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Lào Cai’s property market has great potential: Savills

Update: March, 21/2017 - 16:55
A view of Sapa Town in Lào Cai Province. The real estate market in Lào Cai Province is not developed, but has good potential to develop strongly in the future. - photo khohinhnen.com
Viet Nam News

HÀ NỘI — The real estate market in Lào Cai Province is not developed, but has good potential, leading property services provider Savills Việt Nam Co Ltd said on Monday.

Đỗ Thu Hằng, associate director, research, Savills Hà Nội, said that Lào Cai’s property market has great development potential in segments such as villa resorts, five-star hotels and condotels as its infrastructure has developed and improved strongly while Việt Nam has regulations on permitting foreigners to own property in the country. The Hà Nội-Lào Cai Highway, the various entertainment facilities and the new airport are among the infrastructure projects that have made a difference in the province.

Lào Cai City and Sa Pa, a famous tourism town in the province, have attracted many large property investors, including Bitexco, Sun Group, Vingroup, Thiên Minh Group and Sapa Land, who have developed shopping centres, entertainment areas, shophouses, cable cars and luxury hotels. But Lào Cai City has only one five-star hotel, while Sa Pa has none, she said.

In the future, Sa Pa will have five-star hotels and resorts such as Silk Path Grand Resort & Spa Sapa, Mgallerry Sapa, Bitexco Resort, Suối Hoa Resort, Lao Chải Spa Resort and Thung Lũng Vàng Resort.

“Lào Cai has lacked luxury and modern property products, though it is very scenic and has good climate. It will face strong competition in attracting investors and customers from the north, which has large property markets such as Quảng Ninh, Vĩnh Phúc and Hải Phòng, and the central region such as Đà Nẵng, Hội An and Huế,” Hằng said.

The province must make systematic plans to develop their real estate market well, she said. — VNS

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