Resort real estate is entering an important phase for recovery
Resort real estate investors are getting ready to return to the year-end race.
After nearly 3 fairly quiet years, the resort real estate market has recorded positive changes in preparation for a new growth phase.
The resort real estate market is entering an important phase of recovery after a long period of stagnation. This is a time when businesses need to make great efforts to deliver new experiences and products that match customers’ real needs, in order to welcome investors back to the market. That is why the real estate market has continually received attractive, breakthrough new products recently.
Recently in Phu Quoc, news that The 5W Phu Quoc project had a record-high reservation rate a few weeks after its announcement, with tens of thousands of bookings to reserve resort apartments, caused a stir in the real estate market. Although actual transaction developments still need to be watched, it is clear that the policy of selling apartments with an initial payment of only VND 150 million drove the record booking volume, a figure drawing attention in today’s real estate market.
Earlier, a series of large projects such as Doi Rong Urban Area in Hai Phong also began to “wake up” with new sales plans after nearly a year of silence. The Green Dragon City Cam Pha project also relaunched with a new type of resort-for-sale product named Fusion Homes. In addition, the Sun Cosmo Residence Da Nang project is also returning vigorously to the market at year-end with many attractive sales policies.
Besides offering attractive sales policies, noticing that the resort real estate market has started to show good signs again, many businesses have also moved quickly to find project development partners, building more confidence among investors in resort products that create real value.
A typical example is Lac Viet Group, which has officially brought Accor, a world-leading hotel management and operating company, into the Imperial Oasis Quy Nhon project (Phu Cat district, Binh Dinh province). On 2/11 the two sides signed the official cooperation agreement, under which Accor will manage and operate 2 hotel blocks with 439 hotel rooms at the Imperial Oasis Quy Nhon project under two renowned brands, ibis Styles and Mercure. The two hotels are expected to open in June and December 2027 respectively.
Many other investors in Thanh Hoa, Nghe An, Da Nang, Hue… are also hurriedly preparing plans to launch new inventory. There are many “handshakes” between old investors and new shareholders to raise capital for project implementation. In particular, some financially strong investors have quietly finished infrastructure, and even completed the rough structure and topped out part of the project, before bringing their products to market.
Resort real estate is in an important phase for recovery.
Speaking about the breakthrough strategy as the market gradually warms up, Mr. Tong Duc Hieu – Chairman of the Board of Lac Viet Group said: “For resort real estate, besides location, amenities and the investor’s reputation, service management and operation capability is an important criterion that helps a high-end real estate project attract visitors to stay longer, while also increasing the value of the product. That is why we decided to partner with the international partner Accor on the Imperial Oasis Quy Nhon project to strengthen our competitiveness in the new development cycle of resort real estate.”
Assessing the market outlook at year-end, Mr. Nguyen Van Dinh – Chairman of the Vietnam Real Estate Brokers Association said that the second half of 2023 is forecast to be a favorable time for customers with available cash flow to invest in real estate products with good potential and complete legal status. In particular, products with a favorable geographic location and good transport infrastructure at reasonable prices in potential new areas will attract cash flow.
Sharing this view, Mr. Nguyen Tho Tuyen – Chairman of BHS Group also noted that the Government has recently issued strict directives to boost the real estate market, and interest rates are at their lowest level in 2 years. Cash flow has started to move into real estate investment channels. In the time ahead, a series of real estate-related laws such as the Land Law and the Real Estate Business Law will be passed with many new regulations that will help the real estate market improve.
“We will see the market start to improve in 2024, shine in 2025 and take profits in 2026. Resort real estate will also rise along with the development of the real estate market,” Mr. Tuyen affirmed.
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