Want to be in the loop?
subscribe to
our notification
Business News
SOUTHERN REAL ESTATE MARKET WILL RECOVER QUICKLY: EXPERTS
After more than four months of slowing down due to the COVID-19 pandemic, the property market in the south is regaining strength and there are optimistic signs of a recovery thanks to demand still exceeding supply.
While the HCM City market had gone quiet after the renewed COVID outbreak, in neighbouring provinces like Đồng Nai, Long An and Bình Dương it had seen robust growth last year, experts said.
Distance is no longer a problem for developers in and around HCM City thanks to improved transport infrastructure, and they are increasingly looking at neighbouring provinces where prices are more reasonable and have potential for property development, according to experts.
In HCM City, some 20 projects in all segments were launched in the first six months of this year with 30,000 units.
According to the Việt Nam Real Estate Brokerage Association, the economy will keep pace and achieve better growth, and so investment and demand for housing will recuperate.
The apartment segment is expected to account for a large proportion in the city, with mid-priced, two-bedrooms units remaining the most in demand.
Housing demand in the city exceeds 100,000 units a year, which outstrips supply.
Limited supply was mainly because lack of land and legal barriers make developers turn to neighbouring provinces such as Bình Dương and Đồng Nai.
The Đồng Nai housing market seems to be of special interest to them, with many large players have such as Novaland, DIC Corp, Đất Xanh, and Nam Long already involved to take advantage of the opportunities offered by improving infrastructure such as highways connecting it with other localities.
Some key infrastructure projects under construction or are in the works include Long Thành International Airport, the Bến Lức – Long Thành and Biên Hoà - Vũng Tàu expressways and the Dầu Giây - Phan Thiết Highway.
As of August Đồng Nai had approved compensation payments of more than VNĐ9 trillion for more than 1,900 hectares of land.
The province People's Committee has also sought Government funding of more than VNĐ4 trillion for two roads connecting Long Thành airport, provincial roads 763 and 770B.
According to analysts, real estate projects located around the airport will benefit in the future.
Notably, the Gem Sky World urban area project developed by Đất Xanh Group has quickly become a hotspot.
In Bình Dương Province, land in areas close to HCM City with potential for economic development, such as Thuận An and Dĩ An cities, have become ideal for affordable apartment projects, a product the metro lacks.
The Việt Nam Association of Realtors said apartment prices in Bình Dương increased sharply last year despite COVID, from VNĐ25-30 million (US$1,080-1,300) per square metre to VNĐ30-35 million (US$1,300-1,500), but remain much lower than in HCM City.
Source: VNS
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.