How the Phsycology of Real Estate Buyers in Vietnam Changed

After several months of implementing Directive 16 in Ho Chi Minh, the housing market was compressed. Now, when the social distancing has been eased, the market has started to become active again, although the volume of “single closing” has decreased, the high value transactions have increased.

Since the end of July, when Ho Chi Minh implemented the distance according to Directive 16 of the Prime Minister, it has significantly affected real estate transactions and investment demand.

Ho Chi Minh City Skyline

Although, many units have switched to organizing sales through online form, this is a high-value item, so there are still certain difficulties. Moreover, for the habit that customers have been accustomed to face-to-face transactions so far, online sales are still considered a temporary solution during the epidemic season.

Up to now, having eased the social distancing, the real estate market has received a some positive signals. Brokers in Ho Chi Minh are currently operating at full capacity to bring customers to watch live. Many brokers also confirmed that customers’ buying psychology after the epidemic changed somewhat, so there were more high-value transactions than before and buyers also closed quickly.

According to some brokers in HCM, after 2 months of the market being compressed, when Ho Chi Minh eases the distance, customers who want to buy real estate in the inner city are more willing and have more transaction of greater value than before.

The amount of interest has also increased, although the number of transactions has decreased compared to before the epidemic, buyers have closed large deals. Many transactions from 7-10 billion dong are closed in just 2 days and there are people who will hug even 2-3 pieces at a time.

Explaining that the customer’s psychology has changed more than before, there are many customers who are in urgent need of houses, so they have to hurry to see the house and check if it satisy their requirements. There are customers who are currently leaving money to spare, while in the past 2 months they have had to force their investment needs, so they have the mentality to take advantage of going to see and trade because they are afraid that if the epidemic situation is complicated.

When Ho Chi Minh still has cases of F0, many people have the mentality of wanting to buy quickly for fear that if the situation is more complicated, they will continue to distance themselves according to Directive 16.

Moreover, now that the epidemic has not been completely controlled, other forms of business will still face difficulties. Meanwhile, the psychology of investors will look for a safe investment channel for shelter, whereby real estate is still preferred and chosen by investors.

Besides, many customers are still renting houses, so they need to search and buy soon to move into a new house. Because during the epidemic period, they will feel safer in their own home than in rented houses.

After the distance, the seller’s psychology is also somewhat more comfortable. Many homeowners are willing to make a profit of only 50-100 million dong, to be able to sell quickly. Therefore, current buyers are also taking advantage of additional discounts.

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