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Northern investors look south for profits
Real estate investors in the northern region of the country are making investments in the south as they see it as a more lucrative area for property development.
Investors from the north are particularly interested in Binh Duong Province. Thirty per cent of investors in the Green River project in the My Phuoc 4 Urban Area are from the north, said Nguyen Vinh Minh Thanh, Director of the Tac Dat Tac Vang Real Estate Company, which is one of the project's owners.
Dong Nai Province is also attracting investors. In mid-April, the Green Land Real Estate Company began selling land plots in its Thung Lung Xanh project in Dong Nai Province's Long Thanh District. More than 450 plots were sold out within three days.
Company director Luong Tri Thin said that up to 45 per cent of the project's buyers were northern investors, mostly from Ha Noi.
Nguyen Thi Thanh Huong, Director of the Tin Nghia Real Estate Company, said many northern investors were studying the Dong Nai real estate market.
Land plot prices in Binh Duong and Dong Nai are four to five times lower than plots in areas surrounding Ha Noi.
Only some hundreds of millions of dong was needed to own a plot of land in southern provinces, while at least one billion dong was required in the north.
"Property prices are rather stable in the Dong Nai and Binh Duong and stand at relatively attractive levels," Huong said. " Real estate fever continues in Ha Noi and other northern areas."
HCM City property prices are high but investors are still interested.
Hoang Thanh Long, owner of a real estate project in District 7, said that northern investors who bought his properties accounted for 70 per cent of the total number.
Northern investors have been interested in the southern market for some time, but are now buying even more because of the disparity between prices, according to Tran Minh Hoang, chairman of the Viet Nam Real Estate Company (Vinaland).
High profits and stable prices are also driving investors to the south, he added.
vietnamnews
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