Why is now the perfect time to own a home?
When it comes to owning a home, the current market conditions present a unique opportunity for prospective buyers. In this article, we will explore the reasons why this is the perfect time to make that dream of homeownership a reality.
Favorable Psychological Conditions
At the beginning of the year, the State Bank of Vietnam issued a directive instructing financial institutions to boost credit growth and simplify loan procedures, making it easier for customers to access capital. In a press conference outlining the bank’s objectives for 2024, the State Bank of Vietnam shared that interest rates are currently at their lowest levels in 20 years. Furthermore, there are no plans to increase interest rates this year.
Stable interest rates provide a foundation for businesses to develop, stimulate economic growth, and contribute to stable employment and income for individuals.
Limited Supply and High Demand in Major Cities
The desire to own a home is a top priority for many individuals. However, in cities like Ho Chi Minh City, the opportunity to own a home is becoming increasingly scarce. With limited supply and rising prices, the market for real estate in these major cities is highly competitive.
According to Savills Vietnam, in 2024, the share of new Grade B apartments in Ho Chi Minh City is projected to be 44%, Grade A apartments 37%, and Grade C apartments only 19%. These figures highlight the limited opportunities for owning a home in Ho Chi Minh City.
From an expert’s perspective, the dwindling land reserve and the government’s initiative to restrict development in urban areas have led to a trend of new residential projects emerging in outlying areas, based on the city’s infrastructure plans.
This trend creates favorable conditions for areas bordering Ho Chi Minh City, supporting regional development. In particular, the area of Di An, situated near Thủ Đức, benefits from its geographical proximity, infrastructure, and affordability. Di An has been providing affordable apartments, priced below 2 billion VND, to the market since 2020. The region’s supply has met market demand, resulting in exceptional transaction liquidity compared to other areas.
Bcons’ Affordable Apartments
One such example of affordable housing in Di An is the Bcons City project, located along Thống Nhất Street. Bcons City is part of a development encompassing commercial centers, services, offices, and apartments. The project is set to introduce new apartment units to the market, with an estimated price starting from 42 million VND per square meter.
According to representatives from Bcons Group, their aim is to provide affordable housing options that consider size, cost, and living space. In addition to a payment scheme requiring only a 20% down payment, the group offers a special interest rate support program for 18 months (from the disbursement date to the handover announcement), and a commitment to rent the apartments back at 10 million VND per month (for 1-bedroom units) and 14 million VND per month (for 2-bedroom units) for 2 years. These policies create favorable conditions for young buyers to confidently own a home, as their cash flow is secured for two consecutive years after receiving their apartments.
Residents of Bcons City will also enjoy exclusive privileges, including three years of free access to the swimming pool and guaranteed parking spaces within the project’s complex (applicable to the first 100 customers of Bcons City).
In addition to the local amenities, residents will have access to a range of on-site facilities. Bcons Group plans to invest in a commercial and service center, a 7-floor hotel, pedestrian streets, night markets, and a comprehensive educational system from primary to secondary school levels. Notably, the Bcons City tower boasts exceptional value with existing amenities planned as commercial and service areas within the building.
The apartment units in Bcons City will be introduced to the market starting from March 2024. With its prime location, affordability, and attractive policies, Bcons City is expected to generate significant attention in the market.
For those looking to take advantage of the current market conditions and fulfill their dream of owning a home, now is the ideal time to explore the opportunities presented by Bcons City.