A 70 sq m land plot in the suburban district of Hoai Duc in Hanoi has been put up for sale. The landlord said he will sell the land at a low price because demand is weak in the ‘Ghost month’, or the seventh month of the lunar calendar, when people believe there will not be good luck for business affairs. 

Also, he urgently needs money for another large project, so will sell the land at just VND70 million per sq m.

The real estate broker, who makes transactions on behalf of the landlord, said that in normal conditions, the land prices in the areas are no less than VND80 million per sq m, and that VND70 million per sq m is a good price.

Another advert says 10 land plots 10 meters wide at the front on Highway 6 to Hoa Binh are available at VND15 million per sq m. Some sources say the land plots were priced at VND25-30 million per sq m last year, which means that the seller has had a 50 percent price reduction.

Do Thanh, director of a real estate trading floor in Ha Dong, in Hanoi, said Vietnamese people’s thoughts about selling or buying real estate in the ‘Ghost month’ have changed. Many people don’t believe in bad luck in the month and buy real estate to enjoy good prices.

He said that the ‘Ghost month’ is not the real reason for landlords to ease selling prices.

“In fact, weak liquidity has existed for a long time, not because of the ‘Ghost month’,” he said. 

“The truth is that landlords have to lower selling prices after a period of inflated prices and prices at sky high levels,” he commented.

Thu Thuy in Hoang Mai district in Hanoi said she is seeking to purchase a street-front house after reading ads about sales with big discounts. 

“A landlord told me that he is offering the discount of VND500 million. Meanwhile, another seller said I could save VND800 million buying his house, if I agree to make payment once,” she said.

However, after searching for information about land prices in that area, she realized that the offered prices were the same as the prices quoted one or two months before.

Dang D., a real estate expert, affirmed that though the market is quiet, housing prices are still high because of high demand for accommodations.

Hong Khanh