Land and street-front house prices in Vinh City reach 80 - 100 million/m2

Commercial land fever

With the advantage of economic development, in recent years, Vinh City has attracted a series of large retail corporations to expand their business networks. That is the reason why the price of land on the main roads in Vinh City has continuously increased.

Land prices in favorable business locations in the center of Vinh city are increasing. Photo: Archive

According to a survey, land and houses on the frontage of Nguyen Thi Minh Khai, Nguyen Van Cu, Le Hong Phong, Le Loi streets... have increased "dizzily", 2 - 3 times in a short time, reaching 80 - 100 million VND/m2.².

Even the land fronting Hong Bang Street, which was previously not much noticed, is now in hot demand. Mr. Nguyen Van Tuan (Ben Thuy Ward) regretfully said: "In 2015, I sold my 2-storey house and 120m2 land²On Hong Bang street, it was only 4 billion VND, now I come back to ask to buy it for 7 billion, they still won't sell.

Some high-end townhouses on Quang Trung and Dinh Cong Trang streets have an average price ranging from 80 - 100 million VND/m2.².

Land prices increase slightly

On the contrary, purely residential land in Vinh city, after "warming up" for a short time, quickly stagnated.

Surveys through real estate trading floors show that comparing the prices of residential land lots (without business advantages) in Vinh City today with the period of 2010 - 2011, there is not much difference.

Land prices of some projects in the center of Vinh City have increased slightly. Photo: Hoang Hao

Mr. Tran Nam Quang, who has invested in the real estate sector for many years, shared: “I bought nearly ten plots of land in Vinh from 2008 to 2011 and am still holding on to them because the market has been so quiet for a long time, there were times when it increased but only slightly. If I sell it now, I will still lose money.”

Commenting on the current real estate market in Vinh City, Mr. Chu Anh Tuan - Deputy Director of Nghe An Department of Construction said: "The real estate market in Vinh City is currently trading at a reasonable level, reflecting the reality of supply and demand. Compared to 2010, land prices only increased by an average of about 12%".

The reason why land prices in Vinh city have been quite stable for nearly 10 years, according to real estate experts, is due to the development of high-rise apartment projects. The apartments are priced appropriately for most young families with average incomes and the need for stable housing.

Currently, Vinh City is planning to expand many roads, especially the 72m Vinh - Cua Lo boulevard project, which is being adjusted by the Provincial People's Committee to plan both sides of the road in the direction of building commercial centers and administrative areas. Therefore, in the near future, the supply of commercial land will be created very large, attracting people in this direction./.