The Hanoi apartment market is showing opposite trends. While the price level is still anchored at a high level, many homeowners in the secondary market have started adjusting selling prices to find customers. However, liquidity is no longer as vibrant as in the previous period, buyers have a more careful psychology before spending money.
According to records, in many areas that once increased sharply such as West Hanoi, the number of apartment sales advertisements appeared quite a lot. Some homeowners agreed to reduce from several hundred million VND per unit compared to the end of last year, but actual transactions are still slow.
Ms. Nguyen Thi Duong (Hoai Duc, Hanoi) said that her family is in need of moving to Cau Giay ward to be closer to her workplace. Her plan is to sell 2 old apartments to raise money to buy a new apartment with a more convenient location.
I put both houses up for sale for a while, but the number of customers asking is not as much as before. Some customers see houses but bid quite deeply. Compared to the time when the market was still hot, each house currently has to be reduced by about 150-250 million VND to have someone interested" - Ms. Duong said.
According to Ms. Duong, what makes sellers uncomfortable is that the price of apartments they want to buy in the central area is still very high, while the apartments to be resold are no longer easily liquidated. If sold too low, the money collected is not enough to exchange houses; but if you keep the price high, the waiting time for customers may be prolonged.
Meanwhile, Mr. Nguyen Duc Anh (Tu Liem, Hanoi) said that at the end of last year, he used financial leverage to buy apartments with the expectation that prices would continue to increase. However, when the market stagnated, loan interest pressure forced him to consider selling apartments.
I have reduced about 200 million VND compared to the price advertised at the end of last year but still haven't sold it. Customers come to see it, ask for information, but when it comes to deposit, they stop. Many people say they want to wait and see if the price will decrease further" - Mr. Duc Anh shared.
According to Mr. Duc Anh, unlike the previous period, buyers are no longer psychologically "afraid of losing goods". They compare many houses in the same area, bargain more strongly and often ask homeowners to support additional costs of name transfer, furniture or payment progress.
Mr. Nguyen Tien Dung - real estate broker in Hanoi said that the apartment market is not currently decreasing simultaneously, but liquidity has been noticeably slower. Apartments with good locations, clear legal status, and reasonable prices still have customers asking to buy. However, apartments that were pushed up too high in the fever period are having to adjust to compete.
Customers are hesitant more. Some people intended to close but stopped because they had not had time to raise money. Some investors were affected by the decrease in gold and silver prices, and stock prices also decreased, so they did not want to sell other assets at low prices to buy houses. Meanwhile, many real buyers are waiting for apartment prices to decrease further" - Mr. Dung said.
According to Mr. Dung, the group of homeowners under financial pressure, especially those who borrow from banks or buy for short-term investment purposes, are tending to decrease prices faster. Conversely, homeowners who are not under cash flow pressure still maintain prices, causing the market to experience a situation of "high asking prices but low transactions".
In general, after a period of strong increase, the Hanoi apartment market is entering a screening phase. Primary selling prices are still high due to limited land, construction, financial and supply costs that are affordable. However, in the secondary market, buyers have become more cautious and no longer easily accept the rapid price increase as before.
This development makes the expected gap between sellers and buyers increasingly large. Sellers still look at the high price level of the previous year to maintain prices, while buyers rely on slow liquidity and more goods offered for sale to bargain.
In that context, buyers need to carefully calculate their financial capacity, especially the cash flow to repay debts if using borrowed capital. For sellers, setting prices too high can cause apartments to be "suspended" for a long time in the market, especially when buyers have more and more choices.
The Hanoi apartment market cannot therefore be considered a deep decline, but it has passed the hot increase phase. When prices are still high, liquidity is slow and the psychology of waiting spreads, both buyers and sellers are forced to be more cautious in each transaction decision.
