Vinh City: Shortage of supply leads to rising apartment prices.

Due to a shortage of supply, apartment prices in Vinh City are trending upwards. Photo: Van Truong

At this time, if you want to own an apartment in...Vinh CityWith a limited budget of around 600-700 million VND, it's not easy at all. According to surveys, just over a year ago, apartment prices in Vinh City were only 12-14 million VND/m².²Then, in October 2022, apartment prices unexpectedly increased, with affordable apartments costing between 20-22 million VND/m².²Luxury apartments priced from 25-30 million VND/m².²(Currently, prices have not increased compared to about 4 months ago).

Ms. Tran Thi Minh from Nam Dan district, who recently bought an old apartment on Dinh Cong Trang street (Vinh City) for her daughter, said: "I just bought this apartment before the Lunar New Year of the Rabbit, with an area of ​​70 square meters."^2,It costs 1.4 billion VND. I know it's expensive, but I still have to buy it because, compared to the price of buying land to build a house, buying an apartment is more affordable...

A real estate broker in Vinh City said: The demand for buying...apartmentThe demand from people has been very high lately; many people ask me to buy them every day, but they are very difficult to find at this time.

Finding an apartment to buy at this time is very difficult. Photo: Van Truong

The reason why apartments in Vinh City have been so popular recently is that they meet the criteria of a convenient living environment with diverse services, shopping, dining, entertainment, and recreation, making them suitable for families with elderly people and children. The prices are also more reasonable compared to buying land and building a house. Not to mention the fluctuating cost of building materials, which has caused apartment prices to continuously increase recently.

Inside an apartment in Vinh City. Photo: PV

Mr. Nguyen The Phiệt, Head of the Housing and Real Estate Market Management Department of the Nghe An Department of Construction, stated: In order to preserve the urban architectural landscape and reduce pressure on the inner city in the future, the province will not approve new investment policies for apartment projects in Vinh City in the coming period.

To date, the province is implementing the construction of 4 apartment projects in Hung Dung, Nghi Kim, Quang Trung, and Hung Loc wards (Vinh City), with construction progress reaching over 70-80%. These are mainly old projects that the province approved for investment and construction in previous years.

Research reveals that there is currently a severe shortage of affordable housing suitable for the majority of people in Vinh City; meanwhile, the market for high-priced apartments, shophouses, villas, and townhouses (10-15 billion VND) is experiencing a surplus, causing an imbalance in the current real estate market.