The real estate market is finally showing signs of stirring back to life.

In recent weeks property dealers in some southern provinces have been optimistic about a possible recovery thanks to a series of measures from the ministries of Finance and Construction and, especially, the State Bank of Viet Nam’s moved to cut loan interest rates.

Since August many banks have been cutting rates by 1 or 2 per cent and this is expected to continue for the next few months. Meanwhile, the stock markets are also looking up, traditionally an encouraging sign for the property market in Viet Nam.

Indeed, many people looking to buy a house for occupation have begun to look for apartments and houses. Housing developers are preparing to market their projects in anticipation of a market recovery soon.

In HCM City, residential land in low-priced projects has seen the biggest jump in the number of transactions.

Tac Dat Tac Vang Company has begun to sell residential land plots in its Green River City Project in Binh Duong Province, finding buyers for 80 per cent of the total 200 plots in just two weeks. The prices ranged from VND1.5 million to VND2.9 million per square meter. The company plans to sell a further 300 plots in this project.

Quang Thai Project in HCM City’s Tan Phu District also saw the number of transactions rise by 5 per cent since a few weeks ago. Here prices average VND13.5 million per square meter.

The Lotus Garden Project in Tan Phu District announced the sale of some 100 apartments at an average price of VND15.6 million per square meter. The Thu Duc House Company hopes to sell 100 land plots in its Long Hoi City Project in Long An Province at VND2.95 million.

Hoang Anh Sai Gon Corporation said since demand remained very high despite the slump, the real-estate market would recover when the financial climate loosened.

In Ha Noi too, the realty market has become busier but not by too much. Its recovery has been attributed to the city’s new master plan and the monetary loosening that has begun.

The master plan for the period through 2030, approved by the Government recently, is expected to have a positive impact on the real estate sector since it paves the way for developers to choose appropriate locations and scales.

Real estate developers reckon that the Ha Noi market will soon look up due to the master plan, high demand for housing in the city, falling bank interest rates, and positive macroeconomic signs.

Property trading floors indicate that property transactions are up 20 per cent from the previous month.

Even real estate products in suburban districts like Long Bien, Dong Anh, Tu Liem, and Thanh Xuan are attracting buyers’ attention.

Although the revival is gradual and restricted mainly to the VND2-3 billion segment, it remains an encouraging sign.