Over the past 10 days, in the Eastern area of Ho Chi Minh City, land sales in districts 2, 9, and Thu Duc all slowed down, prices went sideways.
The reason for the decline in land transactions, according to Mr. Chau, is because this particular basket of goods on the market has become scarce in new supply, and investors have very few options to put money down.
The tendency to wait longer instead of diving into the secondary market has caused purchasing power to decrease significantly.
Land in the East of Ho Chi Minh City.
Meanwhile, in the Western area of Ho Chi Minh City, land plots in District 12, Binh Tan, and Binh Chanh also recorded a decline in sales.
Subdivided land projects in this area offered for sale since the beginning of 2018 for 15 million VND per m2 on Pham Van Hai, Le Minh Xuan, Tan Quy Tay streets have skyrocketed to 25-27 million VND.
Talking to VnExpress, General Director of Dataland, Doan Thien Viet said that from the end of May 2018 until now, the land market in Ho Chi Minh City suddenly decelerated quite sharply.
According to Mr. Viet, although liquidity has plummeted, land prices are still at the peak. The current price column is too high and requires time to gradually digest and absorb.
Firstly: the supply of subdivided land is becoming less and less, with almost no new projects being launched within the past month.
Second: the plot separation according to Decision 60 has taken effect but is moving quite slowly compared to the pace of the market.
Third: land prices have increased continuously for a long time and the ability to take profits is saturated.
Fourth: strong policies to prevent land fever in special economic zones more or less impact the psychology of real estate investors.
General Director of Dataland further predicted that land prices in Ho Chi Minh City will likely go sideways for at least the next 3 months and will have new developments in the last quarter of 2018. According to Mr. Viet, land liquidity