Market quiet at year end
On the real estate trading pages in Bac Lieu with over 26,000 followers, it is also quiet. There is only occasional information about selling houses and land. In the Hoang Phat residential area (Ward 1, Bac Lieu city, Bac Lieu province) - where the infrastructure is complete - the price of land with an area of 100m2 of residential land, with a red book for immediate delivery is only over 1 billion VND.
Having worked as a land broker in Bac Lieu province for 10 years, Mr. Nguyen Thanh Phong (name changed) said: "7 years ago, I sold the same plot of land in Hoang Phat Residential Area for 1.3 billion VND. After 7 years, buying and selling through many people, the price dropped to only 1.2 billion VND."
In the same situation as Hoang Phat Residential Area, Trang An Residential Area, Real Estate (Ward 2, Ward 5)… land is also difficult to sell even though the price is considered very low.
Mr. Nguyen Nhat Khanh - Sales Director of Bac Lieu Real Estate - commented: Currently, if the project is renewed from investment procedures to opening for sale, the floor price per square meter must be 10 million VND. However, available land is sold at a lower price than this, which proves that the market has hit rock bottom.
Land fever in the suburbs is over
When the road in Bac Lieu city was expanded, the land in the outskirts (not yet residential) increased rapidly. Typically, Lo Ren Street, Ward 5; Bach Dang Street, Ward 2... At peak times, the price was up to 800 million VND for 100m2. However, the price has now dropped to below 700 million VND, but transactions are still quiet.
In the suburbs of Bac Lieu city, garden land is also difficult to sell. An area of 3,000m2, including 100m2 of residential land, located only 5km from the center of Bac Lieu city, with a road accessible by car, Mr. Nguyen Van Luc has been selling for 2.5 billion VND for 3 months now and no one has asked to buy.
Mr. Luc said that he previously bought this land for nearly 2 billion VND to build a house, and converting it to residential land cost a lot of money. Now selling it for 2.5 billion VND is considered to break even.
According to the report of the Department of Construction of Bac Lieu province, in 2024, there will be no new real estate investors investing in Bac Lieu province. Previously licensed projects have a housing construction rate of less than 50% of the project's residential land.
According to real estate business people, land prices are not increasing and the market is sluggish, making investors hesitant, so they switch to other investment channels with more potential for profit.
