Phu Quoc is expected to be selected as a pilot region to welcome international visitors with vaccine passports from October of 2021. Meanwhile, it is expected that Can Gio will be open its doors to visitors at the end of September. According to Colliers Vietnam, this information will partly affect the real estate market in these two areas.
This expert said that because tourism is one of the main economic activities of Phu Quo, once its restored, it will have a positive impact on other fields, including real estate. In addition to the vaccine passport, other factors that will “resonate” to make the housing market here more vibrant, include Phu Quoc becoming the first island city of Vietnam, and many investors continue to pour capital for their large-scale projects to improve infrastructure or casino.
Not to mention, Phu Quoc is still in the early stages of economic development compared to Nha Trang, Da Nang or Ha Long, so there is still plenty of room for development. Many incentives on mechanisms and policies will also help Phu Quoc’s long-term economic growth.
Recently, Kien Giang province has also allowed the division of plots in the urban area of Phu Quoc City with a minimum area of 300m2 for perennial crops and 600m2 for annual crops. The land plot market may gradually become more active when large investors can buy large areas of land and then divide and separate plots for resale. This helps the real estate market in this city by having more diversity, suitable for different “taste” of many investors.
Being surrounded by the sea and being almost “immune” to the recent Covid outbreaks makes Phu Quoc even more attractive as a great living and resort space in the eyes of many people.
Like Phu Quoc, Can Gio district (HCMC) also has many advantages in tourism with more than 33,000 hectares of mangrove forest recognized by UNESCO as the first biosphere reserve of Vietnam. The fact that the 15km long sea-crossing ferry route connecting Can Gio with Vung Tau officially went into operation earlier this year makes sightseeing even more convenient.
In particular, the project of Can Gio sea encroachment urban area is assessed to be able to create a new breakthrough in the development of marine economy of Can Gio and Ho Chi Minh City.
According to Colliers Vietnam, before 2016, housing prices in Can Gio district were among the lowest in HCMC and generally did not fluctuate much. But from 2017 onwards, land fever in Can Gio has appeared in areas such as Long Hoa, Binh Khanh or Can Thanh.
Last year, in Can Thanh, land prices increased by 50% compared to 2019, ranging from 7 to 20 million VND/m2. Since the information about the planning of urban areas encroaching on the sea was transmitted, the land price of Can Gio has increased “exponentially”, each m2 has increased by tens of millions of dong.
Accordingly, the pilot “green card” in Can Gio will first create an atmosphere of excitement for the people here and create a premise for many economic activities to gradually become active again, including real estate. There have been many large real estate corporations spending billions of dollars of capital to exploit the potential of Can Gio with resort projects, amusement parks or commercial housing.
These projects will also gradually restart, followed by smaller projects in various segments. The impact from large-scale projects will cause the average land price to continue to increase. If the infrastructure is improved faster and better, Can Gio real estate is even more attractive because of the inherent advantages of this area as a great living space.