Property

In the context of interest rates not keeping pace with inflation, investors are tending to withdraw funds from banks and pour it into investment channels such as real estate, especially suburban real estate. The coastal real estate market in the Mekong Delta also boasts potential from a clean land fund being gradually exploited, and rising prices see it join suburban areas as a “gold mine”.

Hanoi is facing pressure from housing demand due to rapid population growth. The capital is currently implementing 149 housing projects, including 92 in commercial housing, equivalent to nearly 35 million sq m of floor space, and 57 in social housing, or 6.6 million sq m.

Ho Chi Minh City aims to increase its total housing floor space by at least 50 million sq m in the 2021-2025 period, with the area per capita to be at least 23.5 sq m by 2025. It needs nearly VND567 trillion ($24.5 billion) in investment and 974 ha of land to achieve the targets.

The central highlands’ Lam Dong province has decided to develop urban chains, a specialized urban model where the satellite revolves around a central urban area, instead of forming “compressed” cities that are less environmentally friendly. The province will develop four new urban centers in the 2021-2025 period and upgrade a number of existing urban centers, with a focus on Da Lat city.

Northern Bac Giang province issued a number of decisions in early December approving the detailed planning for the construction of real estate projects including urban areas and residential areas and ecological urban areas. The province also called for existing projects to be sped up.

The new Astral City luxury apartment and commercial complex in Thuan An district, southern Binh Duong province, sits on 3.7 ha, including 23,000 sq m for a commercial center, landscaping, internal facilities, and eight 40-story towers. It is also one of the first projects in Binh Duong developing high-end apartments, and has attracted major attention in the market.