Nghe Tinh real estate market is hot, entering a new cycle

Vinh city's infrastructure is increasingly improved and has become a local advantage in attracting investment. Photo: Quang Vinh

Positive indicators from the real estate market

According to the Vietnam real estate market report 2023-2024, in 2024, the market will begin to enter a recovery phase. In the first three months of 2024, real estate business activities recorded many positive prospects.

Specifically, according to the latest socio-economic situation report of the General Statistics Office, real estate business activities have recorded positive signals in terms of demand for real estate and the number of real estate enterprises returning to the market. Up to 552 new real estate enterprises were established, a rate of 100.4% compared to the same period in 2023. The number of enterprises returning to operation was 843, equal to 138.7% compared to the same period in 2023. Notably, also according to data from the General Statistics Office, with strong direction, investment capital from the State budget has been focused on and implemented by ministries, branches and localities immediately after Tet, especially projects transferred from 2023.

The rate of people searching for and interested in real estate has increased sharply since the beginning of 2024. Photo: Mai Phuong

“In 2024, housing demand in large cities will remain very strong, ready to absorb quality products at reasonable prices. Real demand will remain stable; investment demand for accumulation and cash flow will need more time to recover, when customer confidence and the general economic situation improve.” This is the general opinion of delegates at the “Vietnam Real Estate Market Forum 2024 - Overcoming Challenges” organized by the Vietnam Association of Real Estate Brokers (VARS) earlier this year.

Meanwhile, according to data from batdongsan.com.vn, in January 2024, the rate of people searching for real estate nationwide increased by 66% compared to the same period in 2023.

Many creative points create a new cycle in Nghe Tinh

Joining the excitement of the real estate market nationwide in early 2024, in Nghe Tinh market, there are also many signs suggesting changes to create a new cycle. Banks have reduced interest rates to record lows, the auction land market has also suddenly become more vibrant.

Deposit interest rates have dropped sharply, money flows into real estate. Illustrative photo

According to statistics from the Ha Tinh Provincial Land Registration Office, as of March 15, the whole province had 21,460 applications for land use right certificates, an increase of 45% over the same period in 2023 (in the first 3 months of 2023, the whole province had 14,752 applications for land use right certificates). The significant increase in real estate transactions in early 2024 shows that the real estate market is in the "thaw" phase. This is an opportunity for people who want to buy and own real estate.

Meanwhile, in Nghe An , according to information from the Provincial Property Auction Service Center (Department of Justice), right after the Lunar New Year holiday, the unit successfully auctioned 71/73 land lots in 4 planning areas in Do Luong, Nghia Dan and Cua Lo town. The Nghe An Provincial Property Auction Service Center also said that the results of the first land auctions of the year showed positive signs for land auction activities this year as more and more people participated in the auction, stimulating the market, making real estate trading activities more vibrant.

Investor Eco Central Park held the launching ceremony, kick off The Campus subdivision. Photo: Mai Phuong

Commercial housing projects are equally vibrant. In Vinh city, Nghe An province, the Eco Central Park project (nearly 200 hectares) of the founder of Ecopark received positive feedback from the market when it handed over nearly 300 townhouses and villas nearly 2 months ahead of schedule. Most recently, this investor also held a New Year's launch ceremony with the participation of nearly 1,000 sales "warriors" and simultaneously kicked off a new subdivision called The Campus.

The Campus becomes the largest education, entertainment and creative center in Nghe An. Photo: Mai Phuong

Grasping the tastes and traditions of studiousness of Nghe An people, The Campus was developed by the investor according to a special concept to become the largest educational, entertainment and creative center in Nghe An.

Boost from strong infrastructure development

Explaining this, real estate experts said that Nghe Tinh, especially Nghe An, not only focuses on renovating inner-city streets to create highlights for tourism and business development, but this place also records a series of traffic infrastructure projects that will "finish" in 2024, causing the real estate value in the area to continuously "heat up".

Nguyen Sy Sach Street is implementing phase 2, expanding to both sides. Photo: Mai Phuong

Specifically, the extended Nguyen Sy Sach road is rushing to implement phase 2. When completed, the section passing through Hung Loc commune, Vinh city will have a road surface and sidewalk up to 35m wide; the section passing through Hung Hoa commune, Vinh city will have a road surface up to 27m wide, the section intersecting with Le Viet Thuat street will have a road surface up to 60m wide; in particular, the intersection between Nguyen Sy Sach street and the Lam riverside road adjacent to The Campus subdivision of Eco Central Park will have a red line up to 70m wide, 2m smaller than the widest road in Nghe An province at present, Vinh - Cua Lo boulevard.

With this prime location, The Campus residents only take about 7-8 minutes to travel to Vinh city center, 10-20 minutes to Nghe An General Hospital, Vinh Medical University, Vinh International Airport, the famous Cua Lo beach resort,...

In addition, Vinh - Cua Lo Boulevard is also ahead of schedule and is expected to be completed by the end of the second quarter of 2024. This largest boulevard in Nghe An province will create a strong traffic axis connecting the urban area of Vinh city and neighboring areas, playing a major role in the socio-economic development of the whole region.

Or the Ben Thuy 3 bridge project built in Hung Hoa commune, connecting Vinh city (Nghe An) with Nghi Xuan district (Ha Tinh) is also one of the projects included in the list of priority investment projects for the period 2021-2030. Ben Thuy 3 bridge will create more momentum to connect the North Central region, especially Vinh city and Nghi Xuan district.

Recording a series of positive signals from the transport infrastructure focusing on Vinh city, while the land fund in the city center is increasingly limited, along with positive indicators from the real estate market nationwide, the real estate market here is "hot", with many bright spots to create a new cycle.

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