Bình Định land prices remain stable.
Before the real estate market crisis of 2022-2023, Binh Dinh real estate was once a hot spot in the market with the arrival of many large real estate corporations, attracting strong investment waves, especially during the period of 2019-2021.
With the advantage of having a well-invested transport infrastructure – such as the North-South Expressway, National Highway 19 connecting to Quy Nhon seaport and Phu Cat airport – along with open investment attraction policies, Binh Dinh quickly became a magnet for capital from many large real estate corporations.
During the “hot” development period, many large corporations rushed into Binh Dinh, typically the FLC Group with the FLC Quy Nhon Resort complex. This was followed by big names such as Hung Thinh Group with a series of large-scale projects in Quy Nhon City and Nhon Hoi seaside; TMS Group with the project TMS Hotel Quy Nhon Beach; Phat Dat, Danh Khoi, and a number of businesses from Hanoi, Ho Chi Minh City also quickly implemented urban and resort projects.
At that time, Binh Dinh real estate was considered an emerging market with the explosion of a series of resort and residential projects, new urban areas.
The resorts that made the golden period of Binh Dinh resort real estate in this period must be mentioned such as Melia Quy Nhon Beach Resort, Takashi Ocean Suite Ky Co, Vina2 Panorama, Casa Marina Premium Quy Nhon, MerryLand Quy Nhon, Marriott Quy Nhon Resort & Spa, Grand Center Quy Nhon…
In terms of housing real estate, before the crisis, the Binh Dinh market also witnessed the flourishing of a series of large-scale projects and new urban areas in many areas of Binh Dinh. Some typical names that can be mentioned include the Northeast Diêu Trì Green Urban Area, Bắc Hà Thanh Residential Area (Tuy Phước District), Long Vân 2,3,4 Urban Area, Bình Chương Nam Urban Area, Nhơn Bình New Urban Area, Vân Hà Urban Area, Hưng Thịnh Residential Area, An Phú Thịnh Urban Area, New urban area in the area of Cho Góc Market, Ánh Việt Residential Area, Bình Chương Nam Urban Area (Quy Nhon City), An Quang urban and tourism area (Phu Cat), Trà Quang Nam Urban Area (Phu My)…
This is also the period when the Binh Dinh real estate market sees the presence of many investors from the North and investors from Ho Chi Minh City “participating” in the market. The presence of the northern rich and southern giants has made the Binh Dinh real estate market more vibrant than ever.
However, since the real estate market fell into crisis, Binh Dinh real estate is no exception. The market is quiet, liquidity is dry in many projects and areas. In 2023, selling prices were cut by 30-40% compared to the peak period of 2021 appeared in many places.
According to a survey by Batdongsan.com.vn, up to now, when the market has recovered, many areas and places in the country have started to regain growth, but Binh Dinh real estate is still maintaining a dominant level of horizontal prices.
For example, Binh Dinh apartment projects in Quy Nhon city are still maintaining the selling price of the same period last year. Specifically, an apartment project developed with the purpose of serving tourists and resorts on Le Duan street, belonging to Ly Thuong Kiet ward, has a selling price ranging from VND 1.6-2.5 billion/unit. Some apartment projects located on Dien Bien Phu Street, Nhon Binh Ward are priced from VND 1.2-1.7 billion/unit, many apartments are also being offered for sale at a price of VND 100-150 million cheaper than the original price, not including the interior construction cost of the homeowner.
Binh Dinh land products in the Nhon Hoi New City project are still maintaining a price of VND 1.5-1.6 billion/lot. Land in Nhon Chau, Nhon Hoi, Nhon Ly… is still at a price of VND 12-20 million/m2. Nhon Hai land is still at a price of VND 20-30 million/m2.
However, although the price is horizontal, in the segment of land, the Binh Dinh market records a significant increase in transactions.
Local brokers said that the stability of Binh Dinh land prices has attracted investors because the price is not pushed up, artificially increased. While the potential of the market is very large in tourism development. Therefore, local investors or investors from Ho Chi Minh City still pour money into Binh Dinh land in this period. However, in the apartment segment, the selling price is still horizontal, and transactions are quite slow…
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