Hoa Binh ward real estate is quiet after the merger

Hoa Binh Ward (Phu Tho) used to be a “bright spot” on the real estate map of the Northwest region when it was the administrative center of Hoa Binh Province (old). But after the province merger, the dream of making a profit for most speculators was replaced by “house for sale” and “For sale or rent” signs quietly hanging above empty houses, along with the investor’s willingness to reduce prices deeply.

Many people are selling the Shophouse row opposite Hoa Binh Square (Hoa Binh ward)

From the zone of expectation to the zone of stagnation

For many years, Hoa Binh ward, including central areas such as Bac Tran Hung Dao, Chi Lang extended street, and Hoa Binh square area, has been considered a “golden address” for real estate investors. Thanks to being the administrative center of Hoa Binh province (old), where the headquarters are located, capital flows here are dense.

Many speculators from Hanoi and the lowland provinces have poured money into plots of land and Shophouses with the expectation of "reaping the harvest". There was a period a few years ago when land prices skyrocketed in just a few months, a 90m2 plot in the Bac Tran Hung Dao residential area was priced at more than 2 billion VND, pushed up to more than 3 billion VND. Areas facing large roads doubled from the price of 20 million VND/m2, and in some places tripled in 3 years. But that increase could not last long because it was related to many changes...

Since the end of 2024, when there was official information about the merger of the three provinces of Hoa Binh, Phu Tho and Vinh Phuc , the market began to show signs of "turning the wheel". Up to now, after the merger was completed, real estate in Hoa Binh ward and neighboring communes and wards is quietly entering a period of stagnation with a "long-term prognosis", with the most obvious manifestation being very poor liquidity in recent times.

The Shophouse area on the left bank of the Da River (Hoa Binh ward) has been completed for many years but no one has moved in yet.

Reeds grow densely over the rows of houses in the Hoa Binh Center project.

Market imbalance

One of the direct causes of the market cooling is the change in administrative functions. From being the “administrative heart” of Hoa Binh province (old), now most of the cadres, civil servants and public employees are expected to move to work in Viet Tri ward, the center of the new Phu Tho province.

This has led to a wave of migration. Many families have been planning to sell their houses and move to Viet Tri ward for convenience in work, study and living. The real estate supply has therefore increased dramatically, while the demand for buying, especially buying for investment, has almost disappeared.

Mr. Nguyen Khac Tien, a self-employed businessman in Hoa Binh ward, shared: “I do not work for the government, but most of my customers and partners are government agencies. Now that they are moving, I am also planning to move. I want to sell my current house but no one has asked. The price has dropped sharply, and liquidity is also poor.”

This situation does not only occur with townhouses and land plots but also covers well-planned urban areas. For example, at the HoaBinh Center project located right on the extended Chi Lang Avenue, opposite Hoa Binh Square, many units have been handed over since this year, some have changed owners 2-3 times but until now they are still closed and quiet, leaving the reeds in front of the door to "run wild".

Similarly, many commercial housing projects in Hoa Binh ward have prime locations adjacent to the poetic Da River. However, the current reality here is a desolate scene with overgrown grass in front of the houses, and a few signs for sale and rent.

Wild plants almost cover the gate of the house

Luxury villas are also in a state of being uninhabited.

Speculators "distorted face"

Mr. Dat, a long-time broker in Hoa Binh ward, said: The sluggish situation is not only in Hoa Binh ward but also spread to neighboring wards such as Tan Hoa, Thong Nhat, Ky Son... Investors are "standing still", while those with real needs are hesitant. Land prices are showing signs of decreasing by 20-30% compared to the peak.

In fact, a large number of transactions in the 2020-2024 period were due to speculation. Shophouses priced at 5-9 billion VND and single villas priced at 13-15 billion VND were far beyond the affordability of local people. Now, when the market reverses, most products have become "selective in liquidity".

Not only HoaBinh Center, in the area, many projects in the area such as Thong Nhat Urban Area, more than 27ha or Casa Del Rio project (resort urban area of ​​about 142.1ha)... With thousands of products from villas, townhouses, to Shophouses are also in the state of continuing infrastructure construction, many projects are currently in a temporary "frozen" situation and waiting for the market to warm up again.

The rows of houses on Madeleine Colani Street (Hoa Binh Ward) have been sold by the investor for many years, but are still quietly waiting for... new owners.

Be alert to wait for the opportunity

The real estate market in Hoa Binh ward and neighboring areas is going through a challenging period, which is not too surprising and inevitable after losing its role as the administrative “capital” of a province. In the short term, experts predict that the real estate market in Hoa Binh ward and neighboring wards and communes will continue to “hibernate”. Low liquidity, falling prices, and cautious psychology are all factors that make investors not dare to “put down money”.

However, every fluctuation is an opportunity for those who are alert and have a long-term vision. It can be said that the current period is the time for the market to self-adjust, eliminate speculative factors, and focus on real demand and sustainable development. For truly knowledgeable investors, Hoa Binh ward is not a stopping point, but a "waiting" point for a new, more positive and healthy cycle. In the face of rapid industrialization and increasingly alarming environmental pollution, the trend of owning a "second home" in the suburbs is becoming the choice of many Hanoians.

Hoa Binh Ward and the surrounding area have emerged as an attractive destination, thanks to the fresh living space, rich in unique indigenous cultural identity, and the location near the famous “Ha Long on the mountain” - Hoa Binh Lake and the poetic Da River. This is considered an ideal choice for those who seek a balanced life between nature and tranquility.

Trung Nguyen

Source: https://baophutho.vn/bat-dong-san-phuong-hoa-binh-tram-lang-sau-sap-nhap-235695.htm