Although not as popular as before, the situation of real estate being sold at “loss-cutting” prices is still present in the market. If you choose wisely, investors have the opportunity to own real estate at reasonable prices, even lower than the market price.
Recently, besides information such as "real estate prices are constantly increasing", "people's income has not kept up with housing prices", "tightening taxes to control real estate prices"..., some floors and brokers are still advertising real estate for sale at "loss-cutting" prices. This information seems to be only for "attracting customers", but is actually happening in some projects in Ho Chi Minh City and neighboring provinces and cities.
For example, at the An Gia Westgate Project, located in Binh Chanh District (HCMC), introduced to the market in early 2020, with a selling price of over 40 million VND/m2. An Gia Westgate has a scale of 3.1 hectares, including 4 20-storey towers, providing the market with nearly 2,000 apartments.
The project was handed over in August 2023, and residents have now settled in. However, after 1 year of handover, the occupancy rate of this project is still quite low. According to the secondary market, the transfer price of the project is not much different from the opening price. Many investors are selling at the same price as the contract price. Some customers even choose to cut deep losses to "get rid of the goods".
“Need to quickly sell 69 m2, 2 bedroom apartment at An Gia Westgate. Owner is cutting deep losses, swimming pool view, 100% new house. Price 2.64 billion VND, about 38.2 million VND/m2. Lower than the initial opening price 2 million VND/m2”, Mr. Ngoc Nhan, Westgate apartment consultant posted for sale.
As a customer who bought an apartment at the Westgate Project, Mr. Hung (residing in District 8, Ho Chi Minh City) said that he bought the apartment here to exploit for rent and expected to be able to sell it when needed to earn the difference. However, from the time he bought it until now, it has been nearly 2 years, and the rental business has not been very positive.
“My apartment is 70 square meters, with 2 bedrooms and 2 bathrooms, and has a water heater. The interior equipment such as kitchen, hood, bathroom equipment, shoe cabinet, drying rack, etc. are complete. I rent it out for 6.5 million VND/month, but after several months of advertising, no tenants have asked to rent it. Realizing that the rental exploitation is not effective, I sent a broker to find someone to resell the above apartment at a loss of 50 million VND compared to the original price,” said Mr. Hung.
According to the reporter of Dau Tu Newspaper, not only in the apartment segment, but the situation of "cutting losses" is also happening in the segment of shophouse podiums. At an urban area project in the old District 9 (now Thu Duc City), brokers are selling 2 shophouse podiums at a loss of 5 billion VND/product.
Suspicious of the above information, we immediately called the broker who posted the ad and were taken to see it in person. We were told that the shophouse products in the same area were being sold for 12.5 billion VND/product, but because these 2 units were not in a good location, and the owner needed money, they were being sold for 7.5 billion VND/unit. The shophouse is operating normally and has full papers.
Ms. Tran Thi An, a long-time investor in Thu Duc City, shared that while the market is considered by many to be “crazy in price”, there are still products being sold at good prices and with full legal documents. However, investors need to research and consider carefully before deciding to spend money, because products with prices lower than the market mean that there will be certain shortcomings. Moreover, there are not many real “loss-cutting” products at the moment, only happening in certain projects/products.
Similarly, Mr. Tran Hieu, Deputy General Director of DKRA Group, also said that in the current context, it is difficult to expect the real estate market to decrease in price, especially for products that meet real needs in large cities such as Ho Chi Minh City and Hanoi. The demand for housing is increasing, while it is very difficult to carry out projects at this time, partly because it is difficult to find land to develop projects, partly because of long-term procedures, while input costs such as construction materials, labor, interest, land prices, etc. are all increasing.
Therefore, to own a product with a price lower than the average and suitable for the budget, investors must "sift for gold" in the real estate market. If they are willing to search, investors can still buy products with the above affordable prices.
Source: https://baodautu.vn/batdongsan/van-con-co-hoi-so-huu-bat-dong-san-voi-gia-hop-ly-d225207.html
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