Real estate prices continuously change because the New City is oriented to the East
Throughout 2020, the East is always the leading market in real estate transactions (real estate) in Ho Chi Minh City. When the official information on the establishment of Thu Duc City was confirmed, housing prices in this area also began to show signs of fluctuation.
The East continues to lead the market
Information that the Standing Committee of the National Assembly passed a resolution to establish the city of Thu Duc becomes the driving force that makes the Eastern real estate the center of transactions in the HCMC real estate market at the end of the year, especially the “links “Is as important as district 2 and district 9. According to information from Batdongsan.com.vn, the real estate prices in the East districts are increasing rapidly in the last months of 2020, the average increase is 8-9%.”
Many customers take advantage of the times when the price has not changed significantly to buy
Specifically, in District 2, a series of projects are being offered for sale such as The Metropole Thu Thiem, The River with the average price of the first phase from 85 to 150 million VND / m2 is tending to increase to 90 -160 million / m2 in recent transactions. The Precia project at the corner of Mai Chi Tho – Nguyen Thi Dinh street has recorded a large number of buyers even though they are opening 3 bedroom apartments for sale, which are quite picky to buy. According to the developer of the project, Rio Land, the reason why Precia apartments attract tourists is because the project has a price of only 55 million / m2. Currently, the average house price in District 2 is from 60-90 million VND / m2, so the “soft” level like Precia is a lot of people compete to earn a buying rate before the market establishes a new price level.
In fact, the market also shows that the above projects have not recorded changes in primary prices, because the meager supply has almost been sold out from the previous batches. The secondary transaction is also not very exciting because investors are not in a hurry to “release the goods” because real estate in the new city is considered to have a strong increase. Once the Eastern market relocates to a new price level, there may be no projects under 60 million VND / m2 deployed around the center of District 2.
Current buyers are mainly looking for high-end apartments in district 2 and mid-end areas in district 9.
Even condominium prices in even more distant places than District 9, Thu Duc began to appear a new price list. A project on Vo Van Ngan street has just been prepared to sell with an estimated selling price of nearly 80 million VND / m2. Not far from this area, many apartments are located in Binh Duong, bordering Ho Chi Minh City with selling prices up to nearly 45 million VND / m2. In District 9, a project located in Long Binh ward preparing to open for sale in the next phase has been adjusted from 50 to 55 million VND to 60 million VND / m2.
People invest in the race to “hunt” for apartments in District 2
Not only dancing selling price but also the purchasing power of real estate in the East also tends to increase. The market recorded a wave of investors flocking here to hunt for real estate more in the last months of the year. Mr. Tran Tien Dung, a broker in District 2, shared that if the time of the second quarter of 2020, his company received about 45% of the demand for an apartment in the East, now, this number increases to nearly 60. %.
Surveys in a number of projects being implemented in the “nuclear” area of the new city, District 2, showed that the demand for apartments increased from 20-30% in just a few weeks after the confirmation information was raised. city. This area is expected to become the economic, financial and cultural center of Thu Duc city, so the potential for development is huge, the number of projects deployed is very limited and the selling price is increasing. In the current period, the market still appears a few high-end projects with selling prices around 50-70 million VND / m2, but it is likely that this price will disappear with infrastructure growth. and market services.
Due to the scarcity, accounting for a small proportion in the project, the rental rate of 3 bedroom apartments is almost always from 90%.
For example, the 3-bedroom apartment model of Precia project is in the “sight” of many investors to welcome the rental demand of foreigners in District 2. Anh Hoang Tran, an analyst , the establishment of a new city will inevitably lead to a sudden population increase, leading to an increase in demand for rent and purchase. Residents gathered in District 2 are mostly intellectuals, foreign experts … requiring real estate products to be in the high-end segment to meet the right needs. With relatively soft prices, Precia still ensures premium handover quality, resort-standard internal amenities, and a “central” location among a series of modern cities.
Mr. Dinh Minh Tuan, Director of Property Guru Vietnam in Ho Chi Minh City, forecasts that in 2021, real estate prices in Ho Chi Minh City will continue to increase at least 9% / year and the East, as the focal point of the new city, will have margins. The housing volatility is extremely strong. Based on the existing land bank, new supply will focus on district 9 and Thu Duc areas. Especially, District 2 with a scarce land fund will focus on developing high-end apartments with selling prices that may exceed US $ 8,000 – $ 10,000 / m2.
Phương Dung
Cre batdongsan.com.vn