Hanoi (VNA)-﷽ The domestic property market showed stable development in the first quarterof this year with the emergence of potential new property trading regions.

So said experts at apress conference on the first-quarter performance of the property market heldby the Vietnam Association of Realtors (VARS) in Hanoi on April 16. According to VARS,the national real estate market continued its stable development. Potentialreal estate markets have appeared in some northern and central provinces suchas Cao Bang, Bac Can, Hoa Binh, Binh Dinh, Phu Yen, Lam Dong and Binh Thuan. The market sawinvestment flow to provinces and cities neighbouring Hanoi and HCM City such asVinh Phuc, Bac Ninh, Bac Giang and Thai Nguyen in the north and Long An and DongNai in the south. The VARS also said thereal estate market in some localities experiencing stagnation recently mayrecover in the second quarter. Property supply will increase sharply comparedto the first quarter. The main supplycontinues to be apartment products, primarily affordable and mid-end units. Thevolume of transactions will also increase sharply compared to the first quarterbecause of high supply. Real estate prices may increase slightly in allsegments. Nguyen Van Dinh, theVietnam Real Estate Association’s deputy general secretary, said some placeshas seen rumours and misinformation pushing up prices, creating local bubblesin Quang Nam, Da Nang and Quang Ninh’s Van Don, but local authorities have keptclose control of investment activities and trading of real estate services toensure sustainable development of the property market. Van Don has attractedinvestment from many of the country’s large real estate developers such as CEO,Vin Group, FLC, Sun Group, BIM and HD Mon. Phu Quoc in KienGiang province is also considered an emerging market. Dang Duc Gioi, generaldirector of the Special Zone Real Estate Development Joint Stock Company, saidPhu Quoc is expected to show sustainable growth in coming years. Land pricesare expected to increase by 3-5 percent and the market is likely to secure morelong-term investments. The nation has twoother notable potential markets: Khanh Hoa and Da Nang. Experts said theirstrength is due to investment from the State budget and domestic and foreignreal estate developers to create quality urban infrastructure. The potential forinvestment in residential and resort developments in the two localities isstill high despite a recent slowdown caused by policies that have led investorsto transfer some of their work to neighbouring provinces. Dinh said that in thefirst months of the year, demand for real estate increased in Hanoi and HCMCity even as supply decreased. Housing propertyprices have increased slightly. The two markets had a number of hot areas, butthe situation was under control.- VNA