Starting the construction of Long Thanh International Airport doubled land and property prices in the surrounding areas over a year.
The buoyant effect of Long Thanh International Airport on land prices can already be felt in surrounding areas (Illustration image: Phu My district)
In Dong Nai, land prices soared from VND12-14 million ($520-610) per square metre in 2019 to VND22 million ($955) in 2020. In some places in Long Thanh district, prices even went as high as VND100 million ($4,350) per sq.m.
Land plots in Long Thanh are now traded anywhere from VND18 to 40 million ($780-1,740) per sq.m, with land plots located along National Highway 51, linking Vung Tau city and Dong Nai, offered for VND50-60 million ($2,170-2,610) – prices equivalent to some areas of Ho Chi Minh City.
According to Airports Corporation of Vietnam, Long Thanh International Airport covers an area of 5,000 hectares with plans to develop it into an airport city – a city within the fences of a large airport, including the airport facilities (terminals, apron, and runways) and airport-related businesses such as air cargo, logistics, offices, retail, and hotels.
With the airport development, Phu My area is becoming more attractive for real estate traders as it is only 20 minutes away. In addition, this place includes the Cai Mep-Thi Vai seaport, one of 20 largest seaports in the world, along with nine industrial parks.
Speaking at the airport ground-breaking ceremony, Prime Minister Nguyen Xuan Phuc asked Dong Nai, Ho Chi Minh City, and other cities and provinces in the southeastern and western regions to create plans to develop synchronous infrastructure connecting to the airport. They include three expressway projects (Ho Chi Minh City-Long Thanh-Dau Giay, Ben Luc-Long Thanh, and Bien Hoa-Vung Tau), and the North-South and Thu Thiem-Long Thanh International Airport railway projects. The PM also asked these cities and provinces to develop urban and tourism areas.
According to the prime minister, once the airport comes into commercial operation, it will open up opportunities for Dong Nai and surrounding areas, promoting the socioeconomic development of the southeastern and western regions.