
Mr. Minh, a broker for villas and terraced houses in Hanoi, also stated: “In recent days, the owners of villas and terraced houses have informed us that they are temporarily halting sales or raising prices. Currently, the owners are observing the market’s next moves after the real estate laws took effect on August 1st. And especially after the land auction in Thanh Oai, where the highest winning bid was over VND 100 million per square meter, many people believe that if the price of land in such a remote area can be so high, then prices in more desirable locations near the center will only increase.”
From the buyers’ perspective, with the sharp increase in prices since the beginning of the year and no signs of slowing down, many have decided to stop buying and opt for renting instead. In the second quarter of this year, there was a 30% decrease in apartment and private home transactions compared to the beginning of the year, as buyers’ psychology of waiting and high property prices took effect, according to the Ministry of Construction.
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