Vietnam Realtor affirmed that prices of real estate in Van Don island district can only increase by 10 – 20 per cent compared to 2016, while in fact, realtors in this area have driven up prices virtually up to 5 - 6 times higher than the real ones.
Vietnam Realtor has just released the Report on Real Estate Market in 2017 which highlights the strong development of the real estate market in Quang Ninh province, especially Van Don island district in the near future.
In Van Don, according to Vietnam Realtor’s data, there are over 10 large-scale real estate projects registered for investment and a number of projects under implementation. In the future, Van Don is expected to be a potential land for real estate investors.
Vietnam Realtor said that the reasons why the real estate market in Quang Ninh has recently developed rapidly are the province’s strong investment in urban transport infrastructure and information that Van Don will be a special administrative-economic zone (SEZ). Besides, Quang Ninh has offered effective planning and development as well as attractive investment policies.
However, Vietnam Realtor also gave warnings to investors, especially small investors if they plan to invest in real estate in Van Don.
Firstly, Van Don’s detailed construction planning is not available now; therefore, before investment, investors should work with local authorities to avoid the risk of investing in land planned for traffic purposes.
Secondly, in terms of land value, due to lack of significant investment in technical infrastructure and social infrastructure in this area, the value of land is actually not high. The increasing price of real estate is mainly due to the information that Van Don will become an SEZ. Indeed, officials from Van Don say local land prices are increasing day by day.
In the first 10 months of 2017, there were nearly 1,100 applications for transferring land use rights.
According to the local residents, real estate prices in Van Don have never risen so fast. Prices of many land plots which were earlier from VND9 - 10 million (US$397 to 441) per square meter have risen to VND25 - 26 million (US$1,102 to 1,146) per square meter.
Many real estate experts say realtors have pushed prices to distort the real estate market for profit. Therefore, investors should be very cautious.
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