The thirst for real estate projects in the heart of Vinh City.
(Baonghean.vn) - Nghe An is currently in a period of strong development, gradually becoming the number one economy in the Central region. Accordingly, Vinh City is also seeing a sharp increase in demand for housing in the central area.
Scarcity of real estate in the central areas of major cities.
Over the past two years, the supply of real estate in general, and luxury real estate in particular, has been steadily dwindling in central urban areas of Vietnam. In the first three months of the year, Ho Chi Minh City – the country's leading economic hub – saw only one existing project scheduled for launch in its next phase. Similarly, the inner city of Hanoi saw virtually no new project supply.
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The supply of real estate in the city center is gradually running out. (Illustrative image) |
One of the main reasons for this situation is the increasing scarcity of land. This is coupled with the Prime Minister's decision to restrict construction permits in order to alleviate the population boom in the inner city. Meanwhile, real estate in the city center continues to attract investors due to its superior value for both residential and commercial use.
In major cities, central real estate prices have reached record highs both domestically and internationally. For example, in Ho Chi Minh City, land plots in Thu Thiem Villa (District 2) are priced at approximately 125.3 million VND/m2, Kim Son (District 7) at approximately 136.5 million VND/m2, and The EverRich III (District 7) at approximately 117.5 million VND/m2. In Hanoi, areas such as Dinh Tien Hoang, Hang Duong (120 million VND/m2), Hang Ma, Trang Tien (116 million VND/m2), Hang Gai, Hang Bong, Hoan Kiem, etc., have seen prices rise. Notably, listed land prices on Hang Dao, Hang Ngang, and Le Thai To streets are the highest at 162 million VND/m2.
Current development status of Vinh City, Nghe An Province
Vinh City has recently witnessed remarkable economic development, becoming a key economic hub of Nghe An province in particular and the entire North Central region in general.
According to recent research by Knight Frank, the number of ultra-high net worth (UHNWI) in Vietnam is expected to increase by approximately 26% between 2022 and 2026. In this context, despite the high prices, luxury real estate in the central areas of major cities remains highly sought after.
In recent years, the number of wealthy individuals in Nghe An has been rapidly increasing, but there is a lack of upscale residential areas that truly reflect the status of the elite. In Vinh City, many modern urban areas have been developed, offering a more convenient lifestyle. However, finding a place that fully meets the stringent standards for living and enjoyment of the upper class is not easy.
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Vinh City, Nghe An Province, is synchronizing its transportation system and improving regional connectivity. (Photo: Archival image) |
Furthermore, the planning orientation of key streets, the backbone of the province's economic corridor, has created a distinctive urban landscape and synchronized infrastructure, becoming a solid foundation for Vinh's real estate market. With the aim of becoming a modern key urban model in the North Central region, and with its rich tradition as a land of outstanding people and rich history, Vinh City will proactively attract investment from across the country.
What will be the solution to the "thirst" for luxury real estate in Vinh City?
Nghe An currently has a specific development orientation that yields clear results by focusing on investing in the synchronized construction of urban and transportation infrastructure projects throughout the province, contributing to improving the urban landscape, especially in Vinh City. With the motto "infrastructure first, real estate follows," developed infrastructure will serve as a foundation for a vibrant real estate market.
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The potential for skyrocketing price increases of luxury real estate in the heart of Vinh City. (Illustrative image) |
As a potential market with high buyer demand, luxury real estate is not a playground for the masses. According to psychologist Maslow, human needs progress from low to high. After satisfying basic needs such as safety, social needs, and the need for esteem, people move up to the highest level of needs in life: the need for self-expression and self-affirmation. In Vietnam, the elite are growing, so their housing needs are also undergoing significant changes.
To meet the demands of the elite, luxury real estate projects such as Vinh Heritage, Vinh Park River, Hung Loc Homes, and Vinh Riverside have emerged in Vinh City. However, these projects are mostly built in the suburbs, quite far from the city center. This has intensified the demand for high-end real estate with integrated infrastructure and modern amenities in the heart of Vinh City.
Desiring an exclusive living experience in a rare prime location in the heart of Vinh City, Vinh Tan, a new project soon to be launched, promises to deliver unparalleled experiences. This location is poised to attract an elite community with superior, high-class living standards, captivating the Vinh City elite. Enjoy a peaceful life in the heart of the city while ensuring sustainable investment potential and showcasing your personal style.
