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Some housing projects in HCMC, Hanoi find buyers

Some developers managed to sell apartments and houses in Ho Chi Minh City and Hanoi last month despite the frozen property market.

Some housing projects in HCMC, Hanoi find buyers

An apartment project in HCMC’s Binh Tan District sold 47 units, the highest monthly number in the project this year.

Minh, a real estate broker, attributed the sales to the project developer agreeing to pay the interest on buyers’ loans for 18-24 months.

Another apartment project in neighboring Binh Chanh District sold seven large units at an average of VND3.8 billion (US$161,000).

The developer of a project in the city’s Thu Duc City sold 18 apartments.

Trieu, a property broker, said: “In this low season selling a single apartment is good news. In late 2022 there were almost no buyers.”

He said developers are extending the payment timeframe to five years and offering discounts of up to 52% if buyers make full payment.

In Hanoi, a brokerage firm sold 30 apartments at three projects last week after not selling more than five a week 2-3 months ago.

Another Hanoi brokerage said it sold 50 apartments and houses at an average price of VND3 billion, four times the number in previous months.

An apartment project in the capital’s Ha Dong District said sales doubled last month after it offered a discount of 19%.

Thanh, a broker in Ha Dong District, said some developers are offering big discounts and bearing buyers’ loan interest expense.

But the sales happened at a small number of projects and do not represent the wider market, which remains slumped, according to Vo Hong Thang, R&D deputy director at real estate consultancy DKRA Vietnam.

If bank lending interest rates decrease, market liquidity would improve though not quickly or dramatically, he added.

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