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Buyers return to capital city's housing market

Update: June, 18/2012 - 10:10

HA NOI — Investors and buyers are beginning to return to the capital city's real estate market after a long period of sitting on the sidelines, say local real estate dealers, attributing the interest in the market to recent State Bank of Viet Nam policies aimed at lowering financing costs.

Nguyen Tien Dung, director of Van Phuc Real Estate Trading Floor in the capital's Ha Dong District, said that trading in some segments, including residential parcels, had surged in past week. The number of properties offered to find buyers had risen to 20 per cent, up from a the recent period in which no properties were finding buyers, Dung said.

Land prices in the northern area of the capital have accordingly begun to rise by about VND1 million (US$48) per square metre. A square metre in the An Hung Residential Area has surged to VND52 million ($2,470), while land prices in the Geleximco and Van Phu developments have also increased to up to VND40 million ($1,900) per square metre.

The same trend could also be seen in Gia Lam District, said Do Ngoc Tan from the Urban Area and Trading Development Co. Customers were mainly interested in finished apartments and homes in the VND2-3 billion ($96,000-144,000) range, as most were end-users with a real demand for accommodation, Tan said.

Vu Xuan Thien, deputy director of the Ministry of Construction's housing and real estate market depart-ment, concurred that current prices being offered by developers were more appropriate for end-users.

To seize the moment amid signs that the frozen market might be thawing, developers have recently re-launched some delayed projects at reduced prices to woo customers.

A few weeks ago, Mai Linh Investment Co offered property at less than VND30 million ($1,430) per square metre, a reduction of VND2-9 million, in its Golden Palace apartment complex in My Dinh District. Meanwhile, the HUD Real Estate Transaction Centre offered over 100 apartments in the New Skyline project at prices from VND27 million ($1,290) per square metre, while Maxland Real Estate Transaction Centre last week began selling apartments in Ha Dong District's Sun Garden starting at VND14.5 million ($690) per square metre. — VNS

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