NVT in Thu Duc City (HCM City) has been looking to buy an apartment for the past two years, but couldn’t find one. It has 2 billion VND but the apartments for sale cost between 50 and 60 million VND per m².

Unable to buy an apartment in HCM City, he decided to buy an apartment in neighboring Binh Duong Province. However, the prices were not as low as he thought, with an average of 40 million VND per square meter.

Recently, he heard that a midscale apartment project in Di An (Binh Duong) city was about to open, priced at around VND 2 billion for an apartment. However, when he called the developer of the project, they said the sale had been postponed.

Binh Duong has many real estate projects but developers are now hesitant to launch new products. Two apartment projects have just postponed their sales project to the second quarter of 2023.

As many property developers postponed their sales plans, the supply of housing fell at the end of the year. However, some major developers are continuing with their sales plans, mainly in the mid-to-high end segments.

Some experts say the market will be quiet until the end of the year. However, if developers have good products, market liquidity would be stable.

“I think there will be no room for speculators and those who set exorbitant prices during the current period,” said real estate expert Tran Khanh Quang, adding that the real estate market will still be difficult until in the second quarter of 2023.

CBRE Vietnam’s Duong Thuy Dung said it would be better to focus on medium to long-term investments now instead of surfing investments.

Anh Phuong