Week 37/2021 – Central Vietnam Real Estate News Summary
In this weekly or sometimes bi-weekly news flash – CVR: Central Vietnam Realty will provide a choice of articles from mainly Vietnamese media sources related to the real estate market in Vietnam.
We will be focusing on issues related to Da Nang and Hoi An, while also looking at national news and their possible impact on Central Vietnam’s property market.
You will find a summary, a link to the source as well as CVR’s take on the article.
We believe that local knowledge is the key to making the best possible decision and that’s what we offer to all our clients.
“CVR: Western Management – Local Knowledge”
1. Announcement on the “health status” of the Real Estate market in Q3/2021
According to Big Data of batdongsan.com.vn: In Q3/2021, big data for the real estate market declined significantly under the impact of the Covid-19 pandemic.
Proportional to the complexity of the disease, the supply and demand in the market decreased sharply in recent 2 months. Specifically: the volume of news subscriptions and interest in real estate on the whole site decreased by 22% and 12% respectively in July. August continued to have a deeper decline, 58%, and 27% respectively compared to that of the last month.
Although the general picture is gray, the real estate market still proves its attraction and potential when it shows stable development in some areas with good virus control. For example, Hai Phong has a steady growth of 8% interest in real estate in August 2021. In localities that used to be services such as Bac Giang and Bac Ninh, the demand for real estate search has also increased steadily since Covid-19 was temporarily suspended. Specifically, real estate in Bac Giang recorded month-on-month growth of 22% and 26% in July and August 2021. This number of North Ninh is also quite impressive, at 40% and 7% respectively.
In most other provinces, the real estate market encountered many difficulties. The state of social distancing that has covered major cities for several months has disrupted the traditional connection method. Many frozen transaction activities have affected the “resistance” of real estate businesses. According to a recent survey by Batdongsan.com.vn, more than 90% of real estate businesses have cash inflows that are not enough to cover fixed costs such as office rent, salary, and social insurance. According to the Vietnam Real Estate Brokers Association, by the end of August 2021, 78% of trading floors had to cut staff or temporarily lay off without salary.
Importance: Knowing the difficulties pushing many big real estate companies to adjust the way of doing business to go on:
– Vinhomes with the “Offline to Online” model to increase interaction between the parties involved in the transaction
– Cen Group with the online campaign “Home now for Vietnam Stronger” helps to promote sales
– E-meet customers through platforms such as Zoom, Teams, Zalo, Google Meet.
2. Tips that should not be ignored when buying an old apartment
1. Learn the history of the old condominium.
– It is necessary to carefully check the issues of the origin, the transaction history of the house, how many owners there were, whether there is any interference with the house structure or not.
– You also need to know the reasons why homeowners sell their homes, ask the neighbors if the previous person has had bad luck or something unfavorable, so he has to sell.
- 2. Review the price and legality of the old apartment building.
- 3. Check the real area of the house compared to the area on the papers.
- 4. Pay attention to the location and amenities around.
– Priority should be given to choosing an old apartment which is near the workplace, school, surrounded by many necessary utilities such as markets, hospitals, supermarkets, convenience stores …
- 5. Check the quality of the old apartment building
– Find an apartment with stable quality and decent enough
– When you come to see the house, you need to carefully observe the condition of the apartment to see if the paint color, plastered walls are peeling a lot, the service in the apartment, the quality of the living environment, and surrounding neighbors.
- 6. Note the extra fees
You need to budget for all these fees to avoid being blundered, thinking that you’re buying cheap but it actually turns out to be expensive after adding everything up.
Our expert knowledge of both the property market and business environment ensures our clients are provided the best advice throughout the process. In today’s constantly changing market, buyers face an array of complex challenges and new opportunities. We can help!
3. 3D Rever home viewing technology increases the convenience of real estate transactions
Not only is it a temporary solution in the context of the epidemic, but 3D / VR home viewing technology also promises to make a big change in real estate transactions.
