For the first half of 2024, Hai Phong has been recognized as a vibrant domestic real estate market with an abundance of new projects and favorable transaction rates. Consequently, the market has consecutively witnessed the launch of numerous new projects, including Vinhomes Royal Island, HP Elite Central, Royal River City, Hoang Huy New City, The Centric, and most recently, a real estate project located in the center of Ngo Quyen district, Harbour Center.
According to updated data from Batdongsan.com.vn, in May 2024, the level of interest in Hai Phong’s real estate market and the number of listings significantly increased compared to the same period last year. This clearly reflects the market’s appeal to both domestic and foreign investors.
A Market Full of Potential
Many experts believe that with its superior advantages in modern transportation infrastructure, abundant economic potential, and strategic location, Hai Phong is becoming an ideal destination for real estate investors. The city stands out not only for its flexible transportation system, including an international seaport, highways, and a modern airport, but also for its numerous industrial parks and newly developing urban areas.
According to statistics from the Hai Phong Statistics Office, the city’s GRDP in 2023 increased by 10.34% compared to the previous year, ranking fifth in the country and second in the Red River Delta region. Also, in 2023, foreign investment attraction in Hai Phong reached a record high, second only to Ho Chi Minh City, with a total investment capital of 3.4 billion USD. There were 933 valid projects with a total investment of 28.9 billion USD.
Additionally, the city government has continuously strived to overcome challenges and create favorable conditions to accelerate the progress of key projects. These projects not only contribute to transforming the city’s landscape but also open up countless new investment and business opportunities. The strong commitment from local leaders in completing these projects has laid a solid foundation, helping Hai Phong’s real estate market assert its position on the national investment map.
Notably, Hai Phong ranks fifth in the country in terms of per capita income. This context of increasing people’s income raises the demand for upscale living spaces and entertainment venues.
According to the master plan, with a vision towards 2045-2050, Hai Phong is oriented to become a modern international maritime economic center, focusing on seaport services, logistics, and marine tourism; an international center for education, training, research, application, and development of science and technology; and enhancing the material and spiritual life of the people to match the level of typical cities in Asia…
Hai Phong introduces a series of new real estate projects
A notable highlight in Hai Phong’s future development is the projected population growth. By 2030, the population is expected to reach between 2.8 and 3 million people, with an impressive urbanization rate of 74 to 76%. Looking further ahead, by 2040, the population is forecasted to soar to between 3.7 and 3.9 million people, with an urbanization rate of up to 86%.
These numbers not only represent statistical data but also paint a picture of Hai Phong’s robust development and reveal the enormous potential for the city’s residential real estate market. With population growth and urbanization, the demand for housing will explode, creating a golden opportunity for real estate investors.
The Right Time to Invest in Hai Phong’s Real Estate
Despite its numerous advantages, Hai Phong’s real estate prices are not yet commensurate with its development potential when compared to other major provinces and cities.
In the Northern region, Hai Phong ranks third in terms of GDP contribution, after Hanoi and Quang Ninh. However, its real estate prices are far below those of these two localities.
These factors inadvertently create a strong attraction for Hai Phong’s real estate market, especially for projects located in the city center, where supply is extremely limited. One such example is the Harbour Center project.
A bird’s-eye view of the Harbour Center project
This township project, comprising shophouses and townhouses, is considered a hallmark of Hai Phong’s culture and identity. It bears the marks of glorious historical events, bustling ports, the North’s first factories, famous streets, and the unique culture and lifestyle of the people of this port city.
Located in the city’s core, the project benefits from exceptional transportation infrastructure, with several major bridges and roads nearby that are scheduled for construction.
Many experts agree that, despite some positive signals in the first half of 2024, the market has not yet fully recovered. Investing in real estate in areas with strong development potential like Hai Phong at this time will enable investors to gradually “seize opportunities” while also presenting a clear prospect for near-term price appreciation. Waiting a few more years, until the market strengthens, may eliminate any further room for price growth…
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The prices of condominiums have become excessively high, making it impossible for those who genuinely need housing to afford them. In order to improve accessibility, it is imperative to decrease the prices of condominiums by diversifying the products and increasing the supply of social housing.
