Brokers "pretend"...
As a real estate investor, for many months now, Mr. Pham Quang Khai (Chuong My, Hanoi) has been struggling to find customers to transfer several plots of land in Chuong My district that he bought in 2021.
The price that this investor is offering is 23 million/m2, a decrease of 4 million/m2 compared to the original price he bought it for. He hopes to sell it soon this April because he sees that bank interest rates are increasing, which will attract cash flow, and at the same time, he predicts that lending interest rates will increase.
“In the past few days, I was very happy to hear that some land plots in the inner city and residential areas have resumed trading. However, I don’t understand why the land market in the area where I invested has not seen any change, even though I have advertised on social networking sites, in groups and through other brokers,” said Mr. Khai.
Land transactions are still very limited, but brokers still use tricks to create virtual heat. (Illustration photo).
Mr. Khai said he really hopes to sell at a good price in the second quarter because he is worried that bank loan interest rates will be adjusted upward.
“If the price is reduced by 4 million VND/m2 but still cannot be sold, I may continue to reduce the price to recover capital and clear the bank, but paying interest to the bank while the land is left idle will be a huge burden on my personal finances,” said Mr. Khai.
Similarly, Mr. Nguyen Duc Hung, a real estate investor in Gia Lam, Long Bien area, said that for more than 2 months now, he has also heard that the real estate market has become vibrant again, with transactions increasing by nearly 40% compared to the end of 2023.
Real estate transactions are increasing, investors like us are very happy. However, the 5 plots of land I invested in Gia Lam, Long Bien have been for sale for more than 2 months now and many people have called to inquire, but in reality, more than 80% of the calls are from real estate brokers, the people looking to buy can be counted on the fingers of one hand.
Create "fake market"?
VTC News reporters investigated the land market in some areas in Thanh Tri, Hoai Duc, Chuong My, Gia Lam, Thuong Tin districts... (Hanoi) and were informed by some brokers here that since the beginning of the year, land prices have continuously increased because people in need as well as investors cannot find apartments at suitable prices.
Ground-level houses in inner-city areas and small alleys have increased in price by about 20-30%, so many people want to buy land in the suburbs to settle down and start a business.
“This has made the real estate market vibrant again and prices higher than at the end of 2023,” said Ngo Quang Quan, a real estate broker in Thanh Tri area.
Then broker Quan led the reporter to a square plot of land, 50 square meters in area, with an open alley, cars can pass through in Tu Hiep commune, Thanh Tri.
"The land here is for sale at 60 million VND/m2, the land lot is worth 3 billion VND, the owner pays 1% brokerage fee and personal income tax, the buyer pays registration tax, red book transfer fee. If you close quickly, there will be some left, if not, it will be gone. The land is currently trading well, with fast liquidity. Calculate and call me," said broker Quan.
Many plots of land in Tu Hiep area have been for sale for many months now but no one has asked to buy them. (Illustration photo).
However, according to the reporter's actual research, the number of real estate transactions in Thanh Tri district from the beginning of the year until now is insignificant. The successful transactions are mainly land plots with an area of several hundred square meters or more for investment in warehouses, storage facilities, and cold storage facilities for businesses. The remaining personal transactions for residential purposes are very rare.
And in fact, the land plot that Quan introduced has an area of 50m2 in Tu Hiep and has been for sale by the landowner for 6 months now, priced at 52 million VND/m2 but no one has asked to buy it.
According to Mr. Nguyen Van Dinh, Vice President of the Vietnam Real Estate Association (VNREA), recently the price and number of real estate transactions have increased in some inner-city areas, including houses in alleys, but not significantly. In suburban areas 15km or more from the city center, transactions are very limited, land prices have not increased, but have continued to decline.
“However, in many areas, there is no additional investment but it has become a very hot market, very “feverish”, especially in the context of not being able to escape economic difficulties. I warn that these are abnormal phenomena, fake markets, virtual markets,” Mr. Dinh emphasized.
Mr. Dinh added that in many areas of the market, there is a lot of hustle and bustle, but the buyers and sellers are not investors but the drama created by brokers and investors. They are creating a fake market to attract and entice gullible, ignorant and inexperienced investors.
"The story of Hanoi's current price increase in some areas that we are assessing is not the real market. Those prices do not reflect the real market situation, so we must warn investors and customers to be extremely cautious. Good quality, suitable investment projects, with methodical investment, reputation, brand... that is the real market," Mr. Dinh emphasized.
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