Which force drives Hung Yen real estate?
Lies at the heart of the Northern Delta, Hung Yen is located between three major cities: Hanoi, Hai Phong and Nam Dinh, in the northern key economic region. The province is said to have a good geographical location for its convenient transportation system and abundant land fund.
Hung Yen is a populous land of foreign workers and experts, with more than 9,000 enterprises mainly from Korea and Japan, concentrated in industrial parks and clusters. Demand for housing and commercial services is building up but the real estate market is still lack of big and synchronously invested projects.
With such conditions, the province is one of Northern emerging real estate markets, together with Bac Ninh, Hai Phong, and Quang Ninh. Experts believe that these are promising lands for property investors in 2019, particularly the affordable housing segment and the 2-in-1 estate model of business-living.
Surveys show that land prices at Hung Yen City ranged from VND 16-25 million per sqmt, increasing at about 10% per year. Land prices at other areas like Van Giang, Cuu Cao, Pho Noi, Nhu Quynh and Chiem Mai could be 2 or 3 times as high as the city, ranging from VND 20-25 million per sqmt.
Van Lam ‘spotlight’
Hung Yen estate market is becoming more and more exciting with Van Lam district being evaluated to have the most potential. Located next to Gia Lam, Hanoi and is only less than 20 km away from the city centre, Van Lam is chosen to be the ideal spot for most large-scale industrial parks.
According to the general planning of the district, Van Lam will accelerate the investment and formation of approved urban areas and projects, industrial urban service zones, and ecological urban areas.
The renovation of old urban areas and the urbanization of rural spaces are also allocated in accordance to different development situations of the district.
Surveys show that land prices in communes like Minh Hai, Trung Trac, or Lac Dao ranged at VND 17-20 million per sqmt. Prices at other more popular sites like Nhu Quynh town could go up to VND 23-32 milliion per sqmt.
An agent at Bao Ngoc real estate trading floor in Van Lam shared that the district has a lot of land to offer, with different sizes and prices for any specific need. Regardless of your preferences, the legality of each land plot should be a top priority, followed by good planning. If there are utilities that satisfy high living standards, prices will also very likely to increase.
Mr. Nguyen Van Dinh, Vice Director and General Secretary of Vietnam Association of Realtors, explained: “For suburban real estate, most strongly developed provinces have their own investment and economic orientation. Economic orientation creates jobs and raises GDP, which accordingly results in the expansion of estate. Despite the development of the property market, it needs to be under control and orientation of the locality to avoid spontaneous circumstances.”
Dinh mentioned that land fund in suburban provinces is generous, planned and oriented. Reserved land fund for project development is also available in case demand rises. However, the real estate market of Hung Yen and other suburban provinces is not fiercely competitive which means opportunity for investors is fantastic.