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Northern holiday home market finds favor

Released at: 07:44, 19/09/2015

Northern holiday home market finds favor

Holiday homes and resort projects in Vietnam's north are becoming increasingly popular as quality investments.

by Thu Hoang

The holiday home market and resort projects tend to be focused in Vietnam’s south but have also seen vibrant performance in the north over recent months.

In July the FLC Group officially opened sales at its FLC Samson Beach & Golf Resort in Sam Son town in the north-central province of Thanh Hoa. According to the developer, hundreds of villas out of the total of 1,000 were sold in the first sale offering.

The BIM Group has recently introduced Van Lien (Lotus Residences), a luxury resort and townhouse project in Quang Ninh province’s Ha Long city. The project has attracted a large number of investors and recorded a considerable number of purchases since its first sale in June.

Hai Phong city, meanwhile, welcomed the announcement of a $1 billion Vingroup eco project in April. The Vu Yen Island Ecotourism Urban Area project is expected to begin construction this year, designed as an ecological urban area that will include ecological villas, a 36-hole golf course, amusement parks, and an ecological park, on an area of 872 ha.

Buying a resort property is considered a good investment amid the recovery of the country’s real estate market after a long period of stagnation. The holiday home market in Vietnam is competitively priced compared with other regional holiday home destinations such as Phuket and Bali, while the quality of the developments in Vietnam is often higher than elsewhere, Mr. Matthew Powell, Director of Savills Hanoi, told VET.

On July 1 two pieces of legislation came into effect: the new Law on Housing and the new Law on Real Estate Business, which open up Vietnam’s real estate market to overseas investment. “We believe these changes in the legal framework will have a positive influence on the real estate market in Vietnam and the holiday home market in particular,” Mr. Powell said.

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