Vietnam’s tourism real estate market has grown significantly in the past few years. This boom started in more well-known locations, such as Da Nang and Phu Quoc, before spreading elsewhere in the country. Sa Pa, Nha Trang and Binh Dinh are just a few of the places to see an influx of development.
Of course, many people are wondering where Vietnam’s next tourism real estate hot spot will be. While it’s still too early to make any definitive declarations, there is reason to think it could be Phu Yen Province.
Located along the country’s south-central coast, Phu Yen Province features winding beaches as well as plenty of other attractions. Additionally, the local government has invested in the Tuy Hoa Airport and it’s now capable of handling up to five million people annually.
Developers have taken notice, and several are targeting Phu Yen Province in hopes that it becomes Vietnam’s next tourism real estate hot spot. In April, Everland Group launched a pair of new hospitality projects here. Xuan Dai Bay and Crystal Holidays Marina Phu Yen have a combined value of VND2.2 trillion and are both focusing on the luxury market.
The most notable project launched in Phu Yen Province is a joint venture development between Indochina Capital and Japanese firm Kajima Corporation. The partners selected Four Seasons to manage the USD1 billion resort that could help put the region on the map.
Indochina Capital General Director Peter Ryder told Viet Nam News the development will be a world-class resort and one of the tourism real estate sector’s most iconic projects.
Related: After overcoming COVID-19, tourism-focused real estate in Vietnam set for bigger and better things
Developers look beyond Hanoi and Ho Chi Minh City
Homebuilders in Vietnam have needed to move away from the Hanoi and Ho Chi Minh City property markets where soaring land prices have hurt profitability. And with competition in some established tourism destinations already heating up, several developers have targeted some of Vietnam’s hidden gems.
This has opened the door to new markets like Binh Dinh and now Phu Yen Province where beautiful beaches and improved accessibility make them ideal tourist destinations.
“This was why new markets see strong economic development, including advantages in industrial development and the tourism sector. Excluding areas that have developed tourism real estate, such as Da Nang, Nha Trang and Quang Ninh, the new markets for the tourism industry are the localities that in recent years have taken advantage of beautiful landscapes and good natural conditions, such as Thanh Hoa, Nghe An, Quang Binh and Binh Dinh. We agree that these are the addresses that see new markets,” Nguyen Van Dinh, Vietnam Real Estate Association (VNREA), Deputy General Secretary, told Vietnam Plus.
