The trend slowed down at the beginning of the year
After the boom period, the real estate market slowed down in 2019. From the beginning of the year, this segment has very few projects. However, there are still some local fever areas with new projects of reputable investors.
According to the report of the Vietnam Real Estate Brokers Association (VARS), in 2018, the total condotel supply across the country reached 8,507 units. In terms of location, Khanh Hoa leads the supply with 2,231 units, accounting for 26.2% of the total supply, followed by Quang Ninh with 1,621 units, accounting for 19.1%, Da Nang, 1,211 units, accounting for 14.2% .
However, by 2019 this segment has almost no new projects. Especially, in Da Nang market, there is a significant decrease in condotel consumption. According to DKRA's report in 6/2019, within 3 years from 2016 up to now, Da Nang has about 9,890 condotels from 12 projects launched to the market, consumption reaches 75% of supply (about 7,418 units). ). However, from mid-2018 to 6/2019, the number of successful transactions was very small, the market almost did not record any new projects.
The reason is the legal embarrassment of condotel, plus the land fund in big markets such as Nha Trang, Da Nang, Vung Tau, Phu Quoc ... become tight, scarce.
Although the resort real estate market has shown signs of slowing down for some time, many experts said that by the end of 2019 and early 2020, this segment will be "hot" again.
According to Mr. Duong Duc Hien - Sales Manager of Savills, at the end of 2019 and early 2020 will be an appropriate time for real estate to expand. Factors such as market exploration in new destinations such as Phan Thiet, Phan Rang, Lam Dong, Binh Chau ... Central provinces, attracting foreign capital and legal completion will be Meeting for the real estate market to welcome new wind.
“From the beginning of 2019 there have been many different waves in different regions. However, strong focus on areas with potential for development, new areas are connected infrastructure. The neglected areas, long ago, have not had strong fluctuations. However, soon after, these waves also subsided due to the lack of large-scale projects of prestigious investors.
However, by the end of this year and early next year, the "big men" will start stirring up this segment with carefully calculated projects on factors such as geographical location, ability to attract foreign tourists. and be more cautious with the law. Therefore, investors can be more secure when returning to resort real estate, ”Mr. Hien said.
In addition, Mr. Duong Duc Hien also predicted that investors pouring into new lands would be an opportunity for other segments such as land, houses ... in those areas to have strong fluctuations. This is a good opportunity for investors in Ho Chi Minh City and Hanoi to hunt around the surrounding land fund to develop into small resorts.
“Constructive projects developed and developed will make the cost of residential land in the villages that receive the waves from small investors to seek to buy land to form the land. new accommodation service. This will create light waves for coastal residential land, residential land ...
Areas such as the south of Hoi An, Cua Dai bridge, central provinces .. also began to be interested, especially in villages with a lot of garden land, suitable for developing eco-tourism areas.
These craft villages have a lot of foreign tourists, so investors will come to buy villagers' land to build resort real estate, thereby causing big and small waves, ”Mr. Hien said.
Besides, Director of Savills Business Department also pointed out other favorable factors for breakthrough real estate. In which, there are positive information like Ninh Thuan that officially did not allow small individual projects. This will attract many major investors here to create a boost for the resort real estate market. It is expected that in the last 6 months of the year, there will appear a number of projects eligible for construction development.
In addition, attracting foreign investment flows also opens up many development opportunities for this segment.
“According to what we have noticed, recently, there are a number of foreign investment funds that started to pay attention to the Vietnamese market. Not only are they big projects but they start targeting small projects, this is a good signal for Vietnam market when we are recognized by the world.
Vietnam is considered an emerging market, a market that is being recognized by the countries in the world and the region to help us have a flow of foreign investment. This is extremely favorable for resort real estate within the next 1-2 years.
These positive signs will ensure the story of trust for investors, open more development opportunities for this segment, ”Mr. Hien emphasized.
However, this Director also considered investors to be cautious about the legality, should focus on and limit the flow in small projects. Because this will put the market at risk, causing an imbalance in the urban landscape and a shortage of large-scale projects.
According to the economic rhythm