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Ha Noi real estate reaches bargain prices   2011-06-20 - VNS

Villas are built in the Viet Hung New Urban Area in Ha Noi. — VNA/VNS Photo Tuan Anh

Villas are built in the Viet Hung New Urban Area in Ha Noi. — VNA/VNS Photo Tuan Anh

HA NOI — Ha Noi real estate was approaching true value, a chance to buy a house or an apartment, according to investors and real estate salesmen.

"I decided to buy two lots of land in the Kim Chung-Di Trach New Urban Area in Hoai Duc District for VND42 million (US$2,000) a square metre, lower than VND57 million ($2,700) a square metre before," said Tran Thanh Hoang, a property investor in Ha Noi.

"With my experience of trading property over 10 years, the price is down, which means a good opportunity," Hoang said.

Nguyen Ba An, deputy head of the Ministry of Planning and Investment's Development Strategy Institute, said people who had savings should buy property.

Nobody knew when the macro-economy would stabilise and the State would loosen its credit policy, causing the property market to heat up, An said. That might be in three months or three years.

If people had the money to buy, they could wait for the property market to get better while people with loans could not afford to wait, An said.

Nguyen Huu Cuong, chairman of the Ha Noi Real Estate Club, said there was demand in the home property market because some people wanted to trade up while some who were renting wanted to buy.

Nguyen Quoc Khanh, chairman and general director of JTJ Investment and Distribution Joint Stock Company, said the demand in the market was high because the Ministry of Construction reported the country needed to reach an average house density of 25sq.m per person in the next 10 years.

Therefore, the price of property was expected to increase when the macroeconomy stabilised, Khanh said.



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