The real estate market at the end of the year in Nghe An moves towards real demand.
The real estate market in Nghe An at the end of the year is showing signs of warming up and tending towards real demand. Therefore, it can be seen that investors are more cautious, choosing potential lands with reasonable prices to "put down money".
Central area increased slightly, easy liquidity
Recently, the real estate market in Nghe An is warming up, prices are increasing slightly, and transactions are easy. Typically, the merger of Cua Lo town and some communes of Nghi Loc district into Vinh city, along with the breakthrough in infrastructure and planning, has promoted the real estate market in Vinh city to change, with slight price increases in many places.
However, according to research, many investors participating in the current land market are mostly people with available finances. They aim for long-term investment, buying for the purpose of storing and saving assets, rather than buying quickly like before.
Ms. Tran Thi Minh in Quang Trung ward said: The family has some savings, we are looking for a 105m2 plot of land2in Hung Loc, Vinh city with suitable financial capacity of 2.2 billion VND, with the purpose of long-term investment, hoping that in the future when utilities are built, land prices will increase.
According to some brokers, currently, land plots in the community and in projects in Vinh city are quite easy to buy and sell, however, land prices do not increase as strongly as during the fever period, but most land values return to real demand.
For example, land in a project in Quan Bau ward has a quite soft price, more than 14 million VND/m2.2; Land in Nghi Kim commune, along a 15m wide road, costs 16.5 million VND/m2 ; some other land plots in projects in Nghi Phu commune have prices ranging from 22-35 million VND/m2…
For the 4 communes of Nghi Xuan, Phuc Tho, Nghi Thai and Nghi Phong of Nghi Loc district merged into Vinh city, land prices also did not fluctuate too much, such as in Nghi Phong commune, some plots of land located near Vinh University campus 2 with an area of 150m22Price ranges from 1.4-1.5 billion VND, beautiful plots on the axis have an area of 150m22, price from 2.5-2.7 billion VND...
For the projects of villas and townhouses in Vinh city, there has been a boom, such as Eco Central Park project in Hung Hoa commune, Vinh city (nearly 200 hectares wide) also recorded a number of interested customers. Here, customers transacted quite a lot of villas and townhouses products.
Mr. Tran Manh Dung in Cua Nam ward, Vinh city - a customer who just "paid" to buy a townhouse said: This project aims at a green living space, a fresh environment, convenient connection to the center of Vinh city, reasonable price, enjoys many preferential policies such as support for interest-free loans, if paying in full, you will enjoy a 12% discount, so we chose to buy a townhouse worth 5.3 billion VND, both for relaxation and investment.
With the apartment segment in Vinh city, after a period of strong increase from the end of 2023 to the beginning of 2024, prices have now stabilized, with almost no further increase. Currently, the price of affordable apartments is fluctuating from 18 to 20 million VND/m2.2, high-end segment increased to 25-27 million VND/m2depending on location. For example, the prices of apartments that are about to be handed over on Phan Boi Chau Street, Vinh City are all priced from 25-27 million VND/m2.2depending on the apartment and floor
According to the report of the Department of Construction, Vinh city is currently implementing the construction of apartment projects that were licensed many years ago, expected to supply nearly 1,200 apartments in 2025. In addition, Nghe An is currently implementing 3 social housing projects, expected to be put into use in 2025, providing nearly 700 more apartments, contributing to stabilizing the apartment market.
At the end of the year, monitoring the real estate situation in some districts of Dien Chau, Nam Dan, Do Luong, Yen Thanh..., it can be seen that land prices have increased slightly, however, transactions are only possible in the central areas of districts, towns, and townships. Ms. Tran Thi Lan in Dien Yen commune, Dien Chau district said: Her family bought a plot of land in the center of Dien Ky commune (Dien Chau) from the beginning of 2024, for 2.5 billion VND, now sold for 2.7 billion VND, this plot of land is located next to National Highway 7, near the expressway access point, so it is quite easy to transact.
In Dien Chau district, there are 3 urban area projects, which attract a lot of customers at the end of the year. Research on urban projects in Dien Kim commune shows that customers consider plots of land located near convenient areas such as supermarkets, schools, and shopping centers to "pay", with prices ranging from 19-22 million VND/m2.2For beautiful lots, affordable lots from 17-18 million VND/m22.
Land far from the center is difficult to trade
At this time, in Nghia Mai commune, Nghia Dan district (nearly 15 km away from the district center), the land market here is quite gloomy. Mr. Tran Van Luu - a real estate broker in Quynh Luu district said: While land in central areas has increased slightly in price and is quite easy to trade, in areas far from the center, many investors, although selling at a loss, are still "stuck". Specifically, the plots of land divided into plots of 150m wide2In Nghia Mai commune, at the time of fever, the transaction price was 200 million VND/lot, now it is advertised at 150 million VND/lot but no one is buying.
According to real estate brokers, the market in this area is difficult to trade because the land is mainly divided into plots in residential areas, the infrastructure is not synchronous, and the traffic is mainly narrow dirt roads, so it is "picky about customers". Currently, in remote areas of Nghia Dan district such as Nghia Hong, Nghia Thinh, Nghia Lac communes... there are still hundreds of plots of land that have been divided into plots that investors have been "holding" since 2021 until now and have not been able to "get rid" of.
In Thai Hoa town, there are 2 townhouse projects for sale since 2021. In 2022-2023, many buyers with high prices of over 5 billion VND/unit had to sell at a loss of 4-4.2 billion VND/unit, but at the end of the year, the price of townhouses increased slightly again by 10-15%.
Also in the above situation, Yen Thanh district has many remote communes, investors have not been able to sell their "goods". Mr. Dang Quang Vinh - Vice Chairman of Tan Thanh Commune People's Committee (Yen Thanh) said: In 2021, the "land fever" in Tan Thanh commune was a hot spot in the district, there were plots of land that investors bought for up to 4-5 billion VND. Due to borrowing money to buy at "virtual" prices, so far they have had to sell off for over 3 billion VND/plot but there are still no buyers. Currently, land prices in Tan Thanh commune have returned to their real value.
Tan Thanh commune has many exported workers, sending back a large amount of money every year to invest in real estate. However, recently, investors have been quite cautious, researching carefully and only spending money at a reasonable price.
In addition, currently in Nghe An, many people have shifted their real estate investments to potential areas, such as investing in buying apartments from the foundation in the Hanoi market to enjoy good discounts from investors, or buying land in the suburbs of Ho Chi Minh City and Hanoi to wait for infrastructure connections, land prices can increase.
A representative of the Nghe An Department of Construction added: From the beginning of September 2024 until now, the real estate market in Nghe An has shown signs of "warming up" again, but the possibility of "land fever" will not occur, the real estate market is being oriented to develop more sustainably and healthily.
According to experts, real estate in Nghe An will have many improvements in the coming time. In addition to the expansion of Vinh city, many large connecting traffic projects are also gradually taking shape. Typically: Vinh - Cua Lo Boulevard, Binh Minh Road, National Highway 46, Provincial Road 535, coastal road... help connect the East of Nghe An to the coastal city of Cua Lo to become a new development axis of the expanded Vinh city. This is also one of the reasons why the real estate market in this area has changed positively in recent times.
Not to mention the strong changes in infrastructure that have helped Nghe An continuously welcome a series of projects from major investors such as: Ecopark, T&T Group, Vinaconex... Along with the above "domestic" brands is the appearance of many foreign investors implementing super projects such as: VSIP - Singapore, WHA Group, Kovinet Group - Korea... This strong presence will promote the supply - demand of real estate types in Nghe An province to develop better in the new cycle.