House Prices in a Free Fall

Real estate transactions have recently been under a prolonged chill due to strong increase of gold price (Photo: Viet Dung)

Real estate transactions have recently been under a prolonged chill due to strong increase of gold price. Many people who want to sell their houses have reduced prices but have failed to make a quick sale as expected.

According to the ACB Real Estate Company, nearly 30 percent of their customers have voluntarily lowered their houses’ price by 30 percent.

A case in point was a house in Go Vap District, whose initial price was set at 1,200 taels of gold, is now being offered for 400 taels.

Another, located in Dong Khoi Street, District 1, has plummeted from 7,000 taels to 3,800 taels, but has yet to find a buyer. The real estate pictures in districts 2, 7 and 9 are equally bleak with no prospect of a thaw in sight. 

By D.T.G – Translated by Hoang Uy

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