For the first time in two years, land prices have gone down in Hanoi.

Perhaps for the first time ever, developers are offering apartments in lieu of cash to building contractors.

Things have not looked bright for the real estate sector for some time now, and both industry insiders and analysts say the coming months are not going to be any different. Not with the government’s tightened monetary policy, aimed at controlling inflation, still in place.

The list of woes is familiar – capital shortage, increased supply, decreased purchasing power and so on.

“This is the most difficult time for property firms as prices have plummeted, and there are few transactions,” said Tong Van Nga, vice chairman of the Vietnam National Real Estate Association. “In the coming time, firms will continue to face difficulties. Some of them are considering mergers as a survival tactic.”

According to a recent survey by consulting firm CB Richard Ellis, up to 70 percent of residential projects in Hanoi reduced their prices by 10-15 percent in the second quarter over the first quarter.
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