VietNamNet Bridge – Speculators are leaving the high-end apartment market, causing a sharp fall in the market segment, reported Doanh Nhan Sai Gon. The real estate market has warmed up The pressure on real estate developers has become more intense, especially after commercial banks began tightening credit. Having been put on sale for two years, 50 apartments at the high-end apartment project in Tay Ho district in Hanoi remains unsold. Advertised as located in an advantageous position, having high profitability and offered with attractive preferences, sales have been going very slowly. It is estimated that each apartment is valued at VND4 billion, so VND200 billion worth of investment capital has not been recovered. Leasing apartments now cannot bring fat profits, so speculators are not pouring money into the market segment. Now is the time for investors to check products to prepare for the year-end launch. The market needs more time to ‘absorb’ products left unsold from previous quarters. To improve consumption, some investors have become cautious when launching new products. Nguyen Hoai An from CBRE Vietnam commented that now is the time for investors to check products to prepare for the year-end launch. The market needs more time to ‘absorb’… Read full this story
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