Nghe An real estate 'possessed': Social housing exceeds targets, supply increases sharply

Nghe An Real Estate: Social housing exceeds targets

At the Workshop Shaping Trends: Identifying the Potential of the Real Estate Market in Nghe An Capital held on the morning of December 6, Dr. Nguyen Van Dinh, Chairman of the Vietnam Association of Real Estate Brokers (VARs) said: One of the fastest growing markets today is Nghe An.

Dr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association. (Photo: VARs)

According to Dr. Nguyen Van Dinh, currently, the demand for housing in Vietnam in general and Nghe An in particular is increasing rapidly, thanks to the abundant labor force. In addition, Nghe An is experiencing a very strong infrastructure "wave", with synchronous investment, clearly oriented urban planning and increasingly attracting the participation of real estate "giants".

“The emergence of large projects in Nghe An along with the strong increase in FDI capital flows are creating new momentum for the market,” he said.

Associate Professor, Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, assessed: Nghe An, especially the old Vinh city, plays a central role in the entire North Central region. Although it has not yet reached the expected level of development, this region possesses strong internal strength and if it is internal strength, it will sooner or later break through.

"This is the time for Nghe An to clearly demonstrate its resilience and enter 'its time' with completely new growth drivers," Associate Professor, Dr. Thien affirmed.

Analyzing more clearly about Nghe An real estate market, Ms. Pham Thi Mien, Deputy Director of Vietnam Real Estate Market Research and Evaluation Institute (VARs IRE) said: Nghe An real estate supply is showing signs of improvement in both quality and quantity, but is still modest compared to the province's position and development potential.

In terms of supply, real estate in Nghe An also has a strong shift in product supply. Before 2023, most of the market supply was small projects, land plots and individual houses.

However, from 2023 to now, many large-scale projects have been newly licensed, many large investors have participated in diversifying products. If in 2023 there were only 1,100 products, then in 2024 it increased to 2,400 products. In 11 months of 2025, there were 1,900 products and some large-scale projects are about to open for sale.

Ms. Pham Thi Mien, Deputy Director of the Vietnam Real Estate Market Research and Evaluation Institute. (Photo: CT)

According to Ms. Mien, unlike many localities with similar status, which are lacking affordable housing, Nghe An real estate is lacking high-end products, especially in the core area of the former Vinh city. On the contrary, affordable housing and social housing segments are becoming the "bright spots" of the market.

“In 2025 alone, Nghe An will nearly double its social housing target, which is a differentiating factor for local real estate,” said Ms. Mien.

Strong growth momentum

Deputy Director of VARs IRE assessed: Nghe An real estate possesses four important potential factors.

The first factor lies in the huge scale of housing demand. In the period 2025 - 2030, the whole province needs about 240,000 housing units. Currently, there are 13.1 million square meters of floor space in ongoing projects, while the remaining 10.6 million square meters of floor space must attract new investment, equivalent to about 105,000 housing units. This shows that the market space is still very open.

Overview of the Workshop. (Photo: Viet Vu)

The second factor comes from the large population size and rapid urbanization. Nghe An was the fourth most populous province in the country before the merger. The urbanization rate of the province, although still low, is increasing rapidly thanks to economic development and strong investment in transport infrastructure.

“This trend promotes population movement from rural areas to urban centers, including the former Vinh city area, leading to continued expansion of urban housing demand,” said Ms. Mien.

The third factor is the impressive economic growth. GRDP and per capita income have both improved significantly. In 2024, Nghe An's GRDP will rank 13th in the country; the economic scale will increase sharply from 144,500 billion VND in 2020 to 216,943 billion VND in 2024, an increase of about 50%.

The economic structure is also shifting rapidly towards industrialization. These changes have significantly increased the demand for new housing, especially in central areas.

The final factor is the breakthrough in attracting FDI, mainly focusing on industrial parks and economic zones. In the period of 2022 - 2024, Nghe An will continuously be among the leading provinces and cities in the country in attracting FDI.

VSIP Nghe An in the province center alone has attracted 55 projects, reaching an occupancy rate of up to 97% and creating jobs for about 23,000 workers. According to the plan until 2030, Nghe An will develop 23 industrial parks and 56 industrial clusters, leading to a sharp increase in housing demand around industrial parks, service areas and main connecting axes, with diverse needs from affordable housing for workers to high-end segments for experts and management teams.

With the above factors, Ms. Mien believes that investment capital should first focus on quality projects, synchronous utilities and sustainable price increase potential located in areas with quick connection to highways, airports, industrial parks, schools and hospitals.

Source: https://congluan.vn/bat-dong-san-nghe-an-len-dong-nha-o-xa-hoi-vuot-chi-tieu-nguon-cung-tang-manh-10321592.html