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VietNamNews

Property market shows signs of recovery

Update: November, 30/2013 - 09:32
Very few real estate transactions are made in most difficult time of the market in Ha Noi. — VNA/VNS Photo Tuan Anh

HA NOI (VNS) — The real-estate market has shown signs of recovery but difficulties remain, said Minister of Construction Trinh Dinh Dung.

Dung said in recent months, an increasing number of transactions had followed a long freeze, but small and medium size apartments were still in short supply.

In addition, he said, property prices had been sharply cut after going through a "hot" development period.

Real estate investors had been forced to lower their prices. This often meant trimming back the amount of imported luxury items often used in building.

The minister predicted that sales would increase as prices started matching buyers' incomes.

Spokespeople for several property companies agreed that the market had become more eventful.

Vu Cuong Quyet, director of Green Land Company's branch in Ha Noi, said customers had been seeking high quality homes serviced by good playgrounds, roads, schools and hospitals.

Quyet added home buyers were even prepared to pay more for such apartments.

Tran Kien Cuong, general director of Golden Gain Viet Nam Joint Stock Company told online newspaper vneconomy that customers often decided to buy apartments at the end of the year. Large remittances from relatives overseas often arrived at this time.

International property consultant, Cushman&Walkfield forecast that the estate market would experience more sales of most types of housing from Vietnamese buyers.

Former deputy minister of Natural Resources and Environment Dang Hung Vo said the property market was now no longer controlled by speculators.

Vo said the quality of homes had improved in the past two years as investors went out of their way to attract buyers.

He added that home buyers wanted accommodation at reasonable prices instead of waiting until prices fell further. — VNS


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