VnnNews – Sharp gold price increases have hit real estate transactions because it’s become too risky to deal in.
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A lot of people complain that they cannot purchase gold to make payments for real estate transactions, as they did before, because of the overly high gold price. Meanwhile, people who plan to purchase houses or apartments have cancelled plans as sellers complain they find it hard to find buyers.
Ngoc Thanh, 50, who lives in
However, as the gold price skyrocketed to 25 million dong per tael in late October, Thanh has to pay an additional volume of 90 million dong to purchase 18 taels of gold.
“If I had persuaded the seller to accept payment in VND, or I had had money to purchase gold to make payment in May, I would not have met such a risk,” Thanh complained.
According to the director of Vietnam Property Company Nguyen Xuan Dao, in
“Making transactions in gold always brings high risks to buyers, because the gold price sometimes increases by millions of dong overnight,” Dao said.
According to Bui Tien Thang, deputy general director of Sacomreal, owners of street houses or old urban areas always insist in using gold in payment, saying that they previously purchased the houses in gold. Meanwhile, houses on streets account for 10 percent of the total put on sale at Sacomreal.
Thang said the market remains very quiet because buyers do not want to risk gold transactions.
Nguyen Anh Huong, Director of Dong Da branch of the Century Real Estate Centre, said that in October, no successful transactions in gold were reported
An officer at a joint stock bank said his bank now only loans to fund house purchases with payment in VND, while saying ‘no’ to gold for the fear of risks.
“That explains why people do not like purchasing houses in gold,” he said.
VietNamNet/DV
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