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Hạ Long – the "hot spot" of the North’s real estate market

Update: August, 29/2018 - 10:24

Beautiful scenes, the increasing number of tourists and residents, the emergence of many important infrastructure projects and the attraction of many big investors have been the factors to stimulate the demand for property in Hạ Long City, making this place a hot spot for investment in the northern real estate market.

A miniature of Việt Nam

In addition to possessing many resources, especially Hạ Long Bay - the natural wonder of the world – the northern province of Quảng Ninh is both located in the northern key economic zone and in the northern coastal area, which has many large-scale industrial parks, well-synchronised infrastructure and attracts many people from other places to live and work.

Moreover, thanks to its favorable geographic location, important tourist destinations in the area are accessible by land and sea and conveniently connected with international airports. Besides, the province has organised a variety of advertising and tourism promotion activities recently, attracting a large number of domestic and foreign tourists.

According to a report by the Quảng Ninh Tourism Department, in the first six months of 2018, the number of visitors to the province reached 7.5 million, up 26 per cent over the same period in 2017; of which international visitors reached 2.46 million, a year-on-year increase of 14 per cent. Most of the visitors to Quảng Ninh province stay in Hạ Long City.

It is expected that when Quảng Ninh officially opens the Hạ Long – Hải Phòng expressway and Bạch Đằng bridge, it will not only contribute to boosting the demand for tourism but demand and price of property in Hạ Long also tends to increase accordingly.

The statistics of the Việt Nam Real Estate Association showed that in the first half of this year, most middle and high-end apartment projects in Ha Long had a high volume of successful transactions. Total successful transactions in the second quarter of 2018 reached more than 1,000 transactions. Some projects successfully sold out up to 95 per cent of the units.

"Recently, when the information that highways and airports were about to be put into operation was revealed, the number of investors from everywhere, especially Hà Nội, coming to Hạ Long rose significantly, increasing demand and housing prices. In the past three months, even some projects have increased the prices bu 30 per cent. It is expected that from now until the end of the year, the number of investors pouring here will also increase strongly, affecting the real estate market in Quảng Ninh Province. The projects which have good locations and reasonable prices such as condotel Citadines Marina Halong, the land of Cao Xanh - Hà Khánh ... will have a large increase in price," said Nguyễn Thắng, deputy director of Hải Phát Land cum director of Hải Phat Land Quảng Ninh.

Attractive destination for investors

Nguyễn Quốc Khánh, chairman of real estate firm DTJ, said that previously, Hạ Long was only considered as a resort centre in the North, while now it is a commercial and entertainment centre with a large number of major projects, including Sun World Halong and FLC golf course; so the number of visitors to Hạ Long has increased year by year. When the Hạ Long – Hải Phòng highway is put into use, the trip from Hà Nội to Hạ Long will be just over one hour’s drive, so the number of visitors to Hạ Long will be even higher. In addition, the population from the neighboring provinces moving here also increased rapidly, pushing up demand for housing and real estate investment here.

However, the amount of beautiful land in Hạ Long is rapidly decreasing so it is likely there will be significant price increases in projects with beautiful locations.

For example, Citadines Marina Halong is a project of BIM Group, the pioneer in exploiting the strengths of Quảng Ninh. Citadines Marina Halong is located in the prime location of the sea-tourism city with 100 per cent of apartments facing the bay. As this is the first project in Hạ Long managed by the prestigious corporation The Ascott Limited, it is sure that residents and resorts here will enjoy full professional services and international standards.

"Through this project, we wish to create a new standard of quality, the true class of international branded condotel in Quảng Ninh. This is not just about profits for five or 10 years, but a huge source of steady income for decades," said a representative of BIM Land, a subsidiary of BIM Group.

Many customers said that because the location, investors and management units are well-known names, the occupancy rates of the projects at 60-70 per cent, and one-year yields reaching 8-10 per cent, are not surprising.

"Along with the presence of many large enterprises such as BIM Group, Vin Group and Sun Group, the launch of the highway and the airport in the upcoming time, will help Quảng Ninh in general and Hạ Long in particular. It will be more convenient to connect with Hà Nội and neighboring provinces. It is expected that at the end of Q3 and Q4, 2018, the Quảng Ninh real estate market will be vibrant and fluctuating in prices,"- said Nguyễn Như Ý, general director of Real Home JSC.

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