Both sales and rents are up.
Talking to Thanh Nien , the owner of a 2-bedroom apartment of about 80 square meters in the Antonia apartment project (Phu My Hung urban area, District 7, Ho Chi Minh City) said that recently a broker "invited" him to sell this apartment for a price difference of about 1 billion VND. However, he has no need to sell because after receiving the house, he has rented the apartment for 22 million VND/month. Not only has the purchase price increased, but the rental price of apartments in this project has also increased to about 25 million VND/month.
Selling and renting prices in many apartments increased sharply
Posing as a home buyer, we contacted Quynh, a real estate agent in the Phu My Hung area, and were told that all products in Phu My Hung are currently increasing in price, from apartments to townhouses and villas.
Recently, on June 15, the investor opened for sale 37 townhouses and now there are only 7 left, although the price is not cheap. Of which, the shophouse with a land area of about 90 m² has a selling price of about 65 billion VND/unit, while the townhouse combined with housing has a selling price of about 80 billion VND/unit. For the corner house, the selling price is about 100 billion VND/unit.
"The existing villas have now increased in price to about 150 billion VND/unit, although they were previously sold for only a few billion VND. Townhouses have also increased in price to about 70 - 80 billion VND. Buying real estate is never a loss if your finances are in order. Buying a house in Phu My Hung is always profitable," Quynh affirmed firmly.
Not only Phu My Hung, real estate prices are currently increasing everywhere compared to the end of 2023 and the beginning of 2024. For example, the walking street in Van Phuc City urban area (Thu Duc City, Ho Chi Minh City), if at the beginning of the year, the shophouse townhouses were traded at a price of about 26 billion VND, now the transaction price has increased to about 27.5 billion VND. Not only the price has increased, the transaction volume at this project has also increased sharply compared to the beginning of 2024. According to a leader of Van Phuc Land Company, the current selling price at this project has increased by about 20% compared to the beginning of 2024, the transaction volume has also increased sharply compared to the beginning of the year. The price at the project has increased because many utilities at the project have come into operation, especially the high-class marina, water music park, etc. Not only that, the real estate market has recovered, people who need to buy real estate for living and investment no longer have a waiting mentality.
Ms. Hoai Thu, a real estate broker in Thu Duc City, informed: Compared to the beginning of the year, the number of transactions increased by about 30%. Many land plots have been stopped for sale and prices have been raised. People who previously wanted to buy real estate but waited for prices to drop further are now regretting not being able to catch the bottom and even having to buy at higher prices.
"The overwhelming inventory has been sold out, so now the properties that customers can still afford have started to sell at market prices, even asking for higher prices even though these prices cannot be equal to the prices during the fever period," said Ms. Hoai Thu.
On the Vinhomes Ba Son resident group (District 1, Ho Chi Minh City), if in 2023 most of the information sent was about customers needing to sell their houses and cut losses due to capital shortage, now there is a flood of information about buying and renting apartments. The selling price and rental price of houses here also increased by about 5 - 10% compared to last year. It is worth mentioning that the number of apartments for sale is not much because the rental rate and yield of apartments in this apartment building are very good.
A project opening for sale has more than 10,000 customers reserving seats
According to the Vietnam Real Estate Brokers Association, in the first half of the second quarter of 2024, along with the economic recovery, the real estate market is also recovering positively every month. A series of real estate projects in various segments have been restarted, started, announced, introduced to the market and have all received attention, achieving impressive sales results.
In the northern region, the market will be supplemented with supply from the Lumiere Evergreen project, The Sola Park in Vinhomes Smart City urban area, MasCity project in Bac Giang, Vaquarius Van Giang project, Golden Crown Hai Phong project, Ha Long Marina project in Quang Ninh...
In Ho Chi Minh City and surrounding areas, a series of projects are being deployed for business such as: Fiato Uptown, The Beverly, Vinhomes Grand Park, Eaton Park. Or Cara Riverview project in Can Tho, New Vegas project in Kien Giang, A&T Garden project, Phu Dong SkyOne in Binh Duong...
In the Central region, many projects have also announced opening for sale such as: Da Nang Gold Tower, Libera Nha Trang, Sun Ponte Residence, Sun Symphony Residence in Da Nang...
At the Libera Nha Trang project, the investor recently announced that the number of customers reserving apartments is more than 10,000, while this project only has about 2,400 apartments. The above information has "warmed up" the market after a long period of silence.
Mr. Nguyen Duy Ha, Director of Training and Project Development of Thang Long Real Company, said that the price increase is mainly due to the increase in input costs. The price increase is concentrated in projects that have been handed over and have good rental prices. A project of the company that is being opened for sale in Thu Duc City has recently seen a surge in interested customers, especially after the information that 3 amended laws will take effect from August 1.
"Thanks to a series of positive information and high confidence in the positive changes of the real estate market in the last 6 months of 2024, customers are more interested. On the other hand, although the Government and localities are actively removing legal obstacles for many real estate projects, the supply is still very limited, especially in the mid-range segment. Meanwhile, input costs are increasing, especially in the coming time when the revised Land Law applies land prices according to the market price framework, leading to increasing project investment capital costs while people's housing needs are still very large. This leads to a 10-30% increase in transaction volume and prices compared to the beginning of 2024 in apartment projects that have been handed over and have good rental prices. Especially in the mid-range segment, targeting real estate needs, with multiple payments lasting 2-3 years, many policies to support buyers have attracted customers to return and pay more attention to the projects. "The project has just been introduced to the market," said Mr. Nguyen Duy Ha.
According to Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, most of the projects opened for sale in the first half of the second quarter have attracted attention, with an impressive number of customers booking. Because the investment demand in the market is still very large, including the demand for the luxury and high-end segment, not just the segment that meets real housing needs. This is also the source of supply that contributes to the majority of real estate transactions in the first half of the second quarter of 2024. Not only that, from the beginning of 2024 until now, the number of new brokers participating and returning to the real estate market has grown strongly. It is estimated that in the first 5 months of 2024 alone, compared to the most difficult time of the market, about 40% of brokers have returned to the industry. Having learned the lesson of having to leave en masse in the previous period, new real estate brokers participating and returning to the market have also undergone a revolution in thinking and approach to customers.
The market is still facing many difficulties and is expected to recover by the end of this year when GDP growth is expected to increase by 5.5%; FDI capital, import and export increase; lending interest rates remain low; new draft laws have many advantages. Projects serving real needs, affordable housing (class B, C apartments) will recover first. However, for the market to break through, it may be around the second quarter of 2025 when circulars and decrees of new laws take effect.
Mr. Vo Hong Thang (Investment Director of DKRA Group)
Source: https://thanhnien.vn/bat-dong-san-chuyen-dong-truoc-ngay-luat-co-hieu-luc-18524062821281431.htm
Comment (0)