Transaction value reached nearly 46,700 billion VND

According to the report of the Department of Construction, in the fourth quarter of 2024, there were 7,085 transactions in the province with a total value of more than 14,883 billion VND. Of which, land plots gradually recovered with 4,006 lots traded, followed by individual houses with 2,922 units and apartments with 157 units. In the last 3 months of 2024, there were 5 projects approved for investment, including: Nha Trang City Mixed Urban Area Project, Cam Thuong Complex Urban Area, Suoi Tan Complex Urban Area, Cam Tan Complex Urban Area, Cam Hoa Complex Urban Area. However, during this period, there were no urban area projects approved by investors and no housing projects qualified to put real estate into business. Therefore, the real estate market in the fourth quarter of 2024 had fewer transactions than in the third quarter of 2024 with 1,770 transactions and VND230 billion lower.

In 2024, the whole province recorded 27,269 real estate transactions with a total value of nearly VND46,700 billion. The highest transaction volume was 16,019 land plots, followed by 10,029 individual houses and 1,221 apartments. Meanwhile, in the whole year of 2023, the whole province had nearly 20,000 real estate transactions with a total value of more than VND12,300 billion; that is, in 2024, there were an increase of more than 7,200 transactions, but the total transaction value exceeded about VND34,400 billion, 3.7 times higher than in 2023.

A corner of Vinhomes Happy Home Social Housing project in Cam Nghia ward, Cam Ranh city.

According to Mr. Tran Trung Hieu, a real estate broker in Nha Trang City: “In 2024, many plots of land in Nha Trang City and the suburbs will increase by 10 - 30% compared to 2023. Compared to the period of 2019 - 2020, many plots of land in urban areas with large roads will increase by 2 - 2.5 times. Not only will land prices increase, but real estate rental prices will also increase sharply. Some main central roads and urban areas with large areas are being rented by tourism businesses, so many areas will have rental prices increasing by 20 - 30% compared to 2023. The reason why the real estate market has increased sharply compared to 2023 is due to the strong growth of the tourism market and many 1/2000 scale zoning plans being approved”. Mr. Phan Tu Liem - Deputy General Director of New City Trading and Investment Company Limited said that in 2024, Khanh Hoa real estate had a strong recovery and attracted the attention of many investors. In particular, after the Housing Law 2023, the Real Estate Business Law 2023, and the Land Law 2024 took effect, the real estate market has flourished when the transaction volume and transaction value increased sharply. In particular, the townhouse segment, the transaction volume increased sharply, investors were confident in creating cash flow from rentals from this segment and had a steady increase in value in 2024.

Many conditions for growth

Mr. Tran Dinh Quy - Chairman of Khanh Hoa Real Estate Brokerage Association said that currently, important laws related to land have come into effect, which is an important condition for the development of the real estate market. Along with that, Khanh Hoa has now approved almost all the master plans from the province to the localities; Zoning plans are also reviewed and approved by competent authorities. This is an important condition to attract large investors to Khanh Hoa. In 2024, Khanh Hoa approved the investment policy for a number of large projects in Nha Trang City, Cam Lam District, Van Phong Economic Zone and these projects have been organized for bidding according to legal regulations to find investors. In particular, large investors such as Vingroup, KN Cam Ranh, KDI Holding, VCN ... are actively implementing large projects. When the projects are qualified for business, the Khanh Hoa real estate market will have a large supply after a long period without large projects for sale.

According to the Chairman of the Khanh Hoa Real Estate Brokerage Association, the security situation in the world is entering a stable phase, the number of visitors from Eastern Europe will soon return to Nha Trang, stimulating consumption, bringing great value to the province. Along with that, Khanh Hoa has all types of transportation; Infrastructure is focused on, synchronous investment, the North-South and East-West expressway projects are gradually being completed, which is a premise for real estate to recover. "I expect that in 2025, the real estate market will make a strong breakthrough, the apartment and land segments in large projects that are eligible for sale will further promote market development," said Mr. Quy.

According to Mr. Chau Ngo Anh Nhan - Director of the Department of Planning and Investment, in 2024, Khanh Hoa attracted 26 non-budget investment projects with a total registered capital of more than VND 50,650 billion; 16 projects were adjusted to increase capital with more than VND 2,600 billion. Currently, some large-scale real estate projects are being actively accelerated by investors, such as: Cam Ranh Bay Urban Area Project; KN Paradise Resort and Entertainment Complex Project; Vinhomes Happy Home Social Housing Project in Cam Nghia Ward, Cam Ranh City; Dien Khanh District Administrative Urban Area... The locality is urgently completing zoning plans (scale 1/2000) to serve as a basis for bidding and auctioning large projects according to regulations.

MẠNH HÙNG