Coastal tourism real estate near HCMC attracts developers

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Coastal housing in Mui Ne district of Vietnam’s Binh Thuan province. VIETNAM NEWS AGENCY

The change in tourism trends caused by the Covid-19 pandemic has made coastal real estate near Ho Chi Minh City (HCMC) attractive to tourism property developers.

Covid-19 is limiting the use of public transport such as planes, buses and trains and increasing the use of personal vehicles.

Developers are therefore looking at coastal tourism markets that are easily accessible by private vehicle within two to four hours from the Vietnamese city, experts said.

Binh Thuan province’s Phan Thiet city seems set for a boom thanks to imminent transport upgrades too, they said.

Situated 2.5 hours from HCMC by road, Phan Thiet’s holiday home products are attractive to affluent people in HCMC and the capital Hanoi, who show great interest in them since they offer a combination of lifestyle and long-term investment, experts said.

Long Thanh International Airport’s first phase is expected to be ready by 2025 with a capacity of 25 million passengers annually. Situated 130km from Binh Thuan, it is expected to attract many foreign tourists, a major advantage for the province since foreigners tend to spend more than locals.

Phan Thiet resorts are quite cheap now since infrastructure is still being built.

Dr Tran Nguyen Minh Hai of the HCMC Banking University said demand for property ownership one or two hours from HCMC by personal vehicle would explode after the Covid epidemic is completely controlled.

Duong Thuy Dung, senior director at property consultancy CBRE Vietnam, said coastal real estate markets near HCMC such as La Gi and Mui Ne in Binh Thuan province and Ho Tram in Ba Ria-Vung Tau province would lead the southern real estate market in the next five years since they have advantages such as having a private space.