After the 4th covid outbreak in Vietnam, the change in priorities in the search for housing is now a fact: people are looking for properties with more surface area, more bedrooms and more exteriors, and the profile of those who buy a house has even changed
After more than 2 years of global struggles, what at first might seem trends in the search for housing have been confirmed as a change in the scale of values of buyers, which now have other needs and priorities and even a new profile.
After spending nearly 3 months during strict lockdown measures, it began to become clear that a large part of Ho Chi Minh’s residents were not satisfied with their home. The new situation made it desirable to have a house with more space for the whole family, with an office or an extra room to work, and with a terrace or preferably a garden, or at least more natural light.
Despite restrictions on mobility and real estate activity, interest in finding a home did not decline. And with the entry into the fourth wave of the health crisis, and the perception of a situation that is lengthening, the change in priorities has been consolidated.
The main demand of buyers looking for a change of home is a larger property; either to share the space with the rest of the family members in a more comfortable way or in response to the need to work from home.
Telecommuting is, in fact, one of the motivations that push buyers to now seek homes with more bedrooms than before the pandemic. According to the evaluations from several reputable experts, the demand for houses with three or more bedrooms in Ho Chi Minh City has increased, while the search for two-bedroom houses and, especially, one-bedroom apartments has been reduced.
In this interest in finding a larger home with more rooms, and also thanks to the greater freedom of choice that teleworking allows, more buyers are now prioritizing surface area and number of bedrooms over location than they did before. The fact that the residence is close to work is now less important, but closeness to family or friends is more valued.
The existence of a terrace, or a patio or garden in the case of buyers who can afford it, is another of the characteristics most in demand since the beginning of the health crisis. In this search for outdoor areas, there is also a tendency to search for single-family homes, real estate in suburban areas such as District 2, District 9 and Thu Duc as a first residence.
Less young and with greater purchasing power
The health and economic crisis in Vietnam has not only changed the characteristics of the properties that are being sought, but has also changed the profile of those who are searching.
The reduction in the purchasing power of many buyers as a result of the increase in unemployment, have displaced younger buyers and those who have available of fewer resources.
It is the buyers of improvement homes, who seek to change their current property for another that better suits their needs, who now have more weight in the demand.
Meanwhile, the offer is now considering how to adapt to the priorities of this new profile of buyers, after years in which the construction of more affordable homes increased , with less surface area, fewer bedrooms and in many cases dispensing with areas exteriors.
A new way to sell
The other consequence of the pandemic in the search for housing has to do with how we search, visit and even formalize the acquisition of a property in Vietnam. Restrictions on mobility and the prevention of minimizing in-person contacts have made digital tools a selling weapon for real estate companies and an aid for buyers, who are getting used to virtual visits of the properties. Especially in the case of foreign buyers.
Promoters and real estate companies are still adapting to the new circumstances and to this new shopping experience, with the aim of digitizing, if not all, most of the process. Some have even taken steps to sign the deeds online, the only chapter that currently resists in the sale of houses online.