It is now an opportunity for those who want to buy land or houses as their prices have reduced by 20-40% compared to those early this year after the market froze since the beginning of the year, experts say.
According to Savills Vietnam company, within ten days, nearly 400 apartments of the total 900 apartments with an area ranging from 107 to 206 square metres and 16 penthouses of the Keangnam Hanoi Landmark Tower have been bought with a price of US$2,700 to US$3,000 a square metres.
All 60 apartments of the 15T Nguyen Thi Dinh project in Cau Giay district, Hanoi which is scheduled to be completed in the second quarter of 2009 have also been bought at VND8 million a square metre.
A representative of the Real Estate Centre at 96B Vo Thi Sau street said real estate prices have reduced sharply recently. This is because of the fact that many short-term investors had borrowed money from banks for their investment and now their payment is due date or they have to pay additional sum of money to the project owners at the time when they are incapable of continuing their investments, so this has forced them to sell their real estate at lower prices to resolve financial difficulties.
"With the changes of the market over the past seven months, the real estate market now do not create opportunities for short-term investors but it is a good opportunity for long-term investors and those who have real demand for housing," added the representative.
The director of the Land and Housing Consultancy and Trading Investment Company No 1 Nguyen Van Dinh has also shared the same view.
He said the price of apartments now is unlikely to reduce further due to increasing prices of construction materials.
Marc Townsend from CB Richard Ellis Vietnam gave reasons to buy apartments at the current period: better prices; more choices. In addition, buyers can follow the construction progress and check the exact date they can have the key for their apartments. He also expects that the price would increase quickly once the market recovers.
After Ha Tay province was officially joined into Hanoi, prices of land in suburban Hanoi and former Ha Tay province have also increased quickly.
According to Savills Vietnam company, within ten days, nearly 400 apartments of the total 900 apartments with an area ranging from 107 to 206 square metres and 16 penthouses of the Keangnam Hanoi Landmark Tower have been bought with a price of US$2,700 to US$3,000 a square metres.
All 60 apartments of the 15T Nguyen Thi Dinh project in Cau Giay district, Hanoi which is scheduled to be completed in the second quarter of 2009 have also been bought at VND8 million a square metre.
A representative of the Real Estate Centre at 96B Vo Thi Sau street said real estate prices have reduced sharply recently. This is because of the fact that many short-term investors had borrowed money from banks for their investment and now their payment is due date or they have to pay additional sum of money to the project owners at the time when they are incapable of continuing their investments, so this has forced them to sell their real estate at lower prices to resolve financial difficulties.
"With the changes of the market over the past seven months, the real estate market now do not create opportunities for short-term investors but it is a good opportunity for long-term investors and those who have real demand for housing," added the representative.
The director of the Land and Housing Consultancy and Trading Investment Company No 1 Nguyen Van Dinh has also shared the same view.
He said the price of apartments now is unlikely to reduce further due to increasing prices of construction materials.
Marc Townsend from CB Richard Ellis Vietnam gave reasons to buy apartments at the current period: better prices; more choices. In addition, buyers can follow the construction progress and check the exact date they can have the key for their apartments. He also expects that the price would increase quickly once the market recovers.
After Ha Tay province was officially joined into Hanoi, prices of land in suburban Hanoi and former Ha Tay province have also increased quickly.
Source: Nhan Dan
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