Economic expansion, population growth and the increasing number of non-State enterprises operating in Can Tho have lead to an increased demand for real estate property in the country’s southern city, reported Savills Viet Nam Company.
There is currently a shortage of commercial property for rent in Can Tho because the city is continuing to attract domestic and foreign travellers and businesspeople.
Can Tho currently has about 160 hotels with nearly 4,000 rooms available in the city. Next year, there will be four new hotels built and the city is asking for more investments into several projects.
According to Savills Viet Nam Company, rental property has several opportunities to develop because foreign enterprises are expanding their business operations in the city.
A report from the municipal Statistics Department said that in 2009, Can Tho had more than 140 branches and representative offices from foreign companies operating in the city.
The average price of rental property is US$8.6 per square metre, which is 50 percent lower than the average rental costs in HCM City.
Currently, 87 percent of the rental property in Can Tho is occupied.
According to a report from Savills Viet Nam Company, the city has a total of 15,000 building plots and 25,000 houses offered to clients, of which 7,000 building plots and 9,000 houses have been sold.
The average price of a house is approximately $705 per square metre, while that of a building plot is $235 per square metre.
To meet the demands for housing, the city’s real estate market had invested in 26 new projects, reported the municipal’s Investment and Planning Department.
Huynh Thanh Su, Deputy Director of the Can Tho city’s House Business and Development Comapny, said that in 2010, many of the city’s projects would commence, including the Can Tho Bridge, an international terminal at the city’s airport and the construction of the Mau Than–Tra Noc Highway.
The Southern Hau River Street will also be improved and Quang Trung–Cai Cui Street expanded.
Development of the real estate market in Can Tho appears to be expanding in the next few years.
