Real estate brokers in Ho Chi Minh City’s District 9 meet with clients at night. Photo: Tieu Bao
A real estate broker in Ho Chi Minh City’s eastern district shared, “I’ve been quite busy lately with handling transfer paperwork for clients.”
After nearly two months of waiting, tens of thousands of stagnant real estate dossiers at tax offices across the city have finally been processed according to the current land price framework and adjustment coefficients. This news was much-anticipated and met with a sigh of relief by all involved parties. Brokers are busier than ever with clients’ pending paperwork from August 1st, and investors are confidently returning to the market.
The southern real estate market is slowly picking up pace again after the tax dossiers were resolved. Photo: Tieu Bao
Previously, most investors were hesitant to transact as they couldn’t immediately process the transfer paperwork, and the wait for the new land price framework, which would affect the tax amount, also made decision-making difficult.
Now, with thousands of dossiers being resolved, the market is seeing a revival in transactions. In recent days, there has been a noticeable increase in property viewings in Ho Chi Minh City, particularly in areas like the former District 9 (now Thu Duc City), where groups of customers have been spotted viewing land plots at night. Plots sold at par or 10-15% lower than early 2022 prices have attracted buyers’ interest.
According to a male broker, clients with ready finances have started actively looking into real estate options. They take advantage of evenings after work to meet with brokers and view properties. While transactions are not yet booming, the level of interest in land plots has increased since the city addressed the tax dossier issue. Additionally, buyers are keen to acquire properties before the new land price framework comes into effect, further fueling the market’s growth.
“Transactions are not happening instantly as buyers are still negotiating prices, while sellers are reluctant to lower their asking prices any further, understanding that the market is improving and leftover inventory is becoming scarce,” the broker shared.
According to industry experts, the decision by the Ho Chi Minh City People’s Committee to unblock the tax dossiers according to the current land price framework has not only resolved the impasse for nearly 9,000 stagnant dossiers at tax offices but also breathed life back into the real estate market. The southern real estate sector is expected to improve from the end of this year onward.
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