Pandemic hits online realty market
Pandemic hits online realty market
The number of postings on online property trading floors plummeted in July as the incidence of Covid-19 surged.
The eastern part of HCMC. Photo by VnExpress/Quynh Tran.
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This was seen in many cities and provinces, especially in the south, as the fourth wave of Covid spread rapidly, forcing authorities to impose social distancing, according to a report released by real estate listing platform Batdongsan.com.
The number of postings in the southern region fell by 22 percent in July, and the rate of potential customers' real estate interest by 12 percent.
In Da Nang, HCMC and Binh Duong, Dong Nai and Phu Yen provinces the latter was down 14-37 percent.
The number of transactions on many floors fell by 60-70 percent, according to the report.
In HCMC, which currently has the largest number of Covid infections in the country, the number of postings and interest fell by 33 percent.
The rate of interest in apartments for rent fell off a cliff.
Yet the average price of apartments in Hanoi and HCMC increased by 2 percent from June and by 7 percent and 10 percent from a year earlier.
The average offer prices in Hanoi and HCMC were VND34 million ($1,478) and VND53 million per square meter.
