Housing developers go to great lengths to attract reluctant buyers

By Anh Tu   August 16, 2023 | 08:45 pm PT
Housing developers go to great lengths to attract reluctant buyers
An urban area in the east of Hanoi. Photo by VnExpress/Ngoc Thanh
To spur demand, some housing developers are offering to pay interest on bank loans for buyers for eight years, instead of the usual one to two years.

A developer in is selling apartments in the east of Hanoi with zero interest payable by buyers until August 2031.

Loan usually accounts for 45-70% of an apartment's total value depending on its size and delivery schedule.
The developer has also pledged a guaranteed rental on certain apartments of 12.5% per year.

A developer in HCMC said buyers could move in or lease their apartments after paying just 30% upfront and the rest over 18 months.

An apartment project in Thu Dau Mot City in neighboring Binh Duong Province is offering a similar promotion if buyers first pay 20% of the price.

In its most recent report, the Vietnam Association of Realtors said a number of apartment projects by reputed developers come with attractive promotions, which have increased their bookings.

But the Ministry of Construction said the number of apartments and houses sold in the second quarter of 2023 was down 50% year-on-year and 25% quarter-on-quarter.

Real estate consultancy Colliers Vietnam said housing prices are still too high for many people.

Many consultancies and experts believe the real estate market will not recover in the second half of this year.

According to VnDirect Securities Corporation, the market is likely to recover gradually from mid-2024, and stronger in the second half of next year when monetary policy becomes loose again.

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