Vietnam’s Binh Phuoc gains momentum as real estate projects are slated for 2022 until 2025

The rental real estate market is also recovering

According to Tran Khanh Quang, a property specialist, when the economy recovers, so will the rental property market. Goku Agency/Shutterstock

Vietnam’s real estate sector is recovering, reported Global Property Guide

It opened up to foreign homebuyers in 2015 and has grown exponentially since then. Hong Kong, Mainland China, Singapore, and South Korea account for the majority of buyers.

The property market in Binh Phuoc, a province in southern Vietnam, is projected to intensify as there are plans to build industrial parks and an airport from now until 2030.

The province is seeking USD2 billion in investment in 80 major projects, according to Tran Tue Hien, chairperson of the People’s Committee. Priority would be given to projects, including agriculture, culture, environmental protection, healthcare,  information technology, and tourism, she said.

Farm processing, metal, electronics, automotive parts, textiles, and apparel are industries that will be established here, which will create approximately 30,000 jobs, according to Phnom Penh Post.

Binh Phuoc will concentrate on attracting investment in technology, organic agriculture, and the processing of agricultural products such as cashews, peppers, and fruits.

The rental real estate market is also recovering. The demand is driven by the successful nationwide vaccination campaign, which reopened economic activities.

More: Many Vietnamese homebuyers are optimistic despite the real estate price hike

Hanoi-based broker, Ngo Manh told EIN Presswire that there had been an influx in online searches for spaces to open banks, cafes, drugstores, and restaurants. 

Real estate portal also revealed that searches for offices for lease in Ho Chi Minh City increased by 32 percent in February. As for residential properties, private houses led with more than 80 percent, followed by apartments and townhouses, which were at 53 and 32 percent, respectively. 

Rental room searches climbed by 237 percent in Hanoi, while private house, apartment, and office searches increased by 77, 73, and 17 percent.

According to Tran Khanh Quang, a property specialist, when the economy recovers, so will the rental property market. From the second quarter of this year, he predicted that the rental market will be strong.

The Property Report editors wrote this article. For more information, email: [email protected].