Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade BCHUSD, Bitcoin and Cryptocurrencies

BUY & SELL BCHUSD | View BCHUSD News & Updates


Buy Sell BCHUSD, Bitcoin and Cryptocurrencies

Hanoi suburban real estate prices climbing daily   2010-04-05 - Dat Viet

Hanoi will have five satellite urban areas, so prices in the suburban areas have risen. Capital is flowing into the real estate sector, while it is still unclear about trends in other investment channels.

 

 

 
According to Dat Viet newspaper, apartment prices in new urban areas plus houses alongside Le Van Luong and Khuat Duy Tien roads are steadily increasing.

 

Even small speculators profit

 

Nguyen Vinh Quy purchased 100 square meters of land in Trung Van village in 2001 at one million dong per square meter. The price unexpectedly jumped to 40 million dong per square meter before Tet and has climbed to 45 million dong now. Quy does not intend to sell the land right now, because he believes the price will continue to climb.

 

According to Nguyen Anh Huong, Director of CEN Group, a real estate trading floor in Dong Da District, land prices in Van Canh and Cau Dien  are increasing daily, selling now at over 30 million dong per square meter.

 

Apartments in urban areas of Ha Dong district are now 34-37 million dong per square meter, rising from 30 million dong before Tet.

 

Dong, an An Hung Real Estate Trading Floor client, noted that, with prices rising  daily, it will be very difficult to purchase a reasonably-priced apartment.

 

According to Bui Tat Thang, Deputy General Director of Sacomreal, the HCM City property market is prospering again.

 

By the end of the first quarter of 2010, successful transactions on Sacomreal’s trading floor were worth over 600 billion dong, double that of the fourth quarter of 2009.

 

New apartments with reasonable prices of 20 million dong per square meter or lower have been selling very well.

 

Bubble yet to burst

 

More and more people are pouring capital into the real estate market. Even those with only 100-200 million dong in capital are joining the real estate market. They purchase land in neighboring provinces and then re-sell for profit. Those with more capital always invest in apartments.

 

According to Thang from CEN Group, successful transaction deals in March increased by 10 percent compared to two months ago, and by 30 percent over late 2009.  These were mostly apartments priced at 15-19 million dong per square meter.

 

The Deputy General Director of CEN Group noted that information about many big projects in Hanoi and the five satellite urban areas has made the real estate market heat up.

 

According to economist Vo Tri Thanh, now is a boom time in real estate. Capital is flowing into land after the gold trading floors shut down, plus trends on the stock market remain uncertain.

 

“People will think twice before investing in stocks, dollars or gold, but if they have enough money, they will purchase real estate without any thought. It is because the real estate price is increasing day by day, while they do not have to spend time to keep watch over the market performance,” Thanh explained.

 

However, Thanh warns that the current high prices are part of the real estate bubble and he advises investors to remain cautious in their investments.



Other news

BUSINESS IN BRIEF 5/4   2010-04-05

US basa market plan unveiled   2010-04-05

Insurance industry grows 20%   2010-04-05

Index rallies on late-week economic data   2010-04-05

Domestic gold drops below world price   2010-04-05

Foreign dairy producers keep prices high, but launch promotions   2010-04-05

Advanced hearing aid technology on market   2010-04-05

Foreign-invested kitchen to serve Vietnam laborers, students   2010-04-05

Foreign economic assistance may cost too much   2010-04-05

Vietnam forest land fund running out as demand soars   2010-04-05

BUSINESS IN BRIEF 4/4   2010-04-04

Anti-dumping mud sticks on firms   2010-04-04

Bank credit up 3.34% in quarter   2010-04-04

AirAsia move on stake in VietJet clear for take-off   2010-04-04