Right from early months of 2011, real estate price in Binh Duong surge 15-35%. However, experts said that the increase is still unreasonable and should have been higher. Owing to a curb on gold business and recession of stock exchange, idle money of people is eyeing real estate investment. These reasons contribute to surge price of real estate.
Increase but not yet enough
According to experts, price of real estate is on the rise but not yet enough. Owing to price hike of building materials, labor, interest rate…, the increase has not yet reasonable.
The Green River project in My Phuoc 4 in miniature.
For example, land lots in My Phuoc Township have surged 2-2.5mil per sqm from 1.9-2.2mil per sqm in 2010. The increase has not yet matched with its potential and position.
Besides, demand on housing will skyrocket in the future. This will contribute to increase real estate price in Binh Duong.
Transactions surge along
Since the first quarter of 2011, land price at My Phuoc 3 Ip in Ben Cat district has jumped 40-60mil per lot, 80-100mil per lot in My Phuoc 4. Or, at ‘hot’ areas such as Phu My, Phu Chanh, Hoa Loi and Tan Vinh Hiep resettlement areas land prices are at VND4.5mil-17mil per sqm.
Notably, BInh Duong New City has so far been the hottest area of real estate transaction with an increase of VND5-17il per sqm from VND3.5-12mil per sqm in 2010.
Luong Ngoc Tien, director of Becamex IJC’s Business and Project Development department, said land price in Ben Cat, especially My Phuoc 4 will keep increasing rapidly, owing to completion of infrastructure facility.
Entering the second quarter of 2011, real estate market in Binh Duong will skyrocket in both price and transaction pace. According to experts, investment wave into local real estate market has emerged before Binh Duong New City’s foundation. Once investors from the Northern area aim at the real estate market in this city, house and land prices in the province will skyrocket in the coming time.
Reported by C.Binh – Translated by A.C
