Home Buyers Seize the Long Weekend to House Hunt

Many real estate brokers in Ho Chi Minh City took advantage of the National Day holiday to showcase properties to potential clients, forgoing their own leisure plans. One apartment broker in the city’s District 2 shared that he had three appointments with prospective buyers during the holiday and thus chose to stay back in the city to show them around, hoping to seal a deal.

The broker also mentioned that the project is nearing completion, and the developer has introduced attractive sales policies. These include a 70% loan offered by the bank without interest for 18 months and a 24-month grace period on principal repayment. Buyers who do not require financing are eligible for a substantial discount of up to VND 700 million. The holiday period provides an opportunity for families to visit the project site, making it a convenient time for brokers to offer their consultations.

Ms. M., a broker in Thu Duc City, shared a similar experience, as she had to postpone her family leisure plans when clients scheduled appointments to view show flats during the holiday. According to Ms. M., it is generally easier to arrange client visits during holidays than on weekends. Therefore, when a client confirms a date to view a show flat, brokers are eager to accommodate them and provide thorough consultations.

It wasn’t just apartment brokers who were busy during the holiday; land brokers in the outskirts of Ho Chi Minh City also seized the opportunity to host walk-in and scheduled clients. In the former District 9 (now part of Thu Duc City), several groups of land brokers were spotted manning their sales points on the last day of August 2024.

One of the male land brokers selling land and houses in the eastern part of the city shared that since he lives close to the project site, he decided to work through the holiday. Some of his colleagues, however, chose to return to their hometowns for the break. According to him, there has been a significant increase in inquiries from potential buyers lately, particularly for secondary land plots with existing land titles located in established residential areas. Investors are ready to make purchases if the prices are considerably lower than those at the beginning of 2022.

Our conversation with the land broker was interrupted by the arrival of two prospective clients who wanted to inquire about properties in the area.

Observations suggest that real estate brokers are capitalizing on the positive signals in the market to accelerate their activities. According to research data from the Vietnam Real Estate Brokers Association (VARS), there has been a significant increase in the number of new and returning real estate brokers in the market since the beginning of the year. It is estimated that in the first five months alone, approximately 40% of brokers returned to the industry compared to the most challenging period for the market.

Previously, VARS statistics indicated that in 2023, about 70% of real estate brokers quit their jobs or left the profession. More than 90% of real estate industry personnel experienced a decrease in income. A wave of layoffs occurred in most real estate-related businesses.

Now, with the recovery of the real estate sector, real estate brokers are regaining their momentum. Those entering the market at this time are cautious and well-equipped with professional knowledge and skills, given the context of new laws being enacted.