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Speculators let high-end apartments pass 2009-11-10 - VietNamNet/TT
It is expected that some 22,500 apartments will be available from now through the beginning of 2010. While real estate developers plan to launch their products, potential buyers find it difficult to borrow money, want to avoid resale taxes, and prefer properties with high liquidity.
'The Vista' project in district 2, HCM City
In October 2009, Lilama SHB kicked off two projects targeting medium-income and high-income earners. These include the
CBRE, a real estate consultant firm, stressed in its latest market performance report for the third quarter of 2009 that a large number of apartments will be available from the fourth quarter of 2009 to early 2010. CBRE estimated that 44 housing projects with 22,500 apartments will be marketed.
Other projects have been or will be on the market, including Cantavil complex (second phase) with 200 luxury apartments,
According to CBRE, the best sellers are those priced at $650-810 (11.7-15 million dong) per square metre. Apartment prices have increased by 1-3.4 percent over the second quarter of 2009. Those in areas with developed infrastructures have increased 3-8 percent.
CBRE also revealed that buyers are pausing before purchasing high-priced apartments. Economic analysts warn that purchasing power may be lower than expected by real estate developers. Even speculators hesitate to invest because now it is more difficult to obtain bank loans. They worry that if they pour money into real estate, their capital may be “buried” in the apartments.
Meanwhile, real estate developers are under heavy pressure to sell spaces as soon as possible to pay their bank debts.
A director of a real estate trading floor in
The director also mused that high grade apartments cannot catch attention from investors now, even when offered at original prices. He added that investors tend to target apartments with low to medium price levels because of their higher liquidity.
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