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LAO CAI REAL ESTATE WELCOME NEW BREATHS OF AIR

Date 21/09/2021

Many projects are being and are being implemented in Lao Cai city as well as neighboring areas, with different types from townhouses, commercial houses to villas.

Lao Cai real estate market: Breakthrough from the “kicks”

Unlike many other mountainous provinces, in recent years Lao Cai has consistently ranked first in the provincial competitiveness index. With the advantages of tourism development and border gate economic, Lao Cai has achieved great growth in many aspects. Infrastructure – transportation has been improved in an increasingly modern and civilized way.

Typically, the Noi Bai – Lao Cai Expressway has been put into operation, Tran Hung Dao Street – the main axis of Lao Cai City is expanded or some other roads have been invested such as highways 279, provincial road 156, high Lao Cai – Ha Noi – Hai Phong … Thanks to that, the movement and connection between Lao Cai to Hanoi and other provinces became faster and more convenient.

It is the foundation that helps make the appearance of Lao Cai in general change day by day, with bustling construction sites, large-scale buildings have been built everywhere. Therefore, it is not surprising that the Lao Cai real estate market has been increasing rapidly, with the selling price has increased 2-3 times compared to the previous time.

Especially, after the Noi Bai – Lao Cai expressway was opened, the land prices in many areas in Lao Cai have had a strong breakthrough. As at the center of Sapa town, the price increases from VND90 million/m2 to VND200 – 250 million/m2, the prime location can range from VND300 – 400 million/m2. Real estate market in Lao Cai has become more and more active, especially in Bo Ke and An Duong Vuong areas, with an average selling price of less than VND1 billion/100m2, there are even land lots of 7 billion/100m2.

However, urban appearance, especially housing projects in Lao Cai city is not commensurate with the pace of this development. At present, the people live mainly in the old streets, the architecture is inconsistent. These are mainly tube house designs, located in areas without green campus, lack of necessary and modernutility – services.

Commenting on the Lao Cai market, Ms. Do Thi Thu Hang, deputy director of Savills research division in Hanoi, said that the site hasn’t developed as expected and still lacks high-end products. Besides, Lao Cai real estate is also under competitive pressure from other provinces in the North such as Quang Ninh, Hai Phong, Vinh Phuc.

New bright spots with forecast of many prospects

According to experts, Lao Cai real estate market is the “promised land” attracting many “big” real estate enterprises, with a series of projects worth a trillion. As noted, there are two basic types of property market: residential real estate and resort real estate. Evidence for this is the presence of many “giants” such as Sun Group, Vingroup, Bitexco, Contrexim, Kosy Group …

For example, Sun Group with Fansipan Legend Resort including cable car, entertainment area, 5 star hotel with total investment up to 10.000 billion. Vingroup Corporation announced the development of Vincom Shophouse Lao Cai, a complex of commercial centers – entertainment and trendy shophouse. The Manor Residence in Lao Cai by Bitexco Group, invested about 1,500 billion. Or Kosy new urban area scale up to 38ha by Kosy Group in the area of ??Lao Cai city./.

 

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