Mr. Hoang, a broker with 15 years of experience in the real estate industry, confirmed that the current frozen real estate market season is a time of struggles and selling off property prices. This starkly contrasts the scene of quick sales despite soaring prices when the land fever was in the past.
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In mid-April, Mr. Hoang brokered a large plot of land near the Binh Dien wholesale market. Landowners bid 47 million dongs per square meter, down 25% from the beginning of last year. However, after many rounds of information checking, going to see the land, until the buyer and seller faced each other, the bargaining price decreased to 23 million VND per square meter, causing the landowner to be shocked and refuse to negotiate further.
According to Mr. Hoang, in this situation, the buyer suggested the price of 23 million VND per m2 to increase the cost to avoid being bought wrongly gradually. However, the landowner heard that the starting rate was too low and left midway because he thought the customer did not understand the market and did not have goodwill.
The landowner believes that the land lot cost is over 30 million VND per square meter, the nearby social housing is also higher than 25 million per square meter, and the affordable apartment around this area is about 40 million VND per square meter. Therefore, even though the landowner is stuck with money to sell, he may still need to discharge the goods to the bottom.
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The price struggle with selling off real estate transactions is common in the suburban district of Ho Chi Minh City and some southern provinces. Mr. Quoc, in Binh Chanh district, is offering a land plot of 4,800 m2, legal red book, for 27 billion VND, a decrease of 11 billion compared to the same period last year, equivalent to a reduction of 30%.

However, Mr. Quoc said that many customers with financial potential and available cash only offered a buyable price of about VND 20 billion, a 48% reduction proposal to money. Due to the failure to negotiate the price, this transaction still needs to be completed.
As for Mr. Trung, the owner of a coffee field located on a hill in Bao Loc, he is stuck for sale for 11 billion VND, which has decreased by 30% compared to the market price in early 2022, but the land hunter in this area only offers Negotiable price is 7 billion dongs, which is nearly 60% reduction to deposit. Mr. Trung and his customers have been haggling for many months, but the transaction is still pending.
Meanwhile, in Bien Hoa and Dong Nai areas, the situation of houses and houses with financial suffocation and forced price selling by 40-50% also took place. Ms. Ha, the delayed villa project's owner, is stuck with money because the investor stopped interest rate support agreements; she said that she had offered to sell the house for 12 billion VND (contract price) with a reduction of nearly 30 billion VND. %, but the customer dropped the price by 50% before continuing to negotiate.
"Buyers think that the investor used to discharge goods with a 50% discount for a one-time payment in this project, so they only agreed to buy a one-time charge of 6 billion VND for my villa. The buyer's offer was too low; I looked for other options to solve the financial problem, "Mrs. Ha said.
General Director of Mogin Holdings Investment Consulting Company, Ms. Luong Dinh Thuy Van, confirmed that in the first four months of the year, many institutional and individual investors with available cash began to make moves to buy back the required assets sold on the secondary market. However, buyers only target financially suffocating real estate and need to cut losses, often forcing prices down by 50%, or even more, to get money down.
"Buyers' catchphrase is that I'm just hunting goods ready to cut losses, not buying at this time," said Ms. Van. CEO of Mogin Holdings added that with the situation of buyers and sellers struggling, not having met when negotiating prices, so the liquidity in the secondary market is still relatively weak.
Acknowledging the above developments, Mr. Huynh Phuoc Nghia, Senior Consultant at Global Integration Business Consulting Company (GIBC), assessed that the boom of real estate speculation was a wave of selling. But in a frozen market, the sell-off is a tense tug-of-war between buyers and sellers on price. Although the seller has lowered the price, the buyer has an investment mentality at this time that is quite risky and has to pay a low price to avoid a loss. There is a big difference between the expected selling and buying prices, so people with money are still waiting outside the market.
Mr. Vo Hong Thang, deputy director of R&D DKRA Group, also said that supply and demand still need to meet. The reason is that even though the price decline is happening, the people holding the asset have a limited loss threshold.
He explained when the selling price area crosses the profit-reducing threshold and turns entirely to the stop-loss zone if the loss exceeds the seller's tolerance, it will be lost or not enough to cover the costs incurred in the investment process will be deadlocked. Because the seller can take a loss where all losses are offset and still get a part of the asset, and if the sell-off reaches the point of failure, they will stop selling and find another alternative.
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