Nghe An Real Estate 2020 and 2021: Bright colors

2020: THE YEAR OF TRANSFORMATION

It can be said that 2020 is a year of challenges when Vietnam and the world continuously face natural disasters and epidemics, affecting many industries. Experts commented that the real estate market has never experienced so many ups and downs as last year. However, that is just a "test" to helpreal estategrow stronger, to change and adapt to the new context and continue to seize the opportunities of the future.

Nghe An is one of the most potential markets in the Vietnamese real estate market after Covid-19.

In Nghe An, in the field of land auctions, transactions took place actively and regularly, showing that the market performance remained the same as in recent years. According to the real estate report for the third quarter of 2020 of the Vietnam Real Estate Brokers Association, in the first 9 months of 2020, Nghe An had about 30 land auction projects implemented, most of which were sold out in the first auction. The absorption rate reached over 90%.

Notably, with the participation and "heat" from the big guys, the project housing sector in Nghe An is recording a clear change in both quality and quantity. At the end of 2019, Nghe An province signed a memorandum of investment approval for 11 real estate projects with a scale of more than 10,000 hectares, with a total investment of more than 4 billion USD from large corporations such as Vingroup, FLC, T&T, EuroWindow Holding, Tan A, TDH Ecoland, Lotte Group... By 2020, the project housing trend has exploded and occupied a unique position in the market, typically TNR projects, Saigon Sky Luxury Apartments, Vinh Heritage, TTTMDo Luong market, Ho Tong Thoc Street Residential Area…, attracts the attention of many investors nationwide.

According to statistics from the Nghe An Department of Construction, up to now, there are more than 150 real estate projects in the province, with a total estimated investment of over 60,000 billion VND. These projects, when put into use, will provide over 45,000 villas, townhouses and apartments.

In particular, the current investment focus is not only on the market of Vinh City and Cua Lo Town as in previous years, but also has a clear shift to the district market, showing the equal attraction of real estate in Nghe An province. Investment forms have also become diverse and innovative, such as commercial projects such as Kim Son market (Que Phong), Do Luong traditional market combined with shopping mall (Do Luong) ... are interested in and researched by investors, laying the foundation for a new trend in the coming years.
The strong attraction of Nghe An real estate market in 2020 is also fueled by policies to restore, boost the economy, and develop transport infrastructure such as the Ninh Binh - Bai Vot Expressway Project, expected to open to traffic in 2022, shortening the travel time from Nghe An to Hanoi to nearly 3 hours. Other key projects and works are also being urgently accelerated, such as: Vinh - Cua Lo Boulevard Project with a total investment of VND 4,157 billion, 10.1 km/10.8 km of construction has been completed; Cua Hoi Bridge Project connecting Nghe An - Ha Tinh provinces has been closed; Nghi Son (Thanh Hoa) - Cua Lo coastal road has started construction; North - South Expressway Project; Vinh Airport Upgrade Project...

Nghe An real estate market increases its attraction thanks to key transport infrastructure projects.

With the solid stepping stones achieved in 2020, Nghe An real estate market in 2021 is forecasted to become more vibrant and breakthrough than ever. In particular, after Nghe An Real Estate Association officially became a member of Vietnam Real Estate Association in July 2020, Nghe An real estate is expected to take off on a professional footing, towards a rapidly and sustainably developing market.

TAKE THE LEAD OF BREAKTHROUGH OPPORTUNITIES

In general assessment of Nghe An real estate in 2021, many experts believe that the market will be more or less affected by the epidemic factor but in a positive direction.
First, Vietnam has passed the "Covid-19 test" to become a safe destination for international investment capital. With good control of the epidemic, early restart of production and business, along with the advantages of a stable political system, an increasingly deeply integrated economy with agreements such as CPTPP, EVFTA and soon RCEP..., last year, Vietnam has welcomed many foreign survey delegations to set up factories and representative offices. In particular, Nghe An is a notable bright spot in the national market with abundant human resources, potential market, favorable geographical location..., ready to attract domestic and foreign investors, helping to increase the demand for real estate with a large number of customers who are foreign experts.
Along with that, after a year of travel restrictions, the "wave" of domestic tourism now promises to reach new lands and bring in significant revenue for tourism real estate. Possessing the famous Cua Lo beach and famous landscapes such as Kim Lien Relic Site, Ong Hoang Muoi Temple, King Quang Trung Temple, sunflower hill, Thanh Chuong tea island, Xao Va waterfall..., Nghe An has been attracting a large number of tourists from all over the country, helping real estate develop in parallel with the tourism industry.

Tourism is one of the strong driving forces for Nghe An real estate industry next year.

Resonant factors from the market such as continued sharp declines in bank interest rates and fluctuating gold prices have caused many investors to shift their spending to real estate. In addition, idle cash flow is expected to increase sharply due to remittances pouring in at the end of the year, with Nghe An being one of the localities with the largest number of overseas Vietnamese in the country, which is also the basis for expecting an "earthquake" for Nghe An real estate in 2021.
Highly appreciating the real estate potential of the Central markets, including Nghe An, Mr. Bui Van Doanh - Director of the Vietnam Real Estate Research Institute commented: “In terms of natural conditions, unlike Ho Chi Minh City or Hanoi with exhausted land funds, the provinces along the Central region possess large land funds, favorable for project development, including large-scale projects. On the other hand, in these localities there are still many untapped potentials, both in terms of landscape, geographical location and scenic spots”.
Giving a positive assessment of Nghe An real estate market in 2021, according to Mr. Nguyen Viet Anh - General Director of Dat Xanh Bac Trung Bo Company: “With synchronously built infrastructure and a connected traffic system, large land fund, low prices, rich potential, and attractive investment attraction policies..., Nghe An real estate market is a smart choice for many large enterprises and investors with long-term vision. In 2021, Nghe An real estate market will develop rapidly in the form of "green color marks".
With “heavenly time, favorable terrain, and harmonious people”, Nghe An has been “laying out the carpet” for great strides in real estate, promising many attractive opportunities for quick-witted investors to join the game.