Vietnam’s property market expected to grow

Last year land prices doubled in Nha Trang, according to the Vietnam Association of Realtors (Photo: vietnamnet.vn)

A report from the Vietnam Association of Realtors (VARs) said land prices have increased rapidly in places like Nha Trang, Van Don district in Quang Ninh province, Phu Quoc island, and Da Nang.

Nha Trang was among the places with the highest growth rate, with prices doubling last year. The average price in the central districts is around VND300 million (US$13,500) per square metre.

The city is among the hottest tourism destinations in the country.

Da Nang authorities invested heavily in infrastructure, hotels and resorts last year to serve the Asia- Pacific Economic Cooperation (APEC) meetings and summits. This saw property prices and demand rise sharply, especially in Lien Chieu district.

A lot of major infrastructure works are ongoing in Lien Chieu, including a port, the Hai Van Tunnel No.2 and the Da Nang – Quang Ngai Highway.

Around 8,000 pieces of land were traded last year, according to the report. The average price in the city hovers around VND17 million (about US$800) per square metre.

The situation is much the same in the Mekong Delta, where the signs for the property market are optimistic.

In Can Tho City, average prices rose by 30% last year. In Hung Phu district, prices skyrocketed from VND3 million (US$140) per square metre to VND7 million - VND10 million.

Elsewhere in the delta, in provinces such as Long An, Vinh Long, Hau Giang, and An Giang too, land prices have risen steadily thanks to major developments by big developers like Vingroup, Sacomreal, Hoang Quan, and T&T group.

The land segment is booming in Phu Quoc island and Van Don district, which are expected to become special economic zones and have thus attracted enormous investments in urban infrastructure.

The island is also rapidly turning into a tourist paradise and attracting a lot of investment in the sector.