Due to the great benefits from the infrastructure, a number of real estate projects in the East of Ho Chi Minh City have seen a sharp increase, with an increase of 30-80% since the beginning of 2017.
Hotspots in East HCMC
The East has long been the focus of the HCM City real estate market thanks to the development of the transport infrastructure. At this time, most of the major traffic works through the East, such as Saigon River Vault, Vo Van Kiet Street, Thu Thiem Bridge, Saigon 2 Bridge linking the city center with District 2 and District 9, or Pham Van Dong Street, connecting Tan Son Nhat Airport with Thu Duc District.
Ho Chi Minh City will continue to invest in building bridges connecting Mai Chi Tho Boulevard with Diamond Island in District 2, Thu Thiem 4 Bridge linking District 2 and District 7. This information makes real estate in District 2 hotter and hotter.
Specifically, surveys from many property trading floors show that many roads in District 2, land prices have increased rapidly since the beginning of this year. For example, Le Hien Mai Street, belonging to Thanh My Loi Ward, land in front of 78% increase compared to the beginning of the year, the strongest increase in the streets around the island of Diamond. There was a sharp increase followed by land price on Dong Van Cong and Mai Chi Tho streets also increased 56% and 44%, to VND61-75 million/sqm
Meanwhile, Truong Van Bang Street, part of Thanh My Loi Ward, land prices have increased by 30% compared to January 2017, up to VND96 million/sqm. This is the highest priced street in the area surrounding Diamond Island. Also on this route, the passage through Binh Trung Tay ward, the price of land from VND52.2 million / sqm, turned up to VND65 million / sqm, up 24%.
Not only District 2, in District 9, land prices also increased quite sharply. For example, Tang Nhon Phu Street, Nguyen Duy Trinh …, land prices have increased from 30 to 50%, especially those projects, prices have doubled in 5 years.
In Thu Duc district, the land price of Him Lam Phu Dong project owned by Him Lam Land has increased from VND23 million / sqm to VND30 – 38 million / sqm. Or the project of commercial land MoonLight Residences on Dang Van Bi street of Hung Thinh has increased from VND65 million/sqm to VND80 – 85 million/sqm.
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East area property price increases: Does the price have virtual?
Previously, in the period 2007 – 2013, the area near Diamond Island and Thanh My Loi has once increased sharply, from VND20-25 million / sqm to VND35-50 million / sqm when the district administrative center moved to this area.
According to real estate experts, the price of District 2 land increased sharply apart from the strong infrastructure development, also stemming from the reality of supply and demand. District 2 has long become the focus of many people have to demand to the house, while the land fund is not much.
Expert analysis shows that the story of real estate prices rising because of infrastructure has become a rule. In the present stage, it refers to the real estate and real needs. Areas of prime location, which are commercially significant and are, for example, “golden hen”, are expensive to understand because of the scarce supply.
However, do not exclude the story of speculators take advantage of the development of infrastructure to push prices up. According to the director of a real estate trading floor specializing in buying land in the East market, to determine whether the prices really increase or not based on the results of successful transactions, can not rely on the information for sale to valuation.
You are reading the article “How Will East HCMC Property Increase In 2017?” in the section “Real Estate News” on the website: https://realestatevietnam.com.vn/.
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