Analysts expect the real estate market, especially the residential land segment, to continue to grow solidly this year thanks to huge infrastructure works in many places around the country accompanied by a raft of property developments.

Last year land prices doubled in Nha Trang, according to the Viet Nam Association of Realtors. (Photo vietnamnet.vn)

A report from the Viet Nam Association of Realtors (VARs) said land prices have increased rapidly in places like Nha Trang, Van Don District in Quang Ninh Province, Phu Quoc Island, and Da Nang.

Nha Trang was among the places with the highest growth rate, with prices doubling last year. The average price in the central districts is around 300 million VND (13,500 US$) per square metre.

The city is among the hottest tourism destinations in the country.

Last year, the Da Nang authorities focused on boosting investment in infrastructure, hotels, and resorts to serve the APEC Economic Leaders' Week (AELW).  This saw property prices and demand rise sharply, especially in Lien Chieu District.

Many major infrastructure works are undertaken in Lien Chieu District, including the new Lien Chieu Port, the Hai Van Tunnel No.2 and the Da Nang-Quang Ngai Highway.

A total of around 8,000 pieces of land were traded last year, according to the recent report. The average price in the city hovers around 17 million VND (about 800 US$) per square metre. 

The situation is much the same in the Cuu Long (Mekong) Delta, where the signs for the property market are optimistic.

In Can Tho City, average prices rose by 30% last year. In Hung Phu District, prices skyrocketed from 3 million VND (140 US$) per square metre to between 7 million VND and 10 million VND.

Elsewhere in the delta, namely Long An, Vinh Long, Hau Giang, and An Giang provinces, land prices have risen steadily thanks to major developments by big developers like Vingroup, Sacomreal, Hoang Quan, and T&T group.

The land segment is booming in Phu Quoc Island and Van Don District, which are expected to become special economic zones and have thus attracted enormous investments in urban infrastructure.

The island is also rapidly turning into a tourist paradise and attracting a lot of investment in the sector.

(Source: VNS/  DA NANG Today)