Vibrant post-Tet sales policies: own a monthly installment apartment for 2.5 million VND, cheaper than renting a house

Recently, a residential project called Akari City Phase 2 in the western area of ​​Ho Chi Minh City, developed by Nam Long, has been attracting attention with a sales policy that is appealing right after the Lunar New Year. According to the policy, customers who make a purchase will only need to pay 40% of the total price in 5 installments until they receive the apartment in December 2024. If they choose to borrow money, the bank will disburse the corresponding amount starting from the 3rd installment, and the customers will only need to have 30% of the total cost as their own capital. The bank will provide a loan of up to 70% of the product’s value, and the customers will only have to pay the fixed interest rate of 1% per year until August 2026, without repaying the principal during the first 2 years.

Based on calculations, if customers purchase a 2-bedroom, 2-bathroom AK NEO apartment with an area of ​​over 80m2, they will only need to pay 440 million VND for the first installment, which is the contract signing fee. From the 3rd installment onwards, they will only need to pay the fixed interest rate of 1%, equivalent to 2.5 million VND per month. This amount is lower than the average monthly rental cost for a family.

Another project, Flora Panorama, located in Mizuki Park in the southern area of ​​Ho Chi Minh City, is also offering generous support policies for potential buyers. Besides receiving a high-end furniture package worth up to 500 million VND and being able to move in immediately in March 2024, customers who choose to borrow money will be provided with a loan of up to 70% of the apartment’s value. They will only have to pay the fixed interest rate of 2% per year for 24 months, equivalent to about 4 million VND per month, until December 2024. This installment payment is not higher than the cost of renting a house, while giving buyers the opportunity to own million-dollar apartments in Ho Chi Minh City.

In addition to these projects, a residential project in Di An, Binh Duong recently announced that the first 10 customers who sign the purchase agreement will receive 10 gold taels and a 10% discount. This policy is considered new and has not been seen in the sales strategies of businesses in the past 5 years.

According to Batdongsan.com.vn, the effect of sales policies since the third quarter of 2023 has been spreading and showing results at the beginning of 2024. Immediately after the Lunar New Year, the demand for apartments started to heat up again, partly thanks to the attractive sales policies offered by developers. Compared to the beginning of 2023, the real estate market this year has shown more positive signs in terms of interest and the number of listings. Data from Batdongsan.com.vn shows that the demand for real estate listings nationwide in January 2024 increased by 66% compared to the same period in 2023, and the number of real estate listings also increased by 52%.

Surveys at some apartment projects in Ho Chi Minh City and its surrounding areas show that the demand is mainly focused on actual housing needs, rather than investment purposes. However, thanks to the extended payment policies of some projects, investors have been attracted to participate in the market, taking advantage of the developer’s policies to increase their future profits. Investors are seizing the current opportunity to “ride the wave” of the market before real estate prices potentially increase.

Trang Le, Head of Research at JLL Vietnam, shared in a recent quarterly report that there is still a preference for purchasing affordably priced apartments for actual housing needs. The scarcity of housing supply in Ho Chi Minh City is creating significant demand. Projects priced within the range of 3-5 billion VND per unit, with proper legal documentation and good sales policies from reputable developers, are still attracting buyers. Additionally, the demand for investing in rental apartments is increasing in Ho Chi Minh City. There is a large demand in this market, with young families wanting to experience living in an apartment before making a buying decision. This interesting growth trend in the apartment market shows that there is always a real demand in these segments.

Although the price level of basic apartments has not shown signs of decrease, the demand for purchasing apartments in urban areas is still increasing. This segment is forecasted to recover the soonest as it mostly serves actual housing demand.

“Good sales policies, interest rate support, and extended incentives are significant efforts made by developers in difficult times, and also provide a considerable opportunity for homebuyers,” shared Trang Le.

In conclusion, the real estate market is in the final phase of overcoming obstacles and gaining momentum for recovery. The open-mindedness and confidence of buyers have contributed to the market’s warming trend. However, experts advise caution when considering future projects, as it is a sensitive time, and the financial health of developers is an important factor to consider.