Quy Nhon has emerged in recent years as a potential destination for real estate giants, has created a leap of the luxury resort vacation resort in this coastal city, which led to the housing market is also increasingly active.
The destination of many “rich men” real estate
According to the Master Plan for Vietnam’s Tourism Development to 2020, Vision 2030, South Central Coast is a key tourist area with outstanding features of sea and island tourism associated with cultural space and marine ecology. Quy Nhon and its vicinity will become one of the national and regional tourism centers.
Each year, Quy Nhon province receives about 2 million tourists, an increase of about 2,6 times compared to the previous five years. Targeted to 2020, Binh Dinh province will attract about 5,5 million tourists (equivalent to Da Nang today) with the turnover of about $430 million, a growth rate of 25% per year.
To serve the needs of customers, infrastructure in Quy Nhon is promoting investment. According to the statistics of the first 6 months of 2017, Binh Dinh has attracted 45 projects with domestic investment capital with a total registered capital of over $430 million. The most exciting is the field of tourism, infrastructure, urban commercial.
Many real estate agents have come to Quy Nhon with large-scale projects such as VinGroup with integrated tourist resort cable car, Hoa Sen Group with a complex of hotel, commercial, luxury apartments, FLC Group with FLC Sea Tower Quy Nhon twin tower project and Quy Nhon FLC tourist resort group.
These pushes have led to higher housing prices in Quy Nhon, and there is no tendency to cool down in the near future. The actual survey shows that the average land price in Quy Nhon is between 1300$/sqm and 1700$/sqm, with prime locations at around 2600$/sqm. Especially, the sea view pavement has the price of 6500$/sqm.
However, not all areas in Quy Nhon land prices are “hot”, most of which are concentrated in large streets in the city center. In fact, if you actively explore the data sources, investors can still find the “hidden gem” to invest in a number of locations a bit further, but the potential is good and the price is very good.
In the area of Thi Nai bridge, the longest overpass in Viet Nam leads to Phuong Mai peninsula – “jewel of Quy Nhon”, 9 kilometers north-east of the city, land price is about 900- 1100$/sqm.
A little further, in the Eo Gio area 20 km northeast of Quy Nhon city center, which is known as the most beautiful sunset viewpoint in Vietnam, new land prices are fluctuating around 700 – 800$/sqm.
More attractive, for the land of the shophouse house belonging to FLC LuxCity Quy Nhon project in Nhon Ly new urban area, the price of land is about $450$/sqm, the investors in the group evaluation is very attractive compared to the general price level.
Through Thi Nai bridge – the longest bridge across the sea in Vietnam, transportation infrastructure connecting Nhon Ly with downtown Quy Nhon quite convenient. The area is also being invested in a synchronous development of tourism infrastructure, planning and new economic development of the province to connect synchronously with famous tourist destinations such as Eo Gio, Ky Co, Cu Lao Xanh…
For private investment, this is one of the key projects being invested by the FLC Group, speeding up construction towards the goal of becoming an upstream coastal city, bringing prices High value for residents with nearly 80 essential synchronic utilities such as hospitals, schools, cinemas, amusement parks…and attractive destinations such as ocean park, golf course, Safari Zoo, food street – entertainment – shopping, outdoor swimming pool…In addition, the city also inherits commercial advantage from tens of thousands of people every day to the resort Quynhon FLC.
All are favorable factors for the prospect of the land price increase at FLC LuxCity Quy Nhon in the future.
New options when the market is saturated
With prices ranging from 430$ per square meter, land plots in secondary markets such as Quy Nhon and Binh Dinh surpass the prices in some secondary markets.
According to the recent statistics of the Association of real estate in Vietnam in 2016, approximately 12,000 condotel apartments and 5,000 sea villas are offered for sale from over 40 projects, mostly in Nha Trang, Da Nang and Phu Quoc.
The “fever” about housing in these cities has made the new price level two to three times higher than before, so it requires a large initial capital investment, the rate of increase over time will be lower than the “hot” period.
In this context, reviewing and redirecting investment flows to higher upside areas can be seen as an inevitable option for a wise investor, that Quy Nhon – Binh Dinh is one bright spot.
Tran Ngoc Quang, a secretary general of the Vietnam Real Estate Association, said that new markets such as Quy Nhon, Sapa and Quang Ninh will be strong markets in the future instead of the markets that were “mind point”.
According to an optimistic forecast of Nguyen Huu Tho – President of Vietnam Tourism Association, if attracting tourists, not only do businesses in the province develop, but the price of land, real estate prices in Quy Nhon certainly will also skyrocket.
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