Recently, real estate prices have been rising, causing signs of instability in the market that has just recovered. This situation requires authorities to intervene quickly to prevent price inflation, information disruption, and prevent people from becoming victims of virtual land fevers that have occurred in the past.
After a tiring time looking to buy a house Hanoi Since the beginning of 2024, many people have had to stop their plans due to the sudden increase in real estate prices, especially apartments. Ms. Bui Thu Ha (from Thanh Hoa) has lived and worked in Hanoi for more than 10 years. In March 2024, she looked to buy an apartment at Sun Square (on Le Duc Tho Street, Nam Tu Liem District). Ms. Ha was introduced to a 12th floor apartment with 3 bedrooms, priced at 5.5 billion VND. Not really satisfied, Ms. Ha asked the seller to give her a little more time.
After researching some other projects, in July 2024, Ms. Ha decided to return to put down a deposit to buy the above house, but the apartment was advertised for sale at 6.5 billion VND, an increase of 1 billion VND compared to four months earlier. Going to real estate forums to continue learning more about apartments in this area, she was surprised to see that all of them had increased in price from several hundred million to a billion VND depending on location and area. “With the money my husband and I have saved for more than ten years, along with the money from selling land in the countryside, it is only enough to buy an apartment worth a little over 5 billion VND. But in just the past few months, my husband and I were really shocked to see that house prices increased by several hundred million VND/apartment every few days or two. At this rate, workers in the provinces will never have the opportunity to buy a house in Hanoi,” Ms. Ha shared.
As for Mr. Nguyen Dang Thinh, the owner of an apartment in Goldmark City (Bac Tu Liem, Hanoi), the broker offered him a price double the price he originally bought. For a 104m2 apartment, the broker offered him 6 billion VND. Before that, Mr. Thinh received many calls from the broker, after Tet the price offered increased rapidly. From 4 billion VND, to 5 billion VND and now 6 billion VND. However, after researching many apartment owners, it was known that very few transactions were made for the following reasons: The homeowner did not sell, because he was afraid that if he sold, he would buy the house at a higher price; the broker could not negotiate with the customer; or the apartment owner "waited to see" before selling.
In the first months of 2024, despite recording positive signals, the real estate market still faces many difficulties and problems.
As apartment prices increase, real estate prices also increase. Mr. Tran Cong, residing in Cau Giay District (Hanoi), said that in mid-March 2024, he went to see a house for a friend with an area of 40 square meters in Song Phuong Commune, Hoai Duc District. This area is also near the auctioned land in Tien Yen Commune that has caused a stir in public opinion recently. Although the house has not been sold since then, the homeowner has continuously increased the price. "In March, the selling price was 2.5 billion VND, but only a short time later, the homeowner increased it to 2.9 billion VND. Up to now, after the controversial land auction in Hoai Duc, the homeowner has increased the price to 3.5 billion VND. In fact, with the current real estate prices, salaried workers certainly cannot buy a house," said Mr. Cong.
According to real estate market experts, despite positive signs in the first months of 2024, the real estate market still faces many difficulties and problems. Real estate trading floors are currently not capable of ensuring the legal safety of transactions. What is worrying is that there is still a phenomenon of "land brokers" distorting information on social networks to attract customers. These subjects even stage buying and selling scenes with virtual deposit contracts to deceive customers to buy land or spread planning information to attract customers.
With the sophisticated tricks of "land brokers", investors are easily caught in the crowd effect, creating instability for the real estate market, as well as affecting the security and order situation and economic development in the locality. Regarding this issue, Chairman of the Vietnam Real Estate Brokers Association Nguyen Van Dinh said that the recent increase in prices of some real estate segments is not a land fever but a local abnormality in the market. In the context of real estate not fully recovering, projects are still stuck, people and businesses still have many difficulties, the phenomenon of price increases and increases in areas without new projects is not normal.
To strengthen management, prevent speculation, and stabilize the real estate market, on September 6, 2024, the Ministry of Construction issued Official Dispatch No. 5155/BXD-QLN to the People's Committees of provinces and centrally run cities on strengthening management and control of real estate price fluctuations. Accordingly, the Ministry of Construction emphasized that the development of the real estate market is not really sustainable, and still has potential risks. There has been a situation where some investors and real estate brokers buy and resell real estate, causing information confusion to push up real estate prices for profit.
In Hanoi, there is a situation where the prices of apartments in some projects and individual houses in some areas such as Tay Ho, Hai Ba Trung, Ba Dinh, Hoai Duc... have increased abnormally compared to the market situation and people's needs.
Faced with this situation, the Ministry of Construction requests the People's Committees of provinces and cities to focus on implementing tasks in performing the function of state management of the real estate market; inspect and review real estate business activities of enterprises, investors, real estate trading floors and real estate brokerage in the locality; control the purchase and resale of real estate that has been changed hands many times, especially in areas, projects, and apartment buildings with unusual price increases; inspect, examine, and take measures to correct acts of price inflation, price manipulation, speculation, and handle violations of land laws, real estate business laws and related laws according to their authority; prevent acts of taking advantage of land use rights auctions for profit, causing market disruption, etc.
Agencies and functional sectors need to continue to promote the disclosure of information on prices, transactions and real estate planning so that consumers can access accurate and complete information; establish effective monitoring mechanisms to promptly detect and handle speculative behavior, market manipulation, strictly handle brokers and price inflation, and at the same time increase the supply of the mid-range segment to help make the real estate market transparent and stable.
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