Opportunity for Hue real estate market to change

Seizing the opportunity to become a centrally-governed city, Hue's real estate market is showing positive movements.

Many new movements

In 2024, Hue City real estate has shown many positive signs. In the first 9 months of the year, in Hue City, many new projects were approved for investment or started construction, most of which were concentrated in An Van Duong urban area.

In September 2024, the People's Committee of Thua Thien Hue province approved the results of selecting investors to implement the Urban Area Project South of Nhu Y River, with a total investment of 4,104 billion VND. The project belongs to Area E - An Van Duong New Urban Area (Hue City) and was won by the consortium of Thien Thai Hotel and Tourism Joint Stock Company - Dong Duong Architecture and Management Consulting Joint Stock Company. With this project, the selected investor is responsible for investing in the construction of technical infrastructure works on the entire land area of 48.82 hectares and is responsible for investing in upgrading and upgrading the technical infrastructure system for the existing residential area of 2.85 hectares.

In July 2024, the People's Committee of Thua Thien Hue province decided to approve the results of selecting investors to implement the project of commercial service complex combined with housing at the roundabout intersection of Vo Nguyen Giap - To Huu (Hue City). Accordingly, the consortium of DOJI Gold and Gemstone Group Joint Stock Company - DOJILAND Real Estate Investment Company Limited was selected as the contractor to implement this project.

The project is implemented in Area A - An Van Duong New Urban Area, An Dong Ward and Xuan Phu Ward (Hue City). The project has a land area of 82,601 m2, with a total implementation cost of more than 4,600 billion VND.

Previously, in June 2024, the People's Committee of Thua Thien Hue province approved the investment policy of the Social Housing Project at Land Lot XH1 in Area B - An Van Duong New Urban Area. This project has a total investment of VND 1,189.73 billion, land use area of 18,551 m2.

In addition to projects approved for investment, there are also new projects that have started construction such as the Urban Area Project East of Thuy Duong - Thuan An Road (BGI Diamond Bay) in Zone E, An Van Duong New Urban Area.

Prospects from becoming a centrally-governed city

According to the Department of Construction of Thua Thien Hue province, by the end of the third quarter of 2024, the volume of real estate transactions in Thua Thien Hue reached VND 279,243 billion, an increase of nearly VND 150 billion compared to the previous quarter.

Transactions mainly focused on apartment products (65 units) and individual houses (26 units) in projects in Hue City and neighboring areas. Of which, the Ecogarden Project in An Van Duong New Urban Area of Cotana Capital Real Estate Investment and Development Joint Stock Company recorded the largest number of transactions, with 63 apartments and 5 individual houses.

According to investors, the fact that the Hue real estate market in the third quarter of 2024 began to heat up was due to the resonance from many important events, such as the AEON MALL shopping center coming into operation at the end of September 2024 and the preparation of Thua Thien Hue province to become a city directly under the Central Government.

However, Dr. Nguyen Van Dinh, Vice President of the Vietnam Real Estate Association, said that Hue real estate cannot create a breakthrough immediately after becoming a centrally-governed city, because Hue's urban development orientation is sustainable development, based on its own cultural and identity values.

However, in case the Hue City government (after Thua Thien Hue becomes a city directly under the Central Government) has new breakthrough orientations and policies on attracting investment in potential areas, the current expansion planning areas of Hue City, creating improvements in scale, service quality, and urban infrastructure, it will lead to the growth of the real estate market.

“Hue City is already an urban area and when it becomes a centrally-governed city, it will certainly receive more attention and investment. However, whether the local government is ready to change and increase investment in modern infrastructure is the deciding factor in the development of the real estate market. At this time, the interest of investors nationwide in Hue may only be at a more attentive level, but in the more distant future, becoming a centrally-governed city will help Hue real estate converge the premises and conditions to develop to a new level compared to the present,” Mr. Dinh assessed.

Source: https://baodautu.vn/batdongsan/co-hoi-de-thi-truong-bat-dong-san-hue-chuyen-minh-d228679.html