Resort real estate on track for robust recovery
MeySenses Lucia Bay Bai Lu project in Nghi Loc district, Nghe An province, central Vietnam. Photo courtesy of the project.
Resort real estate experienced a rebound in the first quarter, with abundant supply and higher selling prices, with over 4,000 units sold, according to consultancy DKRA Vietnam.
In the resort villa segment, 12 projects were launched, providing 1,020 units, up 4% against Q1/2021. Consumption-to-supply ratio reached 57%, 2.3 times higher year-on-year, the firm noted in its Q1 market report.
Thirteen projects comprising resort townhouses/shophouses in coastal complexes were launched in Q1, offering 2,768 units, 12.4 times higher year-on-year. Consumption reached 87% of new supply, up 14.7 times.
Meanwhile, condotel supply and consumption remained low, yet showed no recovery signs, with 613 units coming from four projects, down 18%. Consumption reached 32% of new supply, down 57%.
For Q2, DKRA predicted an increase in condotel supply of about 1,000 units, mainly in Da Nang city and Quang Nam province in the central region, and Ba Ria-Vung Tau province in the south.
The supply of resort villas will climb to about 1,700 units, while resort townhouses/shophouses are expected to remain at about 2,700 units, mainly found in the central provinces of Binh Thuan and Thanh Hoa, and Ba Ria-Vung Tau, according to DKRA.
Consumer demand is expected to increase slightly from Q2, focusing on townhouse/shophouse resorts, resort villas, and projects developed by large and prestigious investors. While the integrated resort model continues to draw consumer interest, the report said.
According to CBRE Vietnam, Covid-19 has changed tourist preferences toward nearby and accessible locations. It was demonstrated by a lower decline of 20-40% in domestic visitors in Ba Ria-Vung Tau and Binh Thuan in 2020 year-on-year than the 60-70% reduction in Da Nang city and Khanh Hoa province. Phu Quoc, Vietnam's largest island off the southern coast, remained an ideal destination with only a 23% decline in domestic travelers from 2019.
The nearby tourism trend also caused investment flows to shift from traditional markets like Da Nang and Khanh Hoa to new areas like Ba Ria-Vung Tau and Binh Thuan.
CBRE statistics show that Ba Ria-Vung Tau in 2021 had three new projects launched, providing 382 villas, while the other 372 units came from NovaWorld Ho Tram’s divergent Habana Island.
Notably, the province’s supply has increased sharply since 2019, especially high-end and luxury projects, with a selling price of VND52-78 million per square meter and VND85-130 million ($5,700) per square meter, respectively. Therefore, Ba Ria-Vung Tau's market selling price has been strengthened and achieved an annual growth rate of 21% during 2018-2021.
Meanwhile, Binh Thuan in 2021 was provided with 270 villas from the NovaWorld Phan Thiet project’s Waikiki divergence. The provincial supply has skyrocketed since 2018.
"Binh Thuan’s tourism and resort market is reviving strongly after a long hibernation and is expected to explode in 2022-2025, supported by the acceleration of infrastructure waves. The province’s average selling price recorded a compound annual growth rate of 16% in 2017 -2021," CBRE noted.
After two years heavily affected by Covid-19, DKRA experts believed the tourism market has begun to recover strongly in the first months of 2022. This was supported by the reopening of international routes from March 15, and the "vaccine passport” mechanism that was expected to attract international visitors.
"After nearly three years impacted by the pandemic, Vietnam’s tourism is booming again. It will be difficult to book rooms for upcoming holidays. Resort real estate has shown their agreat allure, reflected by the Q1 sales," said Nguyen Van Hau, CEO of Asian Holding Real Estate JSC.
Along with tourism improvement, CBRE believed resort real estate is on track for recovery, with many projects to be launched this year. Meanwhile, major brand involvement in this segment also improves project quality, attracts capital flows, and increases the long-term value of investment assets, it added.
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