Illustrative image. (Photo: VNA Nguyen Quoc Anh, deputy general director of batdongsan.com.vn, said the level of interest and transaction volume for property for sale has tended to decrease due to negative factors, such as some large investors' cancellation of purchasing land plots in Thu Thiem, HCM City after winning auctions.
The US Federal Reserve's interest rates hike caused many domestic commercial banks to raise deposit rates and problems in corporate bond issuance have also had negative impacts on this market.
In addition, the market has suffered bad effects from Hanoi tightening the separation of land parcels and real estate companies cutting a large number of employees due to difficulties in this market.
However, Le Dinh Hao, sales director of batdongsan.com.vn in the North, said the "rare bright spot" in this market is the recovery and strong growth of the segment for rent, especially in Hanoi.
Specifically, in the fourth quarter of 2022, the level of interest from customers in Hanoi decreased by 8% for real estate for sale but surged by 63% for real estate for rent compared to the first quarter of the year. The growth of the rental segment was seen in all types and segments. Of which, the level of interest in townhouses had the strongest growth rate at 179%, while the increase was 153% for the office segment, 77% for private houses, and 21% for apartments.
A survey of the rental market's brokers released by batdongsan.com.vn on December 14 also recorded positive signs of this market. Accordingly, 47% of surveyed brokers believed that real estate rental prices will increase slightly, while 16% of them said the price will increase sharply, and 23% said it will be flat. About 10% thought it will decrease.
Demand for rental properties in both cities recovered well in 2022 but HCM City witnessed a stronger recovery with the level of interest in rental properties increasing by 103% compared to the beginning of the year, while in Hanoi it was 63%.
This year, townhouses and villas are the two types of real estate for sale with the highest level of interest in HCM City. Hanoi's data showed a similar trend. Searches for a townhouse increased by 49% in HCM City and 17% in Hanoi.
Director of batdongsan.com.vn in the South Dinh Minh Tuan forecasts that in the short term, the prices of some segments in some regions may still level off. Owners of those property products must sell the products due to pressure from high interest rates of loans.
Expert Can Van Luc said that authorities need to remove some bottlenecks for the market to develop better and healthier, including the legal issuance of property projects and bonds of property companies./.
VNA
