Tourism and resort real estate set to recover

Tourism and resort real estate will attract further investment this year, according to the Vietnam Association of Real Estate Brokers, and play a pioneering role in promoting urbanization.

Products that are well planned, meet the conditions and standards for tourism and resort environments, have been well invested in infrastructure, boast convenient traffic, and are invested in by prestigious investors will see good absorption.

Tourism and resort real estate will benefit greatly from the government’s policy of opening up tourism on a national scale, the economic recovery package of VND350 trillion ($15.35 billion), and amendments to laws such as the Law on Housing and the Law on Real Estate Business, which will create a favorable legal corridor for the market to develop sustainably.

In the long run, tourism will remain an economic spearhead in Vietnam, so tourism and resort real estate is considered a “gold mine”. It is expected that, in the 2025-2030 period, Vietnam will welcome over 50 million international visitors and cater to nearly 200 million domestic tourists.

According to figures from the Vietnam National Real Estate Association, by 2020 there were 216 resort real estate projects with less than 100,000 condotels and only 30,000 villas, while the new shophouse line reached more than 15,600 products. This is a modest number and short of requirements. Prices for tourism and resort real estate in Vietnam are also much lower than around the world.

The Covid-19 “shock” tested the market. Quality projects from reputable investors with major investments in architecture and locations in large-scale tourism ecosystems attracted investors and maintained good liquidity while leading the market.