It's rare to have a good policy for buying luxury apartments like the current one: Is it because of 'unsold'?

According to reports from the Ministry of Construction and market research units, Hanoi real estate in the third quarter of 2023 is still in a sluggish trend, and transaction volume has not been able to break through.

VARS statistics also show that in the third quarter of 2023, the absorption rate of the housing segment in Hanoi reached 30% of new offerings with more than 530 transactions, down more than 50% over the same period last year.

It is worth mentioning that the housing supply, especially the apartment segment, is still in a state of both surplus and shortage. In particular, the affordable housing segment is in serious shortage, while large investors are still bringing to the market the luxury apartment segment.

In the context of a sluggish market, with a surplus of luxury apartment supply, many large investors have launched rare incentive programs, such as interest rate support, gifts, furniture, or increased discounts when buying a house.

Talking to reporters of the Journalist and Public Opinion Newspaper, Mr. Tran Minh Tien, Director of the Center for Market Research and Customer Understanding One Mount Real Estate, said that from the perspective of real estate market research, it is very rare to have a good home purchase policy like the present one.

It is rare to have a home purchase policy as good as the current one. (Photo: Zing)

For those who are looking to buy a house to live in, at this time there are so many opportunities and attractive policies offered by investors, can you advise buyers to have the best choice?

- From the perspective of real estate market research, it is rare to have a home purchase policy as good as the current one.

For home buyers, the first and most important point is that they can receive the house and move in immediately. To achieve this criterion, you can only find a house on the transfer market or buy a primary house directly from the investor in projects that are about to be handed over.

However, if in the past, the project handover phase would usually end the interest rate support from the investor, at this time home buyers can still find projects in the handover phase but still receive interest rate support from the investor. This is the difference of the market at this time.

It is noteworthy that at this time, there are still some primary products of investors that are supported with 0% interest rate from 12-18 months, but if buying a house on the transfer market, customers will not be supported as much, because banks are applying preferential interest rates of about 8% for 6-12 months. For investors or home buyers who do not have available finance, these are policies that should be taken advantage of.

Depending on the time, each project will be applied different incentive programs by the investor. If in the past, the policy was mainly to directly reduce the selling price with a small discount or accompanied by a gift of great value, recently, projects tend to focus on prioritizing payment schedule extension for customers, helping to reduce financial burden.

In particular, home buyers can choose to borrow and pay in installments every quarter.

However, choosing a product that fits your financial ability is always a priority. If you have available funds (about 70%), you should pay early and reduce the price directly. If your cash flow is not abundant, you should choose to extend the payment schedule.

Why is the end of the year the best time to buy a house? Many people expect that house prices will continue to fall - can we wait for this development, sir?

For apartments, the recovery signal is quite clear, the 3rd and 4th quarters are the right time to buy a house. There couldn't be a better time.

The price of primary products never decreases, and it is impossible to expect the story to decrease further when the factors that make up the product increase. I affirm that this is a very good time for you to confidently buy a house. In addition to attractive support policies, current interest rates are very low.

Looking at the new projects that will open in 2024, what opportunities do you predict for home buyers?

- In 2023, most investors will face legal and capital difficulties, making it difficult to launch products. Only investors with strong potential and complete project legality will continue to launch products during this period.

This is also a point that home buyers can consider to choose good projects from good investors.

In 2024, the apartment market in Hanoi will return stronger as these issues are gradually being resolved. According to the forecast of the Center for Market Research and Customer Insight One Mount Real Estate, next year the newly opened primary supply will reach nearly 16,000 units.

In particular, after a long time FDI in Real Estate always ranked 2nd in FDI fields, it is forecasted that next year there will be many projects of foreign investors, both in the East and West of Hanoi.

Certainly home buyers will have more choices but the attractiveness of sales policies is uncertain, because these products will mostly be high-end.

It is very likely that those attractive policies will no longer exist in 2024. (Photo: HNM)

So when many projects are launched, should buyers wait for a better price in 2024?

- First, as mentioned above, primary apartment prices will tend to increase over time; new projects opening in the next phase are mainly near-high-end and high-end products (~60%); therefore, apartment prices will be very difficult to decrease in the near future.

In 2023, the investor has launched many very good and attractive sales policies to circulate capital and adapt to the market.

By 2024, when these difficulties are gone, it is likely that those attractive policies will no longer exist. Thus, there will be more choices for home buyers but prices will certainly be higher.

What do you think about the developments of the Hanoi apartment market at the end of this year?

- In the first half of this year, supply and consumption were quite low compared to the annual average, due to the impact of the macro and real estate markets.

However, from the second quarter of 2023, the apartment market has improved compared to the first quarter and this trend continued in the third quarter. New launches in the third quarter increased by more than 50% quarter-on-quarter, and consumption in Hanoi increased by more than 100% quarter-on-quarter.

According to the forecast of One Mount Real Estate Market Research and Customer Insight Center, this trend will continue in the fourth quarter.

This is the busiest time of the year. Moreover, the second and third quarters have built up both confidence and demand, so the fourth quarter will have the momentum for a booming recovery in transactions.

And in fact, according to our research, the Apartment/Apartment segment for sale in Hanoi has shown quite clear signs of recovery compared to other segments in the market. Because this is a product segment that always has high demand and product value suitable for the majority of people.

It is forecasted that from now until the end of the year, the West of Hanoi will sell about 2,400 more apartments, while the East will sell about 1,600 apartments.

These are also the two areas that will lead the sales of the Hanoi apartment market in the coming time, bringing many transaction options for buyers to live and invest.

Thank you very much!

Source: https://www.congluan.vn/rat-hiem-khi-co-chinh-sach-mua-can-ho-cao-cap-tot-nhu-hien-tai-phai-chang-vi-e-post269957.html