The real estate market in Phu Quoc has a strong growth potential, however, the land prices have rapidly raised in recent years and before a period of intense competition, investors should be cautious in making decisions…
“A Little Paradise” Phu Quoc is changing day by day, quickly becoming a famous tourist destination and the attractive investment, welcoming large investors with trillion projects.
Investors should be careful to make the rightest and smartest decision.
Perhaps investors should carefully consider the market situation to wait in the next 1-2 years whether there are interesting opportunities or not. With the new wave of supply coming into operation in the next two years, we expect the hotel and resort segment will face some short-term difficulties.
Big investors with new financial strength can survive the coming wave of competition. Meanwhile, some projects are under operation or are under construction have to look for more financial partners or even liquidate their projects at low prices.
But this is also an opportunity for investors to be patient waiting for the time of investment.
Phu Quoc should overcome problems immediately to be able to develop real estate market.
The biggest problem is the shortage of skilled workers, especially middle managers and supervisors. Project owners are having trouble finding the right staff and experience.
It is lacking services and recreational activities, especially at night. This makes the average stay of visitors here relatively short.
In terms of foreign investment, Phu Quoc previously attracted the attention of international investors. However, due to unclear policies and investment guidelines and regular planning adjustments, foreign corporations are reluctant to develop the project there.
There are still a few challenges that need to be addressed. The island’s waste disposal system is becoming a major challenge for the tourism industry. Large amounts of waste were thrown on the streets, in vacant lots. Garbage goes into the river system and eventually pours into the sea. Everyday rubbish is washed away on the beach in front of the resort.
Phu Quoc is proud of being one of the three largest tourist cities in the country.
Phu Quoc is considered as the property market being promoted investment. Many standard 4-5 star hotels come from well-known real estate corporations. The assessment of tourism and resort professionals in Ngoc Island is on the rise.
Specifically, the speed of development of the three largest tourist cities in the country is Da Nang, Nha Trang, Phu Quoc. In 2016, Phu Quoc is the fastest speed destination in the country. The number of guests has increased continuously in the past eight years, especially in the last 3 years, the average annual growth rate is 50%.
The Nation Government and the Government of Kien Giang have created the best conditions and policies for investors to reach the goal of receiving 5 million visitors by 2020.
In order to create the best conditions to promote all potential in Phu Quoc, the government has increased its policies such as preferential policies and mechanisms aimed at special economic zones in the near future such as tax CIT reduced to 10% instead of 22%, exemption for the first 4 years, 50% reduction for the next 9 years, exemption from land rent for the first 15 years, visa exemption and visa for international visitors for 30 days.
With rich and diversified tourism potential, Phu Quoc international airport will be an opportunity for Kien Giang tourism industry to cooperate with other provinces and cities in the country and in the region. This will be a favorable condition for the development of tourism and services and a stepping stone for higher real estate values.
You can read more information at Vietnam Real Estate News
What are the prominent features of Ngoc Phu Quoc Island?
At present, in Phu Quoc, there are 5936 quality rooms and standard of 3 stars or more, most resorts and hotels that have only been in operation for 2 years. As a potential market, this particular condition creates a high proportion of visitors. The current trend of investors is to build the low-rise building or bungalows close to nature for international visitors in Phu Quoc.
Placed in the Gulf of Thailand, between the major cities of Asian, Phu Quoc is only 2 hours away from these cities. Every day, there are 50 flights to and from Phu Quoc, including many international flights. Tourists come from the country, the European countries: England, France, Russia, Sweden,… and other countries in the region: Thailand, Singapore, Cambodia, Korea, China …
Phu Quoc Airport is currently operating about 15 daily domestic and international flights.
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