At the “Vietnam Real Estate Market report 2024 and Bình Dương in Focus” seminar in HCM City on September 18. — Photo courtesy of Batdongsam.com.vn

HCM CITY — The southern province of Bình Dương is emerging as an attractive destination for home buyers with its diverse products at affordable prices along other favourable factors, a seminar heard in HCM City on Wednesday.

Speaking at the “Vietnam Real Estate Market report 2024 and Bình Dương in Focus,” Đinh Minh Tuấn, director of the southern branch of the property listing platform Batdongsan.com.vn, said Bình Dương stands out in the southern real estate market for its significant rise in buyer interest and steady selling prices.

Batdongsan data shows that searches for property in the province in Q3 increased by 32 per cent from the same period last year, but only by 17-22 per cent in other provinces such as Long An, Bà Rịa – Vũng Tàu and Đồng Nai, he said.

The apartment segment has attracted the most interest in terms of both buying and renting, especially in places near HCM City like Dĩ An, Thủ Dầu Một and Bàu Bàng, where demand in Q3 is expected to increase by 20 per cent, 11 per cent and 10 per cent from the preceding quarter, he said.

He outlined several factors driving the growth of the province's real estate market, including housing demand due to a high immigration rate, location close to HCM City, its status as a major industrial hub, and more affordable housing prices than HCM City.

It also has advantages in terms of infrastructure and urbanisation, he said.

The Government has approved a master plan to make Bình Dương into a centrally-governed city by 2030 and a hub of modern industrial services, he said.

He said real estate supply in the province is consistently higher than in other provinces in the region.

The number of listings for sale and rent in the first eight months of 2024 in the province was consistently higher than in other provinces near HCM City such as Đồng Nai, Long An, Tây Ninh, Bà Rịa – Vũng Tàu, and Bình Phước.

So prices are more competitive there than in those places.

According to Batdongsan.com.vn, Bình Dương only had 92 residential real estate projects before 2016, but the number has now increased to 349.

The province is focusing on greening its economy, transitioning its industrial parks into smart-ecological parks, Tuấn said.

Oh Dongkun, general director of Becamex Tokyu, speaks at the “Vietnam Real Estate Market report 2024 and Bình Dương in Focus” seminar in HCM City on Wednesday. — Photo courtesy of the company

Oh Dongkun, general director of Becamex Tokyu, said: "As a foreign real estate developer who has been in Bình Dương since the beginning, [I know] the sustainable development policies for transport infrastructure, the smart city strategy and the efforts to attract high-tech investment in recent years are among key factors that have helped maintain the stable growth amid the current economic challenges."

Recovery signs

Nguyễn Quốc Anh, deputy general director of the property listing platform, said at the end of 2022 Batdongsan.com.vn forcasting that Việt Nam’s real estate market would show signs of a turnaround between Q2 and Q4 2024.

Data indicates that signs of a market reversal are evident with investors’ interest levels increasing.

Its data showed that most real estate segments have experienced growth in search volumes.

In Q3 searches for land plots, private houses, apartments, and villas expected to rise by 49 per cent, 25 per cent, 24 per cent, and 22 per cent year-on-year, he said.

Its survey found 72 per cent of brokers saying that the current real estate market is showing positive signs, he said.

"The three revised laws related to real estate are being well received by buyers, brokers, trading platforms, and investors.

The 2024 real estate market is expected to become more transparent thanks to these legislative changes. The supply of social housing may also improve due to new preferential policies and support."

Organised by Batdongsan.com.vn, the seminar attracted nearly 500 participants, including leading economists and real estate experts. ­— VNS