According to the reporter's records in late October, the real estate market in Hoa Binh ward - the most populous area of the new Phu Tho province with more than 78,600 people (formed after merging all 7 wards of the old Hoa Binh city) is in a quiet period.
Although the selling license plate is dense and the asking price is constantly decreasing, the actual transaction volume is still very modest.
On local news sites, brokers and people have recorded more cases of houses and land being put on the floor, sellers are willing to lower prices but the volume of deals is not corresponding.
Ms. Nguyen Thu Hang, the owner of a two-story house on An Duong Vuong Street, Thong Nhat Ward, shared: "I have been selling it for nearly half a year now. Initially, the price was 3.2 billion VND, now it has been reduced to 2.7 billion but there are still no viewers.
Many people asked by phone, but when they arrived, they said it was far from the center or difficult to do business. I need to sell to turn around capital, but it's true that there are few buyers right now, everyone is waiting for the price to decrease further".
Not only Ms. Hang, Mr. Tran Van Cuong, who owns a 120m2 plot of land in Group 5, Hoa Binh Ward, is also in a situation of "long-term suspension".
"At the end of 2024, land around the main road of Tran Hung Dao was advertised for more than 65 million VND/m2, but now it is only about 55 - 58 million VND/m2 but no one is paying attention. Many people think that prices will continue to decrease, so they are hesitant. Selling at this time is no different from cutting losses".
According to Mr. Cuong, the transfer of personnel and changing workplaces after the merger of provinces has led to a wave of relocation. A group of officials and workers left the old central area of Hoa Binh City, causing a clear fluctuation in the real estate market here.
Mr. Tran Duc Huy - real estate expert of Dat Viet Real Estate Company, commented: "The Hoa Binh market has had a period of hot increase, especially around the old central area and resort projects along the Da River.
However, when the price level increases too quickly, combined with tightening credit and waiting mentality, transactions immediately stagnate. Now is the period when the market is adjusting, so buyers are very cautious, while sellers have not accepted to reduce to the actual level".
According to Mr. Huy, land prices in the old Hoa Binh City area have decreased slightly in some segments, especially street-front houses, but it is unlikely that a series of sharp declines will occur.
"Currently, many homeowners choose the rental option to keep the value of their assets, while waiting for a more favorable time to sell or adjust the price appropriately.
On the contrary, for those with real housing needs, this is an opportunity to access the desired location with a relatively comfortable rental price," Mr. Huy shared.
