The real estate market in Khanh Hoa, home to Nha Trang and Cam Ranh bays, recorded transactions worth VND8 trillion ($342.5 million) in the second quarter of this year, according to provincial data.
The market will continue to experience strong growth, the central province’s Department of Construction stated in a report.
Authorities attribute the robust growth to several factors including the province’s 10-year (2021-2030 - with vision to 2050) that is attractive to investors; and the recovery of the tourism market that has seen a surge in tourist arrivals.
The draft plan includes sub-plans for Nha Trang town and the Van Phong Economic Zone (until 2040 with vision to 2050).
In the second quarter, authorities allowed one real estate project to open for sales - the KN Paradise resort and entertainment complex with 1,321 townhouses.
At present, the province has 10 ongoing commercial housing projects with 4,796 units. Of these, nine with 3,475 housing units are under construction and the remaining one with 1,321 units will be built in the future.
Besides the above, there are three projects with 1,490 units for low-income earners; and 26 resort and tourism projects with 12,149 apartments and 2,588 villas under construction.
Phan Viet Hoang, chief of the Khanh Hoa Association of Property Brokers, said he expected the provincial real estate market to grow even more strongly in the near future, although the sector faces several problems including high prices of construction materials.
Khanh Hoa is at the center of the south-central coastal region which is strategically important for socio-economic development.
With special mechanisms approved for the province by the National Assembly in June scheduled to take effect for five years starting August 1, Khanh Hoa expects to become a promising destination for both local and foreign businesses, Hoang said.
The beach town of Nha Trang will continue to be a nuclear urban area for provincial development and play a critical connecting role for the development of many projects in other localities like Dien Khanh district, Van Phong, northern Cam Ranh peninsular and Cam Lam, he added.
Under a Politburo resolution, Khanh Hoa will strive to become a centrally-managed city by 2030, joining Hanoi, Hai Phong, Ho Chi Minh City, Can Tho, and Danang.