Hung Yen (VNA) – Located in the northern key economic region and Hanoi Capital Region, Hung Yen province is emerging as an attractive destination for house buyers and investors with an increasingly improved infrastructure system and rising demand for real estate.
Offering more competitive prices than the capital city, Hung Yen’s real estate sector is expanding the supply sources for house seekers and investors from Hanoi and neighbouring localities.
Leverage from infrastructure development
Over the past years, Hung Yen has recorded positive economic growth, mostly thanks to the development of the industrial sector, the improvement of the infrastructure system and the debut of mega urban projects.
The province’s gross regional domestic product (GRDP) rose by 6% in 2021, and 13.4% in 2022, higher than the country’s respective average growth rates of 2.58% and 8.02%.In addition, GRDP per capita of the province reached 102.3 million VND (4,019 USD), an increase of 16% year-on-year, 5 percentage points higher than the national average.
The province's transport system and infrastructure have been upgraded, facilitating its connection with Hanoi, Hai Phong and Noi Bai International Airport.
Currently, it is focusing resources to speed up the implementation of key transport projects, creating a motivation for economic development. In the 2021 - 2025 period, 106 transport projects with a total investment of 14 trillion VND, equivalent to 12% of Hung Yen's GRDP in 2021, have been implemented.
In 2022, the National Assembly adopted a resolution to invest 85.8 trillion VND (3.67 billion USD) in the Belt Road No. 4 connecting Hanoi and neighbouring provinces.
The 113-km road will have a 20-km session crossing four districts of Hung Yen, namely Van Giang, Khoai Chau, Yen My and Van Lam.
As scheduled, by 2025, the Noi Bai International Airport is expected to have a new terminal and an expanded terminal, which is expected increase the airport's operating capacity and improve the access to the airport from Hanoi and surrounding areas such as Hung Yen, thus attracting new investments and labourers, thereby boosting housing demand.
Competitive prices, growing demands
According to Savills, the development of the industrial sector has led to an increase in housing demands among experts, workers and investors.Hung Yen can meet 50% of housing needs for industrial park workers by 2025, equivalent to 17,000 social houses.
Under Hung Yen's Housing Development Programme, the market will need 7,000 apartments from now to 2025. From 2023 onwards, future projects with about 95,300 apartments will open for sale.
In 2022, about 30 projects in the province supplied to the market 18,600 apartments, up 15% year on year, with an average price of 41 million VND (1,611 USD) per sq.m, 14% lower than that in Hanoi.
Meanwhile, in 2022, the supply of townhouse villas also rose 40% with 23 projects, mostly in Van Giang district.
The average primary price of townhouse villas in Hung Yen is 149 million VND per sq.m due to the presence of new urban projects, 17% lower than house prices in Hanoi.
It can be seen that housing prices in Hung Yen is much competitive than those in nearby localities.In the coming time, Hung Yen aims to develop an additional 10.06 million sq.m of housing floor until 2025, and an average housing area of 29.1 sq.m per person.
According to the Housing Development Programme of Hung Yen, which was approved in 2022, the locality’s urbanisation rate is expected to reach 48% in 2025, leading to a demand of 138,600 new houses.
However, only about 108,000 houses are expected to be supplied to the market by 2025, leading to a housing shortage of about 30,600 houses.
Do Thu Hang, Senior Director of Research & Advisory Services of Savills Hanoi, said that in 2021, the future supply in Hung Yen will target residential house buyers as well as investors from Hanoi and neighbouring localities./.
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