Mr. Nguyen Tuan Anh, a real estate broker in Hanoi, said that since the beginning of the year, many customers have texted him asking to buy land. They are mainly interested in land plots with reasonable prices and full legal documents, with the expectation that prices will increase rapidly in the near future.
According to Mr. Tuan Anh, land prices in most places tend to cool down, but now there are no deep discounts or selling at a loss like before. Customers are no longer just asking or waiting, but now there are many customers ready to pay.
“ Many times I have just shown customers the property in the morning, while the buyer is still hesitating before paying, in the afternoon the landowner calls back to inform that the transaction has been successful for another buyer ,” Mr. Tuan Anh shared.
Mr. Nguyen Minh Chien - an investor in Hanoi also said that he decided to look for a new investment channel, including interest in the land segment under 1 billion VND.
This investor said he was looking for investment opportunities in land in the segment of 500 - 700 million VND and last weekend spent time with brokers going to the field in some areas in Thanh Oai, Chuong My,...
“ During the land fever period, it is difficult to find plots of land with prices ranging from 500-700 million VND in these areas. However, currently, those who want to buy for real estate or investment have many options when the prices offered by landowners have decreased significantly compared to the land fever period in late 2021 and early 2022 ,” said Mr. Chien.
At the beginning of the year, many investors hunted for subdivided land. (Illustration photo)
Sharing the same opinion, Mr. Ha Lam, a long-time real estate investor in Hanoi, also said that bank interest rates have cooled down a lot, savings interest rates are no longer as attractive as before, forcing Mr. Lam to withdraw his deposits and find other investment channels for the purpose of safe, long-term profits.
“ In fact, from the beginning of the year until now, I have always been looking to buy land. Any piece of land with a good location and good price at this time has the opportunity to increase in price this year or next year. Since the beginning of this year, I have been continuously following information in groups and asking people to help me find it. I have noticed a beautiful plot of land in the suburbs of Hoai Duc with a price cheaper than the peak price of nearly 700 million VND ,” said Mr. Lam.
Mr. Le Van Viet - A real estate investor in Bac Ninh also shared that he is still looking for good real estate to invest in.
According to this investor, the difficult market is an opportunity for investors to buy products at reasonable prices.
Furthermore, the main purpose of buying this product is to save for the future. If the price is right, then sell it. If not, then just rent it out.
In particular, in the coming time when the subdivision and sale of land plots is tightened, existing land plot products will not be abundant and the possibility of price increase is very high.
" Land prices have now dropped by about 20-30% compared to the peak of the fever and there are no signs of an increase again. Therefore, I am still looking to buy bargain plots of land to invest in, " Mr. Viet shared.
"Catching the wave" of land
According to Mr. Giang Anh Tuan - Director of Tuan Anh Real Estate, this year investors are interested in buying land early because interest rates are currently at rock bottom, while other investment channels such as stocks and bonds are very unstable and risky. Therefore, many investors are returning to land to both invest and keep money and rent out to generate monthly cash flow.
Many cheap land plots have been invested by investors.
Another reason, according to Mr. Tuan, is that many investors buy land with the purpose of "catching the wave" of policies.
Specifically, a series of new regulations in the revised Law on Real Estate Business will take effect from January 1, 2025. Accordingly, this Law has stricter regulations on land subdivision and sale than current regulations, which are of interest to public opinion, especially land traders.
Catching the "wave" of this new policy, many investors with many years of experience in land trading have also started looking for land in areas where subdivision and sale of land is prohibited under the new regulations. In particular, in this context, the land market is showing signs of slowing down, with some places having deep price reductions and cutting losses.
Besides, although the land market is slowing down, this is still a potential segment, with the ability to both keep money and wait for the "wave" to make big profits.
According to Dr. Nguyen Van Dinh, Chairman of the Vietnam Association of Realtors (VARS), the secondary market also recorded positive signs of recovery with more segments and areas showing signs of "breaking the bottom".
The Chairman of VARS said that interest rates have been adjusted down significantly, approaching the level of early 2022. People's idle money, although not much, has begun to return to real estate investment.
If, in the past, secondary transactions only appeared mainly in the land and residential housing segment with prices under 3 billion VND, recently, with more positive information from the market, demand has improved with many options when a more diverse supply is added from investors' loss-cutting products, from real estate collateral assets foreclosed by banks, etc.
" More investors have begun their journey of "hunting" for land, in the suburban areas of large cities, localities with strong infrastructure development and high urbanization rates with prices considered quite "bargain", with much room for growth in the future. The market recovery process will certainly continue to differentiate by segment and region due to different absorption capacities.
It is forecasted that the real estate market will continue its recovery trend due to investor confidence being strengthened, interest rates decreasing, and the market having more suitable supply, ” said Mr. Dinh.
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