Bà Rịa – Vũng Tàu real estate market abundant in supply

Real estate market in Bà Rịa -Vũng Tàu witnessed land fever in the past year, mainly in the last months of the year. — Photo laodong.vn

BÀ RỊA – VŨNG TÀU — A report on the Bà Rịa -Vũng Tàu real estate market by the Việt Nam Association of Realtors (VARs) noted that the supply in this area is always abundant, exceeding the buying demand in many segments.

The selling price of apartments and ground in the fourth quarter of Bà Rịa Vũng Tàu area increased by 3-5 per cent compared to the previous quarters.

The segment of townhouses and shophouses rose by 5-7 per cent last year over the previous year. The residential real estate market in Bà Rịa – Vũng Tàu area is forecast to continue to grow this year.

Meanwhile, in the resort real estate segment, large resort projects such as Novaland World Hồ Tràm, Vũng Tàu Pearl, Hưng Thịnh’s Lavida and An Gia’s The Sóng bring abundant supply. However, the price is still increasing at this time because of the interest of large corporations in Hồ Tràm and Đất Đỏ.

Compared to the previous quarters, the selling price of apartments and townhouses in resorts is increasing by 5-7 per cent because investors realise that the tourism direction is sustainable.

The selling price of resort products in general in the fourth quarter of last year rose by 3-5 per cent compared to the first, second and third quarters.

Meanwhile, the supply of industrial real estate is sufficient and supply exceeds demand in some areas in the province.

VARs forecast that the industrial real estate market would still increase and develop in the near future. Rental prices surged slightly. Rental demand still rose about three per cent.

Similar to the industrial real estate segment, the supply of offices for rent in the province exceeded the demand for rental and purchase last year.

Office for lease in the fourth quarter as well as in the whole year recorded low demand, the price decreased by 10-15 per cent compared to 2020.

VARs commented that the office market for lease depended on the development of the COVID-19 pandemic this year.

In overall assessment of the real estate market of Bà Rịa – Vũng Tàu last year, VARs said that the number of applications for transfers of house and land ownership rights soared after the fourth wave of the pandemic. The number shows that there are 11,900 sets of registration documents at land offices.

The local real estate market also witnessed land fever in the past year, mainly in the last months of the year, after the end of social distancing.

In which, Châu Đức District and Bà Rịa City continuously witnessed land fever from October to December. Other localities saw fever from November to December.

VARs said that investors needed to carefully check the law themselves because the characteristics of vibrant land plots in the province were mainly agricultural land, on which many industrial zones were currently being planned. — VnExpress News