The real estate market of Bà Rịa – Vũng Tàu abounds in supply

VIETNAM, January 29 – The real estate market in Bà Rịa -Vũng Tàu has experienced a real estate fever over the past year, mainly in the last months of the year. — Photo

BÀ RỊA – VŨNG TÀU — A report on the Bà Rịa -Vũng Tàu real estate market by the Association of Real Estate Agents of Việt Nam (VAR) noted that supply in this area is still abundant, exceeding the demand for purchase in many segments.

The sale price of apartments and land in the fourth quarter of the Bà Rịa Vũng Tàu region increased by 3 to 5% compared to previous quarters.

The townhouse and shophouse segment increased by 5-7% last year compared to the previous year. The residential real estate market in the Bà Rịa – Vũng Tàu region is expected to continue growing this year.

Meanwhile, in the resort real estate segment, major resort projects such as Novaland World Hồ Tràm, Vũng Tàu Pearl, Hưng Thịnh’s Lavida and An Gia’s The Sóng are bringing in abundant supply. However, the price continues to rise at this time due to large business interest in Hồ Tràm and Đất Đỏ.

Compared to previous quarters, the sale price of apartments and townhouses in seaside resorts increases by 5 to 7% as investors realize that the direction of tourism is sustainable.

The selling price of resort products in general in the fourth quarter of last year increased by 3 to 5% compared to the first, second and third quarters.

Meanwhile, the supply of industrial real estate is sufficient and supply exceeds demand in some areas of the province.

VARs predict that the industrial real estate market will continue to grow and expand in the near future. Rental prices have increased slightly. Rental demand nevertheless increased by around 3%.

Similar to the industrial real estate segment, the supply of office space for rent in the province exceeded demand for rental and purchase last year.

Offices for rent in the fourth quarter as well as throughout the year saw low demand, the price decreased by 10-15% compared to 2020.

VARs said the office to let market depends on how the COVID-19 pandemic develops this year.

In the overall assessment of the Bà Rịa – Vũng Tàu real estate market last year, the VARs said that the number of applications for the transfer of land and real estate property rights had skyrocketed after the fourth wave of the pandemic. The number shows that there are 11,900 sets of registration documents in land offices.

The local real estate market has also seen a real estate fever over the past year, mainly in the last months of the year, after the end of social distancing.

In which, the district of Châu Đức and the city of Bà Rịa continuously experienced earth fever from October to December. Other localities experienced fever from November to December.

VARs said investors should check the law carefully themselves because the province’s dynamic land features were mostly agricultural land, on which many industrial areas were currently planned. —VNS

Comments are closed.