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Apartment project in Binh Duong skyrocketed

The output of apartments in Binh Duong exceeded the threshold of 24,000 units, 5 times higher than that of instant houses and continues to increase rapidly in the next 6 months.

Jones Lang LaSalle (JLL) Vietnam has just released a report on apartment market developments in Binh Duong. This is the province adjacent to Saigon and the capital of the industrial zone of the Ho Chi Minh City area with the explosion of high-rise buildings in the past 12 months.

The report said that Binh Duong has 2.4 million inhabitants, the supply of apartments recorded more than 24,000 units and is on the rise in terms of quantity and quality of houses. The number of apartments in Binh Duong is now 5.3 times higher than that of instant houses, although the land for low-rise houses here is very large.

The average price of apartments in the primary market of Binh Duong is 939 USD per m2 but still tends to increase. With the current supply, Binh Duong only ranks behind Ho Chi Minh City in terms of high-rise housing and far exceeds Dong Nai, Ba Ria-Vung Tau and Long An provinces.

According to data of JLL, 6,224 units were launched and will be sold in Binh Duong according to the periods in 2019-2020. However, new open-sale projects here are likely to escalate compared to the plan in the second half of 2019 and 2020 as developers continue to update more baskets.

High-rise housing projects in Binh Duong are mostly located in Di An and Thuan An. These are the two hotspots with upgraded routes from the town to the city, which are also convenient locations for Ho Chi Minh City.

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An apartment project has been put into operation in Binh Duong.

The cause of Binh Duong booming apartment supply, according to JLL, is a legal procedure in Binh Duong more quickly than Ho Chi Minh City when new projects in Saigon are delayed due to prolonged legal review.

With the price of Binh Duong land cheaper than Saigon but connecting infrastructure between the two provinces is smooth and fast, many real estate enterprises in Ho Chi Minh City moved to Binh Duong. The slowdown and strong decline in apartment supply in HCMC in the past 12 months is creating favorable conditions for Binh Duong to break out strongly.

On the other hand, thanks to the capital of the industrial park with the rate of filling factories over 90%, Binh Duong has a vibrant apartment market due to the needs of local people and workers and the specialist force.

Having many years of distributing and developing the market share of houses for rent in Binh Duong, General Director of Viethome Nguyen Anh Dao added that the demand for settling in Binh Duong is changing a lot compared to before. People started to be more open and gradually accepted to buy apartments with good utilities and high security. In addition to demand, people buy to stay, and a large number of buyers want to lease with potential tenants who are working in nearby industrial parks and clusters.

This expert predicts that the supply of apartments in Binh Duong will increase sharply from 2019 to 2020, right in the Ho Chi Minh City cycle to restrict the licensing of new housing projects. It is estimated that the total number of new apartments launched in Binh Duong can be up to several tens of thousands in the 3-year cycle, period 2018-2020. Development units from Ho Chi Minh City account for 70% of this supply.

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