After a long period of time when the resort real estate market was "frozen" due to financial and legal problems, this segment is now gradually showing positive signs when attracting investors and tourists.
According to the first 6 months of 2024 report of DKRA Group (real estate services group), the condotel segment is currently experiencing a sudden increase in supply.
A resort real estate subdivision is being completed.
In the second quarter of 2024, primary supply increased by 51% year-on-year, with most of the supply coming from inventory from old projects (accounting for more than 66%). Notably, new supply also recorded significant growth, an increase of more than 25 times year-on-year, but was only locally concentrated in one project in the Central region.
Accordingly, consumption also increased dramatically compared to the same period (up 6.8 times), however, transactions were mainly concentrated in the above project.
According to DKRA, old projects are currently trading less, liquidity is concentrated in new and large-scale projects, with prices ranging from 3 - 5 billion VND/unit.
Meanwhile, in the resort villa segment, primary supply decreased by 5% compared to the same period. In addition, new supply also continuously decreased, accounting for only about 6% of the total supply nationwide.
The Central and Southern regions continue to lead the overall market supply. Overall demand is low, with consumption down 69% year-on-year - the lowest level in a decade.
The primary selling price level continues to trend sideways. The secondary market recorded an average price decrease of 15% - 20% compared to the contract price, locally there were projects with a deep decrease of 40% - 50% but still facing difficulties in liquidity.
Although supply is not much, signs of focusing on product handover, as well as developing new subdivisions, are helping to give the resort real estate market more momentum.
Talking to Nguoi Dua Tin , Mr. Pham Lam, CEO of DKRA Group, said that the condotel model is showing positive signs due to the positive changes in the tourism industry. In the coming time, the real estate segment will not be able to return to its "golden" days, but there are still more positive signs than in previous months.
With only about 2 quarters left until the end of 2024, DKRA Group predicts that the supply of condotels in the coming time will not be abundant, fluctuating around 400 - 500 units, mainly concentrated in Da Nang, Khanh Hoa and Quang Ninh and southern provinces such as Binh Thuan, Ba Ria - Vung Tau will be the products completed and handed over to customers.
Striving for new opportunities
While the market shows positive signs from supply growth, investors and businesses are also accelerating in many ways to attract customers to invest in resort real estate.
According to Nguoi Dua Tin , although the general level of the resort segment is clearly sluggish, even some areas and projects have been "waiting" for many years without any progress, some investors are also trying to stick to the market to find new opportunities, such as accelerating construction to hand over to customers, establishing new areas of condotel types, resorts, and entertainment areas to attract tourists, create profits and heat up the market.
Resort areas near the beach are the "center" of attracting tourists, stimulating many industries in the area, including resort real estate.
Talking to Nguoi Dua Tin , Mr. Duong Van Bac, Chief Financial Officer of Novaland Group, said that the company will strive to hand over 1,200 townhouses and beach villas of the NovaWorld Phan Thiet project in Phan Thiet City (Binh Thuan Province) in the last months of the year. In addition, this unit also focuses on handing over hundreds of units in the Ho Tram project in Ba Ria - Vung Tau province.
Many condotels and resorts of businesses and investors are being exploited for tourists to rent. The efficiency of generating finance from resort real estate products is helping the market increase positive signals.
Or Tran Anh Group is also developing a resort in Binh Thuan province.
Sharing with Nguoi Dua Tin , Mr. Ha Van Thien, Deputy General Director of Tran Anh Group said: "Although the resort real estate market is facing many difficulties, Vietnam's tourism industry is gradually recovering, especially the demand for beach tourism in the summer. This is an opportunity for resort real estate investors to attract visitors to resorts and resort hotels, while introducing condotel, villa and shophouse products. This will stimulate the market in the long term and directly affect the psychology of investors."
Tourists visit and have fun at a point in the resort real estate complex in Binh Thuan.
According to Nguoi Dua Tin , not only focusing on developing real estate products, investors are now also organizing the construction of large entertainment areas and full-service packages in resort real estate projects.
The main purpose is to increase revenue from tourists, and at the same time introduce resort complexes and real estate products to residents and tourists.
In fact, in general, the real estate market has shown signs of recovery in many segments up to now. However, tourism and resort real estate has not yet escaped the "gloomy" state.
However, with the recovery momentum of the tourism industry, many experts expect the resort real estate segment to soon catch up. Sharing in the real estate market assessment report for the first 6 months of 2024, Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Realtors (VARS), said that the tourism industry is growing strongly, almost reaching the same level as in 2019 - the year before the Covid-19 pandemic.
Villas are also exploited for rent to create vitality and profit for investors.
Specifically, in the first two months of 2024, there were more than 3 million international visitors to Vietnam, an increase of 68.7% over the same period last year and 98.5% over 2019. In particular, the attraction from the tourism industry, on the basis of continuing to develop tourism into a spearhead economic sector according to Decision No. 147/QD-TTg of the Prime Minister on "Vietnam Tourism Development Strategy to 2030", will be the driving force for businesses to develop projects to accelerate progress, injecting new supply of tourism and resort real estate into the market.
In addition, VARS also commented that Decree 10/2023/ND-CP, which removes obstacles for the issuance of pink books for condotels and officetels, may reach a certain level in the coming time, bringing hope to developers and investors, thereby supporting a breakthrough.
According to Mr. Nguyen Van Dinh, the supply of tourism and resort real estate in 2024 is expected to improve by about 20% compared to 2023. In particular, the type of beach apartments is the highlight of the segment, because it both meets the demand for ownership in the province and can be exploited for rent, creating cash flow.
Tourists create excitement for the resort market
According to the report of the Binh Thuan Provincial Statistics Office, in the first 6 months of 2024, the number of tourists visiting and relaxing in Binh Thuan is estimated at 4.58 million (up 5.01% over the same period in 2023); of which international visitors are estimated at 234 thousand (up 91.25% over the same period in 2023), mostly from Korea, China, Russia, Germany, UK, USA...
Phan Thiet city alone welcomed 3.4 million tourists in the first 6 months of the year, up 48% over the same period; of which, foreign visitors were about 195,000, up 1.5 times; tourism revenue was estimated at VND7,900 billion, up 16% over the same period last year.
According to the provincial statistics office, tourism in Phan Thiet - Binh Thuan in June and July this year, the majority were domestic visitors from Ho Chi Minh City, Lam Dong, Binh Duong, Dong Nai, the southwestern provinces, Hanoi... International visitors mostly stayed at Ham Tien - Mui Ne tourist area, the most crowded were from Korea, China, Russia, Germany, England, and America.
In Ba Ria - Vung Tau province, in the first 6 months of 2024, the total number of tourists visiting, entertaining, swimming and relaxing in the province in the first 6 months of this year was about 8,184,013, reaching 52.65% of the yearly plan, up 16.92% over the same period.
Of which, the total number of guests staying at tourist accommodation establishments is estimated at 2,718,435, reaching 56.72% of the yearly plan, up 19.88% over the same period. The number of international guests staying is estimated at 120,426, reaching 54% of the yearly plan, up 14.72% over the same period.
Source: https://www.nguoiduatin.vn/bat-dong-san-nghi-duong-tren-da-phuc-hoi-20424080708150373.htm
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