As Viet Nam’s tourism thrives, the resort property market has begun to attract high net worth individuals.
|The model of Regent villas on Long Beach, Phu Quoc Island. - VNS Photo
Dan Conn, CEO of Christie’s International Real Estate, in a recent report about the luxury property market, pointed out that the rich were looking for new destinations to park their wealth, with a shift from collecting works of art to investing in original and profitable property assets.
The trend was evident in emerging economies, including Viet Nam, where the middle and upper class were rising, along with economic recovery and booming tourism, tapping into the country’s significant potential.
According to Knight Frank’s 2017 Wealth Report, the growth of the wealthy in Viet Nam would be impressive in the next decade, at 170 per cent, even surpassing India and China.
Given the tourism boom, Viet Nam received nearly 87 million tourists in 2017, a year-on-year increase of 30 per cent, with a revenue of VND510 trillion (US$22.4 billion), impressive figures to be the launching pad for the growth of resort property in the future.
By 2020, the country targeted to turn the tourism industry into a spearheading economic sector.
Property expert Dang Hung Vo said that resort property was the most promising segment this year as the market demand was large, given the rapid tourism growth.
According to Eyal Ofer, a property mogul in Monaco, unique property was valuable because it was not only an asset, but also a profitable investment.
CBRE Viet Nam said the resort property market would continue to grow this year and the market would see more unique and luxury products as developers geared up to attract buyers, especially high net worth investors.
Vietnamese developer BIM Group said that Viet Nam never witnessed such a fierce competition in the luxury resort segment. A series of mega resort projects at prime locations in tourist attraction areas such as Nha Trang, Da Nang and Phu Quoc were introduced recently.
In such a harsh race, the developer chose uniqueness to compete.
With Regent Residences Phu Quoc – the first six-star resort in Phu Quoc Island - which BIM Group jointly developed with global luxury hospitality brand Regent Hotels and Resort, the developer set a new benchmark for the luxury property market.
Many property experts forecast that Regent Residences Phu Quoc would give a boost to the high-end real estate market this year.
Tourism in Phu Quoc is booming, with a number of developers pouring billions of dollars into mega-tourism property projects. Together with improving infrastructure and transport, especially the opening of new direct flight routes, Phu Quoc is promising to become an international-standard paradise tourism island.
Regent Residences Phu Quoc is located on Long Beach, among the most beautiful beaches in the island with a blue sea, white sand and a scenic sunset, an ideal location for resort development.
Originating from the dream of a lavish resort but at the same time bringing the mission of honouring local beauty, Regent Residences Phu Quoc is the harmony of the opposites, simple yet elegant, classic yet modern. “This is truly a bespoke resort,” the developer said.