Vietnam resort real estate supply set to grow 20% in 2024: association
The supply of resort and tourism real estate in Vietnam is expected to rise by 20% this year from 2023, with a spotlight on beachfront apartments, forecast the Vietnam Association of Realtors (VARS).
Last year, Vietnam logged 3,165 new tourism and resort real estate products, plummeting 80% compared to 2022, VARS said. The recovery of transactions fell short of expectations, with only 726 deals closed in 2023, the association noted, citing legal hurdles.
From 2015-2018, the resort and tourism realty market experienced a boom with an annual growth rate of 50%, but since then it has been on a bumpy road due to regulatory hitches, investors’ limited operational capacity, and the pandemic fallout.
Besides, the market has taken a hit from financial risks and high interest rates, which are both the result of credit and bond tightening.
The completion of a legal framework is deemed as a boost to the revival of resort real estate. Photo courtesy of Kinh Te Do Thi (Urban Economy) newspaper.
VARS indicated that a slew of developers have paid the price for a building frenzy, which has resulted in numerous suspended projects and a steep slump in supply.
Looking ahead, the association remarked that legal framework finalization, planning release, progress acceleration, infrastructure, and a travel boom will give real estate developers a boost to speed up their projects and put more products on the market.
In addition, Decree 10/2023, which took effect in May and aims to smoothen the issuance of “pink books” (land use and housing rights certificates) for condotels and officetels, is likely to lift investor confidence in the coming months.
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