Positive signs of recovery were recorded in the real estate market in Ba Ria – Vung Tau in the first month of 2024. This is a rare local area in the southern region where the interest in real estate purchases increased in the first month of 2024.
According to the real estate market report for January 2024 by Batdongsan.com.vn, although the number of houses and land for sale in Ba Ria – Vung Tau decreased by 15%, the demand for real estate purchases in this province in January 2024 increased by more than 5%. Specifically, land plots are the type of real estate that experienced the strongest fluctuation in transaction demand in the first month of the year, and this is also the segment with the best purchasing power growth in recent times. However, other products such as apartments, private houses, and vacation villas remained relatively quiet.
The demand for land plots in Ba Ria – Vung Tau increased by more than 16% in the first month of the year. In addition to land plots, private houses in this province also saw a 2.8% increase in customer interest compared to the previous month. Vacation villas in Ba Ria – Vung Tau did not experience any fluctuations in search demand, while apartments decreased by 11%.
Notably, the “explosion” of interest in real estate in Ba Ria – Vung Tau in the past month was largely concentrated in the District of Dat Do. Data from Batdongsan.com.vn shows that the demand for real estate in Dat Do District increased by 68.7% in January, with the majority falling on land and separating land plots. The price range is about 600 million VND to 1.2 billion VND, with small areas.
In addition, Chau Duc District also saw an 11.2% increase in interest in land plots in the early days of the new year. Ba Ria and Xuyen Moc had minor fluctuations in land plot searches, with increases of nearly 3% and 4.4% respectively.
On the other hand, the demand for real estate purchases in the three areas of Vung Tau City, Phu My, and Long Dien has not shown a clear recovery, with search for real estate in these three areas decreasing by an average of 2-7% compared to the previous month of December.
Explaining the positive recovery of real estate in Ba Ria – Vung Tau in general and land plots in Dat Do District in particular, experts from Batdongsan.com.vn believe that the impact of information on the construction project of an airport in Dat Do District is causing an influx of land investment to this area.
Previously, the Ministry of Planning and Investment had issued a letter to solicit opinions on the investment project for the construction of the Dat Do Airport. This is a project that is expected to be implemented in Loc An Ward and Lang Dai Ward, Dat Do District, Ba Ria – Vung Tau Province.
The Dat Do Airport is defined to have the main task of serving general aviation, passenger transportation, luggage and cargo transportation (not public transportation). Due to its proximity to the Long Thanh – Tan Son Nhat airport complex, the Dat Do Airport is reserved for receiving civilian aircraft in emergency situations.
In addition, many technical infrastructure projects have been invested to serve tourism development here, such as: coastal roads connecting Long Dien and Xuyen Moc districts; provincial road 44a connecting Phuoc Hai town to Long My and Phuoc Hoi communes; inter-commune roads connecting Loc An commune to Phuoc Long Tho commune. Especially in June 2023, Ba Ria – Vung Tau commenced the project to expand and upgrade the nearly 77km-long coastal road 994, with a total investment of over 6,500 billion VND.
At the beginning of December 2023, the real estate market in Dat Do District has become active again after a period of silence. Compared to before, transactions have still been modest, but investor activities in the market have improved, showing a return of buyer confidence. Some areas with potential in infrastructure and new planning are still quietly “hunting” for real estate to get ahead of the price increase cycle in the future.
However, according to the evaluation of Batdongsan.com.vn, it is very difficult for a land fever situation or a hot increase in land prices to occur this year. Although the search demand and transactions have improved, it is still a local phenomenon, coming from the group of investors with strong financial capacity. The overall real estate market in Ba Ria – Vung Tau still faces many difficulties and has not truly recovered broadly. Therefore, if buyers intend to reside or invest without using too much financial leverage, this is an appropriate time to pay attention to the real estate market in Ba Ria – Vung Tau, and get ahead of the infrastructure transport wave reaching the goal in the period of 2025 – 2026. Otherwise, other investors should not consider speculating or surfing the real estate market at this time.
Previously, the real estate market in Ba Ria – Vung Tau was dynamic during the period of 2021 – 2022. Specifically, by the end of 2021, Mr. Tran Ngoc Cam Tuan, Director of the Provincial Land Registration Office, said that the number of people coming to resolve land-related matters tended to increase, up 10 times compared to the time of social distancing relaxation.
Accordingly, from early October to mid-November 2021, the branches and the Provincial Land Registration Offices received 11,840 land-related files, including 118 files from organizations and businesses. The Provincial Land Registration Office and the district-level branches increased personnel and worked overtime to meet the deadline for returning files to citizens on time.
However, by the end of 2022, the Provincial Department of Construction announced that the local real estate market had experienced a decline in transactions, especially in the land plot segment.
