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Real estate trading floors get busier   2009-03-15 - VietNamNet/VNS

The Trung Hoa-Nhan Chinh urban area in Ha Noi. The Ha Noi real estate market has shown signs of recovering from last year’s slump, with the number of transactions last month tripling the pace set in the closing months of 2008.

The Ha Noi real estate market has shown signs of recovering from last year’s slump, with the number of transactions last month tripling the pace set in the closing months of 2008, according to Pham Trung Ha, director of the Hoa Phat Real Estate Co.

Hoa Phat’s Ha Noi trading floor was currently concluding an average of 10 real estate deals per day, Ha said.

Sai Gon Commercial Real Estate Co’s Ha Noi real estate trading floor also reported that it had been receiving an average of 20 transactions per day, about 60 per cent of which end up concluding successfully.

The condominium market has been driving the upswing, with units priced up to VND2 billion (US$117,647), generating the most transactions. For VND1.5-2 billion, customers can pick up a 100sq.m apartment in My Dinh or Dich Vong, with good infrastructure. The same amount of money can also buy a town house or villa in outlying Ha Dong City.

The high-end segment remains sluggish, however, accounting for only about 10 per cent of transactions, although customer interest has been high in a few developments such as the Trung Hoa Nhan Chinh and Vimeco apartments, according to Sai Gon Commercial Real Estate.

Truong Thai Son, deputy general director of Hoang Quan Real Estate Co, said: "For individuals, this is a suitable time to buy a house since the current price of many projects is very near the true price level."

"I think that this is a good time for my family to buy because house prices are stable and at a low level," said Nguyen Van Hoan, who was eyeing a town house in Van Khe at a price VND1.9 billion said.

While individual buyers are showing increased interest, the number of investors or speculators on the market has remained low.

Phan Hong Anh, a computer engineer who recently bought land in My Dinh District at a price of VND16.5 million per sq.m, said:"Prices in the city centre remain quite high, so I decided to buy in My Dinh.... This area is also near to shools and hospitals, and it’s going to get as crowded as downtown."

Tran Anh Dung, director of Ba Dinh Trade and Services Co, said that real estate prices in the near future would depend on Government policies, but he predicted prices would not fluctuate as wildly as they did during past periods of land fever.

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