HCMC – Real estate prices in Thu Duc City increased continuously after a year

January 23, 2022 | NEWS

The Global City – The establishment of Thu Duc City has pushed up real estate prices in a series of segments in this area to increase rapidly in the past year.

Thu Duc City is one of the rare remaining large land areas adjacent to the existing central area of Ho Chi Minh City. Over the past year, apartment projects are being sold and residential land here has skyrocketed in price, making the opportunity to own a home for people in the city increasingly narrow.

DKRA's report on the real estate market in Ho Chi Minh City in 2021 shows that in 2021, Thu Duc City leads the market in apartment supply with 58% of the total supply. This proportion decreased slightly compared to the previous year, but this is still a very high level.

In the segment of townhouses and villas, Thu Duc City also leads in terms of supply and consumption with 45% of HCMC's total new supply.

Constantly increasing prices

Besides, the attractiveness of real estate here has also skyrocketed despite unpredictable developments and the impact of the Covid-19 pandemic.

According to data from Cho Tot Nha, home buyers' interest in the Thu Duc City area more than doubled in just the last 3 months of 2021, when the social distancing measures in Ho Chi Minh City were removed. cancel. This has led to a strong price increase in this area with a level of 6.8-8.4% depending on the location.

This report also shows that compared to 2020, the price of apartments in the old district 9 has increased by 9% after only 1 year, while this figure in the old district 2 is 5% and the old Thu Duc district. is 4%.

In the apartment segment, the selling price in many areas in Thu Duc City has exceeded 200 million VND/m2 with luxury product lines. The segment of apartments with prices from 50 to more than 100 million VND/m2 is becoming more and more popular.

One of the most remarkable points in the real estate market of Thu Duc City in the past year was the result of the auction of 4 land lots in Thu Thiem New Urban Area organized by the People's Committee of Ho Chi Minh City at the price of 37,350 billion. VND, 7 times higher than the starting price.

Specifically, 4 land lots with numbers 3-5, 3-8, 3-9, 3-12 were purchased by investors with the value of 3,820 billion dong, 4,000 billion dong, 5,026 billion dong and 24,500 dong, respectively. billions dong.

There are still many questions that need to be answered around this land fund development plan of the auction winners, but this is still the result that shows the attractiveness and expectation of investors in real estate. Thu Thiem property in particular and Thu Duc city in general.

Talking about the maturity of this market, it is impossible not to mention the presence of many large domestic and foreign investors with housing projects ranging in size from a few dozen to hundreds of hectares here. These include Vinhomes, Masterise, Novaland, Capitaland, Van Phuc Land, Khang Dien, Son Kim Land, Keppel Land, Dai Quang Minh, Hung Thinh Corp, Tien Phuoc...

Infrastructure is not commensurate with real estate prices

Commenting on the development potential of the region, Mr. Nguyen Van Dinh - Deputy General Secretary of the Vietnam Real Estate Association - said that Thu Duc City contributes 30% of GRDP to Ho Chi Minh City and accounts for about 7% of the national GDP. become the nucleus to promote the economy of Ho Chi Minh City in particular and the country in general.

According to Mr. Dinh, Thu Duc city planning and infrastructure projects are being implemented well, which is a factor promoting development, facilitating multi-modal connectivity between the city and other areas in Ho Chi Minh City such as: metro line 1 and Thu Thiem bridge project 2.

“Tại 2 trung tâm công nghệ cao và công nghệ sinh thái tập trung tại quận 9 cũ, chuyên gia nước ngoài và các cấp quản lý làm việc tại đây được xem là nguồn cầu tiềm năng cho sản phẩm bất động sản”, vị chuyên gia phân tích.

In addition, at the end of the year, an important factor supporting the recovery of the real estate market is low interest rates. Many banks offer attractive preferential interest rates, even less than 6%/year for home loans.

Thu Duc city needs stronger investment in transport and social infrastructure in the future

Experts estimate that the real estate selling price of Thu Duc City in the past 3 years has increased too quickly compared to the price level of the whole city, only lower than the city center area, quite high compared to income. of the middle class.

Commenting on this market, expert Nguyen Khanh Quang said that the current infrastructure connection in the eastern city is still inadequate to develop high-end projects of $4,000-5,000/m2.

Within a radius of 3 km around the area, there is still a lack of high-class social facilities such as hospitals, schools, amusement parks, finance... Only the internal utilities of the project area do not say the value of the products. high-class. This is something that Phu My Hung has done quite synchronously.

Source: Zing