Real estate prices in the Mekong Delta region are expected to trend upwards, especially in the apartment segme...
Real estate prices in the Mekong Delta region are expected to trend upwards, especially in the apartment segment, which could increase by 5 - 10% due to scarce supply.
This information was shared by Mr. Pham Van Luan, Vice Chairman of the Real Estate Association of Can Tho City, at the conference "Real Estate in the Southwest Region in 2024 - Embracing Opportunities in the New Era" held on February 22.
According to Mr. Luan, this year, primary sales prices will increase while secondary sales prices will remain stable, with a slight forecasted increase. The high-end apartment segment will become a new trend for residence and investment, positively received by the market.
A corner of Can Tho city viewed from above
Particularly, the land plot segment is expected to see a significant price increase due to regulations prohibiting land subdivision for sale in special type urban areas, effective from January 1, 2025.
Mr. Luan also believes that with three real estate-related laws just passed, including the amended Land Law, Housing Law, and Real Estate Business Law, all taking effect simultaneously on January 1, 2025.
Of note is the provision that special type urban areas I, II, III will no longer be allowed to subdivide land plots for sale, which will give an advantage to land projects being developed in 2024. Land plots will continue to be scarce from January 1, 2025, making way for ready-built houses and apartments.
In Can Tho City, the central urban area of the region, the main supply source will be the apartment segment, including social housing apartments and high-end apartments, while in districts and towns, it will be land plots.
Improved transportation infrastructure is one of the reasons for the real estate market's take-off, both in Can Tho specifically and the region as a whole.
Regarding customer demand, the leadership of the real estate association evaluates that local customers' confidence in the market will increase thanks to the government's vigorous management policies, including boosting public investment and completing key transportation projects, many mega commercial and entertainment projects being implemented...
This will attract more customers, investors from other regions to buy and invest.
Additionally, the real estate market in the Southwest in 2024 is also forecasted to attract remittances as well as additional funds from bank maturity when interest rates decrease.
According to Mr. Duong Quoc Thuy, Chairman of the Real Estate Association of Can Tho, the turbulence of the Vietnamese real estate market is gradually subsiding from the end of 2023. The market is starting to show bright spots, laying the groundwork for the industry to shine in the coming years.
Mr. Thuy believes that capital flow into the real estate sector has been opened up after a period of "tightening".
The four interest rate cuts by the State Bank have had a clear impact on the market. Along with that, amending three major laws in 2023, including the Housing Law, Real Estate Business Law, and Land Law, are important factors affecting the real estate market.
With the announcement of planning by localities in the region, this is a legal framework for managing, investing in socio-economic development, and also a boost for the real estate market in the region.
Moreover, key transportation infrastructure projects being completed, many large industrial park projects being implemented also open up development opportunities for the real estate market in the Mekong Delta with various segments.
Via Bao Giao thong