- Sitting at home, find the house you want:
Select to Rever platform to search with intelligent filtering mechanisms according to the user’s information needs. Within a short time, you can complete a tour of practically every corner of the interior of many apartments without the need for a host key, no appointment required. All thanks to 3D View and Street View home technology (realistic photos of apartments and surrounding residential areas). Then just contact Rever’s broker to come and find out directly, negotiate, and negotiate.
- Saving transaction time:
Statistics and observations of real estate postings from the first quarter of 2020 to the first quarter of 2021 recorded on the Rever.vn platform shows that the listings are attached to actual images, supporting 3D View and Street View all had 3 times more visits than usual. Thanks to that, these apartments were selected and closed 30% faster than the total time since the news was published. Customers can know the details of the properties. This makes it faster and more convenient for me to consult customers remotely
Why it is important: This technology is implemented effectively, increasing the rate of reaching buyers in a short time, bringing convenience to the parties, saving time, improving efficiency, speeding up progress, and thereby promoting Everything happens more proactively and intelligently. Specifically, the project of the 6nature Da Nang apply 3D space technology for customers’ reference as: https://vr360.com.vn/tham-quan-khong-gian-thuc-te-ao-can-ho-premier-sky-residences-da-nan
Check out The 6Nature Beachfront Apartments Da Nang Project page HERE
4. Real estate investment opportunity during the pandemic
According to the market report of Batdongsan, after the first outbreak, the level of interest in the market increased by 306%, after the second increased by 62%, and after the third phase, increased sharply by 378%. This shows that, despite the pandemic, there is still a lot of interest in the real estate market, and people are just waiting for a good deal to buy.
We would like to share with you a great investment opportunity in Da Nang at the moment: Asiana Da Nang Project
Asiana Da Nang apartments were recently launched and have already attracted a large number of investors due to the following benefits:
– Asiana Danang has a prime location in front of Nguyen Tat Thanh coastal road, one of the two largest sea routes in Da Nang is the gateway to the Northwest, located in the new planning area of Da Nang. Residents have the best of both worlds having a beachfront home with convenient transportation to the CBD and famous tourist destinations in Hue – Da Nang – Hoi An.
– This is a new potential development area with many big projects such as La Son – Tuy Loan Expressway, renovation of Nguyen Tat Thanh Coastal Road, new Da Nang Station, Lien Chieu Port, high-tech park,…
– Last but not least, Asiana also provides long-term ownership pink book
You can read more about Asiana Project HERE
Should you need any further information on the Asiana Project or any projects in Da Nang, please do not hesitate to contact CVR today!
5. Real estate market price increased despite the 4th wave of Covid pandemic
Although the general picture of the real estate market is quite bleak, the apartment prices in large cities are still increasing.
Real estate interest is down, follow the number of posts about real estate products nationwide decreased by 58%; interest decreased by 27% compared to July; and compared to the same period in August 2020, the number of posts about real estate products in August 2021 decreased by 75%, the level of interest decreased by 39%.
For the segment of apartments and land plots, due to the complicated disease epidemic, the real estate market situation in the last months of the year is slower than the same period last year, because investors are cautious in selling as well as making investment decisions. However, the price is not expected to decrease. Because of some reasons such as a shortage of supply, a large demand, plus the factors of land prices, rising prices of construction materials have pushed up house prices. In addition, experts explain that customers are in need of moving from land to apartments because of the Covid pandemic and the “land fever” bubble at the beginning of the year.
Why it is important: This is useful information for investors to reconsider their investment channel.
CVR is here to help you understand the trends of the market so you can make the best investment decisions. Our experience, highly regarded reputation and strong legal knowledge keep us at the forefront of the real estate industry. Interested in learning more about opportunities in Central Vietnam? Contact the CVR team today!
As always, CVR is at your service and happy to provide help anyways we can!
Contact Us today to find the real estate investment in Da Nang which is right for You!