After the "fever" of Dong Nai real estate market, how is it now?

Real estate market is deserted

Over the years, the real estate market in Dong Nai province has always attracted the attention of many investors, as this province has a geographical location close to Ho Chi Minh City, large land fund, a series of key traffic routes, highways, and concentrated airport projects.

This has caused investors and businesses to come to Dong Nai to develop projects. Many urban areas, houses, and riverside villas have been advertised for construction in a short time, causing the real estate market and land prices in many areas in this province to "heat up".

According to Nguoi Dua Tin , currently, in addition to a number of projects located in Bien Hoa City (Dong Nai Province), the area with the most housing projects in this province is concentrated in Long Thanh District and Nhon Trach District.

An unfinished villa real estate project in Nhon Trach district (Dong Nai province).

From Ho Chi Minh City to Nhon Trach via Cat Lai ferry, along DT769 route, there used to be many brokerage companies and real estate consignment services operating, but now they are not as busy as before. Many companies have even closed down and almost no one mentions the story of buying land anymore.

In the role of a land buyer, the reporter went to Phu Huu commune, Dai Phuoc, (Nhon Trach district). According to the reporter, real estate trading activities here are no longer bustling. Consulting points... are deserted.

In Phuoc An commune (Nhon Trach district), the real estate trading situation is not very optimistic. In a project planned for townhouses, duplexes, villas, subdivided land... over 200 hectares, but only more than 10 houses have been built.

Through a broker, the reporter was introduced to a series of land plots in Nhon Trach district by a man named Hung.

Mr. Hung said that currently the real estate market is difficult, but since Nhon Trach has a highway passing through and information related to the construction of Cat Lai bridge, real estate and housing projects have increased.

Especially when Long Thanh airport is under construction.

When the reporter expressed his desire to find a plot of land with an area of ​​5x20 and 5x30, Mr. Hung said that there is currently a residential area selling for 1.2 - 1.8 billion depending on the location of the land. Currently, there are owners selling at a loss of 100 - 200 million but still not many buyers.

Questioning the low selling price but no profit margin, Mr. Hung said that because the real estate market and economy were bustling before, many people sought to buy project land and land plots in Nhon Trach. But when they wanted to sell, there were no buyers because the whole area did not have many residents.

Once bustling brokerage areas are now empty.

According to the actual situation in the areas of Phu Hoi, Phu Thanh, Long Tan communes... (Nhon Trach district, Dong Nai province), where there are dozens of real estate business projects, they are also in a state of desertedness.

While some projects are under construction, the infrastructure is damaged, some villas and townhouses have been completed but are left abandoned. The projects for dividing land into plots and selling land are deserted, while others are used by people to grow cassava and raise chickens.

The land fever that existed in Nhon Trach in previous years has almost disappeared. Instead, there are shabby images and projects that are abandoned and wasteful.

"Speculatory" real estate makes the market sluggish

Walking around Phu Hoi commune and asking to buy land at a brokerage company, the reporter expressed his desire to buy land in the price range of 1.5 billion VND or less. However, the company's staff confirmed that there was no land at this price. Even though the market has dropped sharply, it is very rare to buy land under 1.5 billion.

The lack of market liquidity and high land values, but the image of residential areas with no builders, even abandoned houses, reflects an extremely gloomy real estate market in Nhon Trach.

Brokers offer cheap projects that many investors send out to help sell.

The actual images recorded above show that it may take a long time for the above areas to be as expected by investors. The projects of dividing land into plots and selling them mainly through investors, without actual buyers, are creating a shabby and lifeless picture of the projects.

According to analysts, Dong Nai real estate market has many factors for development, with its location adjacent to Ho Chi Minh City, Vung Tau, Binh Duong , many large industrial parks, and high demand for housing for workers. However, the market of this province is "slower" than neighboring provinces because the structure of product lines is uneven.

Many unfinished housing projects in Nhon Trach (Dong Nai province).

Mr. Nguyen Duc Tuan (real estate business) commented that, it can be seen that in the overall real estate market of Dong Nai, there are only 2 product lines developed by businesses: subdivided land and townhouses and villas.

In previous years, when the Dong Nai market was "hot" because of information about a series of roads, highway projects, airports, bridges... being built, projects sprung up, investors from all over the country flocked to "hunt" to buy, causing prices to rise.

"However, the actual demand for housing is very low, creating a relatively gloomy picture of Nhon Trach and the Long Thanh area," said Mr. Tuan.

According to Mr. Tuan, in addition to "speculation", the legal aspects of many real estate projects are not yet complete, causing construction and procedures to stagnate.

This strongly affects liquidity, cash flow does not circulate, causing the real estate market in the above area to stagnate.

A project in Phu Hoi commune (Nhon Trach district) is deserted.

Sharing the same opinion, Mr. Nguyen Viet Hung, General Director of Westland Trading Joint Stock Company, said: Real estate projects in Dong Nai after being put into sale, customers bought them, but no one moved in, creating "ghost projects" such as Nhon Trach area and some areas in Long Thanh district.

When the real estate market is bustling, there is an abundance of customers, money flows in to "catch the wave" and everyone expects profits. This investor buys and makes a profit, then passes it on to someone else, and so the real estate price increases.

"However, when the market economy fluctuates, real estate is gloomy. Many investors cannot bear the burden and want to resell the projects they bought but have no customers, creating more difficulties for the market in the above area," Mr. Hung shared.

According to Mr. Hung, investors who bought projects and could not sell their products were also affected because businesses stopped selling and launched new projects. This is also a reason why the market froze.

The product structure is out of sync, with workers and experts in the vicinity of Bien Hoa City having a real housing need, and no projects to buy. Meanwhile, other areas have a surplus of projects and are abandoned. This situation in Dong Nai Province is very regrettable.

Source: https://www.nguoiduatin.vn/qua-con-sot-thi-truong-bat-dong-san-dong-nai-gio-ra-sao-204241001232204084.htm