Still no buyers, Hanoi apartment owner lowers selling price

(Dan Tri) - After a period of continuous price escalation in Hanoi apartments, some homeowners in Hanoi have now lowered their prices to find buyers.

Many apartments for sale at reduced prices

According to a survey by Dan Tri reporters, over the past month, the selling prices of many used apartments in Hanoi have decreased from 200 to 400 million VND.

An old apartment in Thanh Xuan (Hanoi) with an area of ​​64 square meters and 2 bedrooms was advertised for sale at the beginning of November for 5.2 billion VND, equivalent to more than 81 million VND/square meter, but now the price has been reduced to 4.8 billion VND.

Another apartment in Nam Tu Liem district, 60 square meters, with 2 bedrooms, was advertised for sale at the end of October for 3.8 billion VND, but now the owner has reduced the price to 3.6 billion VND.

Mr. Pham Tuan (living in Nam Tu Liem, Hanoi) said that since the end of September, his family went to see many used apartments, but had to refuse to buy them because the prices were too high and the quality was not commensurate. After more than a month of searching without results, his family temporarily put their plan to buy a house on hold.

However, from mid-November until now, brokers have continuously contacted him to re-offer houses he had seen at prices 200 to 400 million VND lower. For example, a 64m2 apartment with 2 bedrooms in Tay Mo (Nam Tu Liem) in October was offered for 4.2 billion VND. But now the owner wants to sell early for 3.9 billion VND, a reduction of 300 million VND.

He said that the house prices have cooled down a bit but not significantly compared to the increase. Therefore, his family will continue to monitor until early next year, and if they decrease further, they will put down money to buy.

An apartment building in Hanoi (Photo: Tran Khang).

Currently selling a 70m2 apartment in Ha Dong district, Ms. Hoang Anh said that in September, many brokers continuously offered to buy it for 5.2-5.4 billion VND, but she still did not close the sale because she thought the price would increase at the end of the year.

However, since mid-November, no brokers have called to ask to buy her apartment. Seeing the market stagnate, Ms. Hoang Anh proactively contacted many brokers to sell but received the answer that the apartment price had dropped. If she wanted to sell, she would have to reduce the apartment price to 4.9 billion VND to find a buyer.

Apartment prices increase virtually?

Mr. Truong Giang - owner of a real estate brokerage in Hanoi - said that in the past 2 months, apartment transactions in Hanoi have decreased. The reason is that apartment prices are increasing, buyers are in a wait-and-see mentality.

Besides, the apartment products for sale on the market today are all high priced, not suitable for the majority of buyers. Currently in his unit's inventory are mostly 2-bedroom apartments priced at around 5 billion VND.

"Apartments priced at VND5 billion or more have been on sale for a long time, even for 3-4 months, but have not found any buyers. Previously, many homeowners had high expectations, so they continuously increased the selling price for fear of losing money. Now, the market is difficult to liquidate, some business homeowners have to pay off debts or previous loans, so they have lowered the selling price to find buyers," he said.

Ms. Pham Mien, a real estate expert, said that in the past, apartment prices were pushed up very high. Some apartment owners were afraid of selling at a loss, so they competed to increase the selling price. However, after a period of selling at high prices, many people found it difficult to negotiate, so they have now agreed to lower the price.

"Recently, apartment prices in Hanoi have increased very high and quickly. I think there is a virtual increase and it is far beyond people's ability to pay. Recently, high-priced demand has absorbed all the products brought to the market. When there is only low-priced demand but prices are still high, it will certainly cause transactions to decline," she said.

Mr. Nguyen Van Dinh - Vice President of Vietnam Real Estate Association - assessed that in the past year, the real estate market price in Hanoi has been virtual. In particular, the apartment type has increased by more than 50% in some places, residential land and land plots in districts about to become urban districts have increased by more than 90%.

Mr. Nguyen Van Dinh proposed that it is necessary to urgently build tools to calculate regular price indexes similar to stock indexes, so that these indexes can be adjusted to best suit the market.

Source: https://dantri.com.vn/bat-dong-san/mai-chua-co-khach-mua-chu-chung-cu-ha-noi-ha-gia-rao-ban-20241227002025064.htm