Recently, the investment appetite in the real estate market in the coastal cities is clearly changing. The markets that once developed "hot" like Da Nang and Nha Trang gradually are cooling down to make room for a new name.
According to a report of market research units, coastal real estate prices in Da Nang and Nha Trang seem to have reached the peak. Specifically, real estate with good location, near the sea located on Tran Phu Street (Nha Trang) could reach 500 million dong/m2 while on Vo Nguyen Giap Street (Da Nang), the price surpassed VND 400 million/m2. Hotel apartment prices in these two markets also reached VND 40-70 million/m2.
Price levels that are too high will be a big barrier for investors when deciding on the selection of coastal real estate products in Nha Trang and Da Nang. Moreover, because the markets in these cities have been growing hot since the past few years, this time is saturated, making it difficult to bring a profit margin that is attractive enough for ambitious investors.
An indispensable rule occurs in saturated markets is to see investment cash flow "flowing" to other more potential markets. In this case, the new coastal cities have just emerged on the Vietnam tourism map, only after a few years of development of Nha Trang and Da Nang, which is being paid great attention by the investors.
If in early 2019, the real estate market in Mui Ne - Phan Thiet - Binh Thuan, Ninh Thuan, Ba Ria Vung Tau... are becoming hot, then in the middle of this year Quy Nhon city (Binh Dinh) also increased. Thanks to the breakthrough growth in the field of tourism and economy, Quy Nhon - Binh Dinh is emerging as one of the attractive resort real estate markets with large-scale and modern projects.
Quy Nhon is following Da Nang and Nha Trang to become the "promised land" of real estate investors.
Specifically, since 2018, many transport infrastructure projects have been deployed, including the extended Ngo May road; the road from Ong Tho T-junction to Highway 1D; the axis of the economic zone extending, linking two key economic development areas of the province are Phu Cat and An Nhon... all of which are considered favorable premises to attract the investment interest from businesses and secondary investors.
The statistics also show that the number of tourists and current tourism revenue of Quy Nhon has an impressive growth rate, averaging 15% per year. It is forecasted that in 2020, Quy Nhon will receive a record number of tourists reaching 5.5 million people, which is equivalent to Nha Trang in 2017.
Between Quy Nhon and Nha Trang there are many similarities such as owning a long coastline, the ability to connect road traffic conveniently. But for investors, Quy Nhon may be a more fertile market thanks to many scenic spots, along with the advantage of attracting foreign tourists through Phu Cat international airport.
Especially, the development space of Quy Nhon real estate market is still very large. Although real estate prices here tend to increase, along with the speed of economic development, but real estate prices in the most beautiful locations along Quy Nhon coast are only 50% of those of land lots similar in Da Nang or Nha Trang.
According to Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (Horea), Quy Nhon is currently a prominent destination in the South Central Coast region, especially the city center with coastal advantages and favorable conditions. The benefit for tourism business will be a new potential investment.
According to Nam Anh