After the thin expectations from the start of 2012 till now, the most optimistic people also had to admit that it is hard to wait for a miracle in this difficult context.
Information and transactions of land prices, apartments and office-for-lease in big urban areas nationwide have been declining. The condominium supply is still slowing down due to partially secondary markets keeping condos projects are demanding to offload products to take cash whereas the purchasing power is not stable because of the wait-and-see attitude.
According to HCM City Construction Department, the city last year had 19 completed projects that supplied 7,014 apartments, lifting the accumulated supply of 163 completed projects and 41,378 apartments. The proportion of common condo project was one third, and remainder was medium and high-class apartments.
Meanwhile, buyers recently aimed at the common apartment segment, which was shown via successful transactions in the apartments with price range of 11-15 million dong per square meter.
In 2012, around 28,000 completed apartments the projects that had been delayed in previous years will be offered to the market, including 11,632 common units or 42%, 400 luxury apartments or 1.4% and 16,000 medium-class and high-class units accounting for 56.6%.
Despite the supply and demand of apartment segment seemed to be more balanced, the supply keeps increasing while a lot of apartments have not been sold, which will create price lowering pressure on the real estate market.
2012 is expected to be the year of property project trading. In Hanoi and HCM City, selling projects is getting busier with the number of sellers more than the buyers who are still waiting for more attractive projects. In HCM City, the sellers are Thai Binh Duong (Pacific) Infrastructure and Real Estate Development Co, Hoa Binh Real Estate Construction and Trading Co, Dat Lanh Real Estate Co, Van Phat Hung…
Most investors are seeking potential buyers because they are not able to raise capital to keep projects going or complete projects.
Given assessment on the situation, Mr Nguyen Van Duc—Deputy Director of Dat Lanh Real Estate Co said that around 60-70% of uncompleted investment projects are suspended in HCM City at this time. Traders have to accept to sell projects to cut losses in this the difficult context.
Mr Marc Townsend, CEO of CBRE stated that this was the first time Vietnam’s real estate market saw a lot of such transactions and now is right time for foreign investors to enter Vietnam.
Many people shared with the point of view. Strong enterprises have opportunities to buy back the good projects and investment will be started in the coming time. - Source: Vietbiz24
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