Unable to bear the bank interest, Mr. Duong Tan Sang (Ninh Kieu district, Can Tho city) decided to reduce 15-30% for 2 plots of land in Vi Thanh city and Can Tho city.
It is known that he borrowed 700 million VND from the bank along with his own capital to buy these 2 plots of land. However, due to economic difficulties, Mr. Sang rented them out, then reduced the price by 3% to sell them, but after hanging the sign for 2 years, there were still no customers.
"Because I urgently needed money to pay the bank interest because the due date had come, and to plan for my family next year, I decided to reduce the price significantly. After negotiating, I just sold a plot of land to a customer, losing 100 million VND," said Mr. Sang.
Ms. Phuong Ha (CEO of a cosmetics company in Can Tho) has just "bought" a suffocating plot of land for 1 billion VND in Vinh Long because the owner needed money urgently.
"The location is beautiful, the papers are complete. The owner needs money urgently to make ends meet for Tet, so he is selling at a loss. I also bought it at a cheaper price than at other times. According to my observations, with the current booming market, I will likely make a big profit when the land price increases," said Ms. Ha.
Mr. Tran Minh Hau - owner of a real estate brokerage office in Ninh Kieu district, Can Tho city - said: "In the past few days, I have received many calls from customers asking for brokerage and buying and selling land. At the end of the year, there are often many landowners selling at a loss because they need money urgently and pay bank interest, but few cases break even, most will lose from tens of millions to hundreds of millions of dong."
According to the third quarter 2024 report of the Vietnam Association of Realtors (VARS), the real estate market has recovered positively after a difficult period, thanks to the stability of the economy and the Government's support policies.
In the first 9 months of 2024, the market recorded 38,797 new products offered for sale. Supply still recorded strong differentiation, 70% of new supply came from the apartment segment.
VARS forecasts that if factors such as legal policy, finance and public investment continue to improve, the market will likely continue to heat up in the final period of the year.
