Real estate in the last months of the year: Which projects are stirring up the market?
Real estate in the last months of the year: Which projects are stirring up the market?
At the end of the year, the real estate market becomes more active as investors flock to “premiere” their real estate products. The apartment supply is plentiful and customers have more choices, but not all projects meet customer demand.
Stable apartment market
According to a report by Savills Vietnam, in the third quarter of 2017, the number of successful transactions involving the sale of apartments decreased by 17 per cent compared with the previous quarter, with some 5,660 apartments sold, even as selling prices also decreased in most segments.
However, experts predict that in the latter months of the year, especially at the time of the Lunar New Year, the real estate market will see more significant changes as customers often choose to buy a new house at this time to welcome the New Year, hoping for luck and fortune in their dream home.
Therefore, real estate transactions in all segments in the last months of the year see a significant increase against the beginning of the year. That is why the end of the year is always a time when investors race to launch their property products.
Many incentive programmes, such as lucky draws and gifting motorcycles, televisions, refrigerators, and even cars and overseas tours, are also introduced to attract the attention of customers.
Which project will "conquer" the customer?
When supply is abundant, homebuyers have more choices. Therefore, projects with reasonable prices, convenient location, full benefits, and attractive incentives receive special attention.
Regarding the high-end property market in Hanoi, especially in urban districts such as Thanh Xuan, attention is currently focused on a luxury apartment project recently introduced by TNR Goldseason, called 5 Seasons.
5 Seasons has a golden location right in the heart of Thanh Xuan district, ideally connected with many modern infrastructure facilities. In particular, 5 Seasons will enjoy a great advantage after the elevated railway system is put into operation in early 2018.
Traffic jams will be significantly reduced and the living conditions of the people in the area will become more convenient. Landlords can, therefore, take advantage of the opportunities to set higher rental prices in comparison with other places.
Nestled in the TNR Goldseason complex, 5 Seasons has inherited a vast green space, with 1,600 square metres of Manhattan Oak. The apartments at 5 Seasons are designed to get as much sunlight as possible.
With the desire to introduce the American lifestyle in Vietnam, the owner of 5 Seasons has set up a luxury hotel-standard system for the project. Besides this, future residents of 5 Seasons have the privilege of using nine utilities free for their lifetime—tropical pools, gym and yoga, sauna and jacuzzi, and recreation room, as well as children's playroom, meeting room, seminar room, library, and modern reading room.
In addition, 5 Seasons offers its residents a series of 5-star services, such as reception, round-the-clock security services, free Wi-Fi in the lobby area, laundry, room clean-up, and business services.
Currently, an apartment with civil work under the 5 Seasons project is priced at $1.2 billion, while an apartment with complete interior furniture costs $1.6 billion. These prices are considered low for a project in the heart of Thanh Xuan district. Moreover, if a customer pays 100 per cent of the apartment value, he/she will receive a discount of up to 6.6 per cent on the purchase.
As revealed by the developer, the volume of transactions in phase one of 5 Seasons was higher than expected. Currently, the project is being constructed up till the eighth floor and is expected to welcome residents in March 2019.
