Apartment prices in central Vinh city are increasing rapidly.

Specifically, through research, the current price of apartments invested in and renovated by VinGroup Corporation in Quang Trung has increased from 21-22 million VND/m2.²by 2021 it will be 26-28 million VND/m².

Similar,apartment complexTrung Do TOWER next to Le Nin Street or Tecco Phuc Thinh apartment complex in Vinh Tan ward, Tecco next to Le Loi Street, ... in 2021-2022, the average price is only from 20-21 million VND/m²Now it has increased to 24-25 million VND/m²but still no longer for sale; most of the products sold are from households that previously ordered and are now reselling.

Apartments invested in and renovated by VinGroup in Quang Trung area B are in high demand, with prices ranging from 25-28 million per square meter.2, increased from 6-8 million VND/m2compared to 2021. Photo: Nguyen Hai

Similarly, apartments in the mid-range segment such as Handico 30 on Le Nin Street or in Area C of Quang Trung Ward, Nam Nguyen Sy Sach Apartment Complex (Hung Dung Ward), apartment buildings in Tecco Green View at Block 2 Le Loi or in apartment buildings in Truong Thi Ward, Ben Thuy Ward... previously cost only 10-12 million VND/m2.²now increased to 16-18 million VND/m²…

The apartment complex next to the extended Le Mao street in Vinh Tan ward is currently quite expensive and there are very few new products on the market. Photo: Nguyen Hai

The representative of the Department of Housing and Real Estate Management, Department of Construction said: The reason why apartments in central areas are getting hotter and more popular is because in recent years the products of floors and investors are limited. Even though 21 apartment buildings in area A, area B, area C in Quang Trung are being renovated and upgraded, only a few products are brought to the market, the rest must be arranged for resettlement or investors redesign them into apartments adjacent to shophouses, office buildings to exploit and sell with more value, so the quantity is also limited. Besides, in the past 5 years, the province has had a policy of stopping the construction of large apartment buildings in the central area, so the supply is also less.

Tran Phu Street, Vinh City seen from Muong Thanh Phuong Dong Hotel. Photo courtesy of BNA

Representative of Quang Trung Ward People's Committee analyzed: Vinh City is a young urban area in the process of development and expansion, so the number of immigrants is increasing, the rate of mechanical population increase is large. In Quang Trung Ward, every year, hundreds of households are imported into new buildings, so the inner-city wards increase the population density. Although there are some shortcomings in social infrastructure, the apartment buildings in the central area are still the choice of young families or newcomers to the city when the central area has many amenities, making it more convenient for children to study.

Two apartment buildings combined with offices in Hong Son ward, with prime locations, have not attracted customers due to social infrastructure factors. Photo: Nguyen Hai

On the other hand, a representative of a real estate trading floor in Vinh City also analyzed: the market for apartments has increased in demand and heat, but in fact, only apartment buildings in inner-city areas such as Quang Trung, Le Loi, Hong Son, Hung Dung, Truong Thi... with clear legal documents and records, good social infrastructure such as being near markets, schools, parking spaces, and playgrounds have increased sharply.

On the contrary, apartment buildings far from the center and suburbs only have slightly increased prices due to higher investment costs at this time./.