Vietnam Sees Scarce Property Trade Despite Low Prices

Real estate developers in Vietnam have found it hard to woo homebuyers and investors to their projects although prices are slashed and promotion offered.

 

Regardless of a downward trend of high-and medium-standard apartment prices, purchasers are sitting on the sidelines waiting to see how the low prices might go.

 

Le Hung, director of HAGL Land, said that only 50 per cent of the number of apartments put forth have been sold since launching the re-pricing program, and that trade at the company was slow again.

 

Director of Sacomreal says the trading floor is witnessing around two to four successful transactions per day, and of course such a tempo is far below that in the exuberant market in 2007.

 

Pham Van Hai, general director of the ACB Real Estate Joint Stock Co. (ACBR), echoes the idea, saying the property market is still difficult for project developers. Not much trade has been seen these days as the trading floor brokers around 45 to 60 trades per month only.

 

In its recent report, CB Richard Ellis Vietnam said that re-pricing will continue given the strong buyer response to reduced prices and that all eyes will be watching to see if cash-strapped developers blink first in the standoff with buyers holding out for lower prices. (Saigon Economics Times)