The State Bank of Vietnam (SBV)’s decision on tightening the credit growth for non-production sectors, especially in real estate field, has frozen the property market for more than one past month.
According to a broker in Hanoi realty trading floor, the land price at project in the 32 road plummeted sharply and there were almost no trading. The strongest fall was in Kim Chung-Di Trach project by 5-7 million dong per square metres to 42-50 million dong/sqm and the fall by four million dong per sqm to 48-50 million dong/sqm in Tay Tay Do project, Tan Viet project fell 2 million dong to 40 million dong per sqm.
With the land lots along the Thang Boulevard, according to the brokers, the land price at Geleximco project saw the biggest drop of 10 million/sqm. Land prices at Nam An Khanh project are almost motionless as the construction progress is too slow.
The land price of projects along the expanded Le Van Luong Street kept stable. The ground price at An Hung project now is at 79-80 million dong/sqm, land in villa areas at 62-63 million dong/sqm.
The land price at Van Phu new urban zone slipped two million dong to 60-62 million dong/sqm and it is 120-130 million dong/sqm in Le Trong Tan St.
The land price at Thanh Ha-Cienco 5 project also slipped 3-4 million dong per sqm from March and transactions seem to be frozen.