The Haunting Headline: “Real Estate Market Defies Superstition: Transactions Continue Despite Ghost Month”

Market psychology is evolving

According to Vietnamese folk beliefs, the seventh lunar month is considered inauspicious for major undertakings such as buying a house or land, or moving to a new home. Traditionally, this period, known as “Ngau Month,” was often viewed as a quiet phase for the real estate market.

However, today’s investors tend to place more trust in legal aspects, project progress, and developer incentives rather than traditional superstitions. As a result, transactions are no longer solely dependent on timing but are driven by practical needs and cash flow considerations.

Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the southern region, analyzes that the hesitation and reluctance to purchase properties during Ngau Month have significantly decreased compared to the past. Nowadays, buyers are more practical and focused on core elements such as project legality, construction progress, and developer reputation.

Mr. Tuan also notes that this month is usually when developers offer financial support packages, discounts, or gifts to stimulate demand. Thus, the impact of Ngau Month on real estate liquidity is gradually diminishing as a significant barrier.

In reality, events introducing new projects or grand openings of model homes during Ngau Month still attract a large number of customers. Many people even seize the opportunity to finalize their purchases as developers introduce more significant incentives during this period, setting them apart from regular promotions.

For instance, at the beginning of the seventh lunar month, the La Pura project officially launched its commercial street, attracting numerous attendees. The developer offered a gift of five taels of gold to the first 40 successful transactions. However, after a week, only eight promotional slots remained. The project boasts a prime location with a 300-meter frontage on National Highway 13. Once the highway expansion is complete, it will take only 15 minutes to reach Hang Xanh intersection and 30 minutes to reach the old District 1 and Tan Son Nhat International Airport.

Similarly, the A&K Tower project, which held its model home grand opening at the beginning of the month, also witnessed a high turnout. Multiple booking transactions were concluded on the same day.

Several other condominium projects in Ho Chi Minh City continued to host internal events, and transactions remained stable. This indicates that homebuyers are not shying away from Ngau Month; instead, they are taking advantage of this period to secure properties at better prices and with more attractive incentives.

Investors are willing to invest if the project is appealing enough

According to Mr. Hong Vuong, a condominium broker in Binh Duong Province (now Ho Chi Minh City), for a long time, brokers have not hesitated to advise clients on purchasing properties during Ngau Month. Buyers are very willing to invest if the project meets their criteria, and brokers can still finalize transactions as usual.

Sharing the same viewpoint, Mr. Bang, a broker specializing in land and townhouses in Ho Chi Minh City’s eastern market, mentions that buying real estate during Ngau Month allows buyers not only to take advantage of the developers’ attractive sales policies but also to negotiate better deals with homeowners. It is easier to purchase properties at more competitive prices than the market average.

A representative of a real estate company headquartered in Ho Chi Minh City’s old District 2 recently shared that when launching a project during Ngau Month, the company takes into account the spiritual beliefs of certain customer groups. Consequently, the developer offers more incentives during this period compared to other times of the year. For buyers who still hold strong spiritual beliefs, they may attend project viewings but opt to reserve a unit and postpone the actual contract signing until after Ngau Month.

It is evident that the changing perceptions and behaviors of homebuyers are significantly influencing the real estate landscape. To avoid missing out on opportunities, buyers have adapted by prioritizing legal aspects, developer reputation, and potential for price appreciation. This is why condominium projects introduced during Ngau Month continue to attract buyers’ interest.

As we enter the fourth quarter, the peak season of the year, the market is expected to become more vibrant, especially in segments catering to genuine housing needs and offering transparent legal frameworks. This period is also considered an opportunity for businesses and investors to capitalize before the new year. Additionally, new supply from several large-scale projects is anticipated to provide more options for customers and contribute to the overall recovery of the real estate market.