Major real estate projects released in the third quarter of this year all belonged to big developers such as Vinhomes, Sun Group, Masterise Homes, and Dat Xanh Mien Tay following a long quiet period.
The real estate market is considered by experts to have passed its most difficult period thanks to new projects gradually entering the market and improved homebuyer psychology. To push the recovery, developers have been offering new payment policies, loan incentives, and discounts.
For example, Vinhomes Golden Avenue in Mong Cai town, Quang Ninh province includes 2,322 townhouses and shophouses, with prices excluding VAT ranging from VND6.8-9.6 billion ($393,000) per unit of 75-105 m2.
The project has 1,500 brokers, and offers a new VinFast VF 8 or VF 9 electric car, deferred payment, and long-term interest rate support for 36 months for each purchase. The expected full handover time for the project is September 2024.
In the central region market, a typical example is the Sun Cosmo Residence project in Da Nang city, developed by Sun Group. The project has 650 apartments, 146 townhouses, and land. The selling price, excluding VAT, ranges from VND53-65 million ($2,660) per m2. Apartments on the lower floor have a price of VND140-165 million ($6,750) per m2.
Sun Cosmo Residence offers a 21% discount and interest rate support for 2 years.
In the southern region market, the Glory Heights subdivision located in Vinhomes Grand Park in Thu Duc city. Ho Chi Minh City has an 8-year interest rate waiver and has posted sales of nearly 2,400 products in three months.
Meanwhile, Masterise Homes has launched shophouse products at the Lumiere Riverside project in Thu Duc city. The 18 podium shophouses cost VND31-55 billion ($2,250) per unit and have sold out. Investors have committed to subleasing for 18-24 months at a price of $30-35 per m2.
At the end of September, Nam Long launched the AK NEO block, the last block of phase 2 of the Akari City project in Binh Tan district, HCMC. The project recorded nearly 150 apartments successfully sold on the launch day.
Prices start at about VND3 billion ($122,700) for a 2-bedroom apartment, with a policy of allowing many installments until completion. Banks are offering loans of 65% of the value, and customers can enjoy a fixed interest rate of 5% for the first two years.
The Mekong River region has the Cara River Park project in Can Tho city. The project is developed by Dat Xanh Mien Tay, providing 330 apartments, eight penthouses, and 20 commercial service apartments, with prices ranging from VND39-44 million ($1,800) per m2.
Kien Giang province has the 5-Way Phu Quoc project in the Grand World, Phu Quoc United. The project includes 10,000 beach apartments, selling for VND50-55 million ($2,249) per m2.
Nguyen Van Dinh, chairman of the Vietnam Association of Real Estate Brokers (VARS), said that the real estate market in Q3 had improved. From Q1 on, supply decreased seriously, almost standing still, with only 1,000 products traded. In Q2, there was a re-offering. By Q3, in just the first two months, there were more than 5,000 successful transactions, and 300 projects nationwide were opened for sale.
However, for the market to recover and develop sustainably, it is necessary to accelerate the completion of laws, mechanisms, and policies.
"In the process of waiting for legal regulations to take effect, it is necessary to consider speeding up decrees, processes, and administrative procedures to support investment procedures quickly to increase supply. Abundant supply will add transactions and increase buying and selling in the market," the VARS chairman said.