Inner-city apartments in Vinh city increase in price sharply, supply is low
(Baonghean.vn) - At this time, apartment prices in Vinh City are continuously increasing. Some investors have not finished construction but customers have already booked all the places. Old apartments are quite easy to trade but are in short supply.
At this time, oneapartment projecton Phan Boi Chau Street, Vinh City has completed the rough construction, is in the process of completion but currently customers have booked all the apartments. The representative of this project said: This apartment project started construction in October 2022, expected to be put into use by May 2024, the 26-storey apartment building has over 500 rooms, but up to this point 100% of the rooms have been booked by customers, the price is over 20 million VND/m2.
At another apartment building on Mai Hac De Street, Vinh City, which is in the process of completion, with a scale of 120 rooms, many apartments have been reserved by customers at a price of 20 million VND/m2.2.
Mr. Nguyen Ngoc Tuan, living in Vinh City, said: "For a long time, my husband and I have been renting a place to live. Due to our limited financial situation, we did not have enough money to buy land to build a house, so we decided to borrow money to buy a new 70 m2 apartment.2/ 1.4 billion VND. Living in an apartment building is also convenient because it is close to welfare facilities such as schools, markets, supermarkets, and entertainment areas, so it is convenient for families with small children ...
Due to the scarcity of new apartments in Vinh City, many customers are now rushing to "hunt" for old apartments. Ms. Le Thi Huyen in Nghi Lam Commune, Nghi Loc District, who works at a car dealership in Vinh City, shared: "Hunting" for old apartments has been very difficult since Tet, she had to ask friends to search and introduce her, then she was able to find an apartment at Vinhomes Quang Trung with a fairly high price of 29.5 million VND/m2.2, (2 years ago the previous owner bought it for 23 million VND/m2).
According to an apartment broker in Vinh City, the demand for buying used apartments has increased sharply in the past 2 years, especially projects near schools or agencies and offices. Whenever there is an additional apartment for sale, people flock to see it. The price of old apartments is currently increasing rapidly. Specifically, through a survey, the current price of apartments invested in and renovated by VinGroup in Quang Trung has increased from 21 million VND/m22021 time up to 29.5 million VND/m2.
Next to it is a resettlement apartment project for households in Quang Trung ward in 2021, priced at 14 million VND/m2.2, now increased to 23 million VND/m2Other apartment projects in Vinh Tan, Trung Do, and Le Loi wards previously cost 16 million VND/m2.2, now priced from 21-23 million VND/m2…but there is still no room to sell; most of the products sold are from households that have ordered before and are now selling again.
The survey shows that the market for apartment buildings has increased in price, but in fact, only apartment buildings in the inner city areas such as wards: Quang Trung, Le Loi, Hong Son, Hung Dung, Truong Thi... with clear legal documents and records, good social infrastructure such as being close to markets, schools, parking spaces, and playgrounds have increased sharply. On the contrary, apartment buildings far from the center and in the suburbs have only increased slightly in price.
Mr. Nguyen The Phiet - Head of Housing and Real Estate Market Management Department, Nghe An Department of Construction said: Currently, Vinh city is implementing the construction of old apartment projects that were approved by the Provincial People's Committee for investment and construction in previous years. These projects are concentrated in Quan Bau and Quang Trung wards... currently all have achieved construction progress of over 90% (completion stage), expected to supply about 700 apartments by May 2024.
In the coming years, it is forecasted that the supply of new apartments will become increasingly scarce because no new apartment projects will be invested in Vinh City because the province has not approved the policy, in order to preserve the architectural landscape and reduce pressure on the inner city.
