The Latest on Phu Yen Real Estate

Out of 900 real estate transactions notarized, land plots and detached houses accounted for over 98%, with the remaining being apartments.

Specifically, land plot transactions dominated with 559 deals, totaling VND 250,164 billion. This was followed by 332 transactions for detached houses, with a total value of approximately VND 479,104 billion. Apartment transactions were relatively scarce, with only about 9 deals totaling VND 9,190 billion.

In Tuy Hoa City, real estate transaction prices for detached houses ranged from VND 10-60 million/m2, apartments from VND 20-30 million/m2, land plots from VND 15-50 million/m2, and social housing from VND 5.5-6.7 million/m2. In the remaining localities, detached house prices ranged from VND 6-20 million/m2, while land plot prices were VND 1.6-15 million/m2.

Regarding land-use right auctions, in the first six months of the year, Phu Yen Province successfully auctioned 435 residential land lots with a total area of 57,803 m2, expecting to collect VND 736,915 billion for the state budget.

According to the Department of Construction, the average winning auction price in Tuy Hoa City was VND 36.1 million/m2, in Dong Hoa and Song Cau towns was about VND 13.7 million/m2, in Tay Hoa and Phu Hoa districts was about VND 9.5 million/m2, and in the remaining districts was between VND 1.6-5.1 million/m2.

In terms of the number of housing projects, Phu Yen has 25 ongoing housing projects, an increase of one project compared to the first quarter of 2024.

Regarding social housing projects, currently, there are no such projects in Phu Yen province that meet the requirements to access the VND 120,000 billion credit package and be publicly announced on the provincial People’s Committee’s portal, as stipulated. Reasons include the lack of investment approval decisions, unchosen investors, and unresolved land allocation or leasing issues.

As for tourism and resort projects, Phu Yen has not approved any new investment proposals. However, two projects have undergone investment strategy adjustments: the Viet My A&V Hotel and Resort Complex (4.7 ha) and the Bai Rang Eco-Tourism Area (3.28 ha). To date, Phu Yen has 44 tourism and resort projects, covering approximately 447.37 hectares, with a total investment of about VND 63,547 billion.

Earlier, in May 2024, according to the Phu Yen Province Department of Construction, six out of seven real estate trading floors in the province (all located in Tuy Hoa City) were temporarily inactive or no longer operating.

The inactivity or temporary suspension of most real estate trading floors in Phu Yen Province can be attributed, in part, to the limited supply of new completed projects in the local market in the past.

In 2024, Phu Yen is expected to have 37 commercial housing and urban area projects (with Tuy Hoa City leading the way with 22 projects, followed by Dong Hoa, Tay Hoa, and Phu Hoa districts with three projects each) spanning 106.15 hectares.