|Last year land prices doubled in Nha Trang, according to the Việt Nam Association of Realtors. – Photo vietnamnet.vn|
HCM CITY — Analysts expect the real estate market, especially the residential land segment, to continue to grow solidly this year thanks to huge infrastructure works in many places around the country accompanied by a raft of property developments.
A report from the Việt Nam Association of Realtors (VARs) said land prices have increased rapidly in places like Nha Trang, Vân Đồn District in Quảng Ninh Province, Phú Quốc Island, and Đà Nẵng.
Nha Trang was among the places with the highest growth rate, with prices doubling last year. The average price in the central districts is around VNĐ300 million (US$13,500) per square metre.
The city is among the hottest tourism destinations in the country.
Đà Nẵng authorities invested heavily in infrastructure, hotels and resorts last year to serve the Asia- Pacific Economic Cooperation (APEC) meetings and summits. This saw property prices and demand rise sharply, especially in Liên Chiểu District.
A lot of major infrastructure works are ongoing in Liên Chiểu, including a port, the Hải Vân Tunnel No.2 and the Đà Nẵng – Quảng Ngãi Highway.
Around 8,000 pieces of land were traded last year, according to the report. The average price in the city hovers around VNĐ 17 million (about $800) per square metre.
The situation is much the same in the Cửu Long (Mekong) Delta, where the signs for the property market are optimistic.
In Cần Thơ City, average prices rose by 30 per cent last year. In Hưng Phú District, prices skyrocketed from VNĐ3 million ($ 140) per square metre to VNĐ7–10 million.
Elsewhere in the delta, in provinces such as Long An, Vĩnh Long, Hậu Giang, and An Giang too, land prices have risen steadily thanks to major developments by big developers like Vingroup, Sacomreal, Hoàng Quân, and T&T group.
The land segment is booming in Phú Quốc Island and Vân Đồn District, which are expected to become special economic zones and have thus attracted enormous investments in urban infrastructure.
The island is also rapidly turning into a tourist paradise and attracting a lot of investment in the sector. — VNS