Hai Phong Real Estate: A young potential market

(Updated: 27/12/2019)

The real estate market in Hai Phong is becominging increasingly exciting not only by the demands of local housing buyers, but also by real estate investors nationwide who are paying their attention on this market.

Young market, great potential

In the poll of the favorite real estate project recently organized by Bao Dau Tu (Investment Newspaper), there were 76 projects in all segments of urban areas, apartments, land projects - villas, offices, resorts, industrial parks ... all over the country for voting.

Notably, there is a significant proportion, with about 10 projects in Hai Phong City, belonging to various developers participating in the vote.

Referring to investors who are funding capital into Hai Phong real estate market, first of all are Vingroup (VIC) and Hoang Huy Investment Financial Services JSC (TCH), with a series of projects. These two companies are listed on HOSE.

Nam Long Investment Joint Stock Company (NLG), a southern real estate developer, chose Hai Phong as the first destination when implementing the “Approaching Northern” strategy.

Mr. Nguyen Minh Quang, Sales Director of NLG, said: “Although price of Hai Phong’s land has increased, purchasing power continues to increase and scarcity of affordable products of good quality like those of Nam Long”.

It can be seen that the advantage of Nam Long in Hai Phong is that in the housing project segment, there are not too many big professional investors like in Ho Chi Minh City.

Hai Phong is currently the third largest city in the country, with a "miraculous" GDP growth of more than 16.2% in 2018 and in the first 10 months of 2019 rising over 16.3%.

Hai Phong is a first class city, ranked third in the whole country (above Can Tho and Da Nang) in terms of population, per capita income, and many other important economic indicators.

Hai Phong's population size is approximately 2 million people, behind Ho Chi Minh City and Hanoi, but GDP per capita (estimated at 4,300 USD in 2018) ranked second, just behind Ho Chi Minh City.

The urbanization rate of Hai Phong ranked 6th nationwide, with a rate of 46.3%.

The number of people in working age accounts for over 65% of the population, so the need to split households is high, along with the proportion of immigrants working in industrial parks, ports ... leading to huge housing demand and fast urbanization speed.

The economy has grown strongly and stably for many years, but the real estate market in Hai Phong is partly quiet compared to other provinces and cities.

However, since major infrastructure projects such as the Hai Phong - Ha Long highway, Hoang Van Thu Bridge was inaugurated in 2019 and before that was the Dinh Vu - Lach Huyen sea crossing ... enhancing connection with neighboring localities, Hai Phong becomes a very potential real estate market.

Attractive investment capital

If other key economic regions such as Binh Duong, Dong Nai, Ba Ria - Vung Tau, Da Nang ... have been through many land price fever for a long time, then Hai Phong real estate will emerge when infrastructure is invested strongly.

The prices of real estate, condominiums and real estate projects in Hai Phong are still very attractive when compared to real estate prices in other dynamic economic development provinces, not to mention big cities like Hanoi and Ho Chi Minh City.

Many real estate investors are heading to this city after land prices in Binh Duong, Dong Nai and Ho Chi Minh City have risen sharply in the past year.

Many secondary investors in Hai Phong brought capital into Ho Chi Minh City, now are bringing capital back.

Mr. Nguyen Huy Duong, TCH’s CFO, said that some products such as Pruksa Town Project (An Dong, An Duong) cost less than VND 2 billion or Hoang Huy Mall (Vo Nguyen Giap, Cau Rao 2) have priced below VND 3 billion invested by TCH, always sold out.

The geographical location coupled with the constant change in infrastructure makes Hai Phong affirm its position as a locality with special potential, not only attracting investment in the field of seaports and industry, but also strong tourism development potential.

Major industrial projects invested in Hai Phong include: USD 1.6 billion project of LG, Vinfast factory of Vingroup…

In the field of relaxation, Hai Phong has attracted big investors such as Sun Group, Geleximco with projects worth trillions of dong.

FLC Group is currently considering in investing in a project of a complex of hotels, commercial centers and offices for rent on Tran Phu Street, Ngo Quyen District.

This will be one of the three tallest buildings in Vietnam today.


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