Mr. Mauro Gasparotti, Director of Savills Hotels APAC, and Ms. Uyen Nguyen, Head of Consultancy at Savills Hotels APAC, share their thoughts about Vietnam’s hospitality real estate market with VET’s Linh Tong.
South-central Binh Thuan province will host National Tourism Year 2023. More than 600 accommodation establishments with nearly 18,000 rooms are now preparing for the event. As a land possessing many natural advantages, including a coastline of more than 192 km, Binh Thuan, considered the “resort capital” of Vietnam, has become a familiar destination for tourists.
Despite only appearing in Vietnam over the past two years, the “billionaire economy” is nonetheless forecast to explode in the future. Some economic organizations have said that anticipated growth in Vietnam’s super-rich of 12.7 per cent a year will rank it third in the world, just behind Bangladesh and China. This represents an opportunity for, among others, super luxury products in resort real estate.
A project featuring a high-end resort - entertainment complex, a golf course, and the Monbay Van Don residential area, with investment of nearly VND25 trillion ($1.1 billion), has been approved by the Prime Minister. On an area of nearly 300 ha, of which the land area is nearly 280 ha and the sea area more than 20 ha, the project will be able to welcome 3,000 guests a day and house 9,800 people.
The demand for new land matching the criteria for resort developments has resulted in demand in the “landcation” (“land” and “vacation”) market increasing strongly, even during the pandemic. Land prices in famous coastal tourist destinations such as Vung Tau, Nha Trang, and Da Nang have peaked.
