Although many housing projects have recently offered their products for sale to cash in on the VND30-triliion home loan that has just started rolling and prices have declined, the apartment market in Hanoi is still quiet. Meanwhile, the segment of houses and land lots in the outskirts seems to heat up with a slight rise in transactions.
Apartments ignored
Right after the home loan package became effective, numerous apartments worth around VND1 billion have been launched. However, many homebuyers have decided to shift to buying houses and land lots in the Hanoi outskirts which are 10-20 kilometers from city’s center.
One month after seeking apartments worth some VND1 billion per unit, Nguyen Le Nhung decided to find residential land lots. According to Nhung, a resident from Hai Duong Province, the quality of many condo projects is low such as lacking fire fighting systems, having few elevators or small parking lots.
“Therefore, we’ve decided to find residential land lots in the outskirts despite the long distance,” Nhung said.
Similarly, Nguyen Van Toan from Phu Tho said that there were many inconveniences living in an apartment. “Project investors often brag about their projects having auxiliary facilities such as school and clinic, but also often there is nothing after such projects are finished,” Toan said.
According to Toan, as the land prices in Hanoi have dropped, homebuyers only need over VND600 million to buy a land lot of 40 square meters at 13-15 kilometers away from the city center and spend an additional VND200 million to build a small house.
Like Toan and Nhung, many other young migrant families in Hanoi are now in dire need of accommodation. However, to them, the strong price decline of many apartments is not convincing enough as projects have so many inadequacies, not to mention the risk of slow-moving projects.
Suburban land lots heating up
While the apartment market keeps plunging, the segment of land lots is heating up in the capital city. In recent weeks, the number of customers buying residential land lots in the outskirts has been increasing with successful transactions rising by some 20% compared to late last year.
Many people have sought residential land lots priced at VND12-17 million per square meter in Thanh Tri District in the past month.
Nguyen Van Trieu planned to buy apartments but then changed his mind and decided to buy a land lot there.
“A land lot here cost nearly VND2 billion in 2010, but the price has now fallen by half. Despite the long distance to the city center, markets and kindergartens are near, and living here makes me feel more comfortable than in an apartment,” Trieu said.
In addition to Thanh Tri District, land lots in Me Tri, Cau Dien or Co Nhue areas of Tu Liem District are sold at VND15-20 million per square meter and have received captured attention from customers.
Nguyen Thi Vui, a land broker in the My Dinh area said that many people were interested in land lots of 35-40 square meters priced at under VND1.5 billion.
According to Nguyen Trung Ly, deputy sales manager of the Ha Dong real estate trading center, there have been many investors coming to sell apartments since the year’s beginning while there have been almost no buyers. On the contrary, the center has had over ten successful land lot transactions in Ha Dong District.
Pham Duc Toan, director of EZ Property Vietnam Co., said that customers favored residential land lots sold at under VND20 million per square meters. “Since the year’s beginning, although the number of apartment transactions is few, that of land lots via EZ Property Vietnam is quite busy with successful transactions accounting for 10%,” Toan said.
“People still want to own their own houses, and this is a good time for them to find a satisfactory home,” said Vu Cuong Quyet, general director of Dat Xanh Mien Bac Co. - Source: Saigon Times
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