Hanoi 'price fever', Nghe An has shortage of apartments, investors shift to investing in apartments in Quang Binh
Hanoi has a "feverish price", Nghe An has a shortage of apartment supply, many investors in Nghe An and Ha Tinh have turned to high-end coastal real estate in Quang Binh.
Hanoi: Real estate prices continue to climb
According to data from the Vietnam Institute for Real Estate Market Research and Evaluation (VARs IRE), the apartment price index in Hanoi continues to increase. By the second quarter of 2024, the average selling price of primary apartments in Hanoi has approached the threshold of 60 million VND/m2. Compared to the same period in 2019, primary apartment prices in Hanoi increased by 58%, significantly higher than the 27% increase in Ho Chi Minh City.
This increase may be even higher for each specific project. According to a survey, some apartment buildings in districts outside the center of Hanoi have a selling price of 80 - 100 million VND/m2.
Real estate prices in Hanoi are constantly setting new levels, far exceeding the income growth of the majority of people. Low-cost commercial apartment projects are becoming increasingly scarce, while the mid-range segment is gradually being replaced by high-end and luxury projects. This has made it difficult for many investors to access real estate products in Hanoi because prices have exceeded their financial capacity.
Nghe An: Scarce supply of apartments
In Nghe An, especially Vinh City, the current supply of apartments is very scarce. As of the second quarter of 2024, Nghe An has about 94 apartment construction projects and supplied about 17,000 apartments to the market, however, that number is still not enough to meet people's needs. Meanwhile, Vinh City's population has exceeded 500,000 people, with an urbanization rate of about 2.5%/year, leading to an increasing demand for housing, especially the apartment segment serving young residents and families.
According to Mr. Nguyen The Phiet - Head of Housing Management and Real Estate Market (Nghe An Department of Construction), the province will not approve new investment in apartment projects in Vinh City to protect urban architecture, reduce pressure on the inner city and ensure fire prevention and fighting safety. The projects currently being implemented are mainly from old projects that were previously approved.
Although real estate prices in Nghe An have increased significantly, ranging from 20-27 million VND/m2, but supply still cannot meet demand. In particular, 3 luxury apartment buildings developed by the founder of Ecopark, located in Hung Hoa commune, with more than 1,400 apartments priced from 30-45 million VND/m2, quickly "sold out" in a short time. This confirms that the demand for investment in real estate in Nghe An is still very large.
This scarcity not only pushes up real estate prices, but also creates a "sold out" situation in newly opened apartment projects. Quality projects with good amenities often sell out in a short time, making it difficult for many people to find suitable housing, increasing the demand and expectation for the development of new projects.
Nghe Tinh investors "change taste", move to Quang Binh real estate
Leading experts say that in the context of Hanoi real estate no longer being attractive, Nghe An market having scarce goods, other investment channels such as stocks, gold, foreign currency are unpredictable, bank deposit interest rates are low, investors' "taste" will change to find new opportunities in "lowland areas" and possess large room for price increases.
Among the potential markets, Quang Binh has emerged as a leading bright spot. Unlike other tourist cities, Quang Binh owns a world natural wonder, welcoming a large number of international visitors every year. In addition, the increase in high-end apartment projects, with prices at a reasonable level compared to big cities, but with high growth potential in the future, has made many investors choose to shift capital to Quang Binh to catch the new cycle.
Regarded as an outstanding project that creates double profits for investors - both capital gains and cash flow gains, Regal Legend possesses many outstanding advantages. The apartment is intelligently designed, using imported marble, fully furnished with high-class furniture, operated and managed by Icity hotel x Marriott Bonvoy. In particular, through the talented hands and creative minds of the world's leading designers such as Studi8 (Australia), ASA lighting design unit, high-end material companies such as Aica, Occhio, BB Italia furniture company... have created 2 majestic and magnificent Regal Residence Luxury towers on the billionaire peninsula of Bao Ninh. Preferential sales policy, with an initial investment of only 250 million VND, super flexible payment schedule of up to 36 months, and a 100 million VND incentive, has helped the project become the top choice in the Central real estate market.
On November 2, the launching event of the Regal Residence Luxury apartment tower will take place at two ends of the bridge: Hanoi and Nghe An - JW Marriott Hanoi hotel and Muong Thanh Grand Phuong Dong hotel, promising to be a golden opportunity for Nghe - Tinh investors to explore outstanding real estate potential, opening the door to attractive investment to welcome the new cycle wave.
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