» » Real estate sales in Hai Phong pick up

The real estate market in the northern port city of Hai Phong is recovering, with strong recent growth in both transaction volume and value since a slump in the early months of the year, said Hai Phong Real Estate Association vice chairman Luu Thanh Tang.

In the two most recent months, the number of property transactions in the city increased by 200 per cent while prices have risen, on average, by 10-20 per cent compared with earlier this year.

Some projects, Tang said, had seen even stronger price increases. Prices for units in the Ho Sen-Cau Rao 2 development project had stood at about VND10 million (US$550) per square metre at the beginning of the year but were now up to VND30 million ($1,600). And, in contrast to other major cities, Tang said, the recovery in Hai Phong was based on real demand for housing. Demand was higher, he noted, for both new and older homes, as well as townhouses and apartments in new urban areas.

The strong sales across-the-board suggested many people were enjoying higher incomes and looking to improve their living standards, he said.

Nor was the recovery limited only to the housing sector, Tang said, noting increasing number of office and hotel office projects.

Thuy Duong Joint Stock Co has just commenced construction on an office and luxury apartment project in the city’s Ngo Quyen District, and the Hai Phong Construction Trade Joint Stock Co had a building underway on Hoang Van Thu Street.

Land prices were also up, with land in the Sao Do new urban area rising so far this year from around VND12 million ($660) per square metre to VND17 million ($940).

Source: VNA

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