Phan Thiet Might Be Your Next Real Estate Investment
Phan Thiet, one of Vietnam’s coastal districts located in Binh Thuan Province, shows positive real estate investing opportunities due to several infrastructure projects near the area.
Investors await two major infrastructure projects in the district. One is the Dau Giay-Phan Thiet Highway, set to begin construction in 2020. With this highway, travel time from Ho Chi Minh City will only be two and a half hours from the previous four hours.
Troy Griffiths, deputy managing director of Savills Vietnam said that “The Dau Giay-Phan Thiet Highway will further increase visitors from Ho Chi Minh City and will grow the number of northern visitors, who are currently very limited in Binh Thuan.”
Aside from the Dau Giay-Phan Thiet Highway, the Phan Thiet Airport poses as another game changer for Phat Thiet real estate market. This airport is proposed to be a combined civilian and military airport, according to CAPA Centre for Aviation and is subject to be operational in 2020, says Vietnam News Agency.
Another airport dubbed as “Vietnam’s Global Gateway City” or the Long Thanh International Airport has yet to serve a lot of foreign visitors. It has a projected capacity of 100 million passengers annually. It further seeks to alleviate traffic congestion at Ho Chi Minh City Tan Son Nhat Airport.
Located 40 kilometres from Tan Son Nhat Airport and 120 kilometres from Binh Thuan, the Long Thanh International Airport is set to be operational in 2025.
Impact on Phan Thiet, Vietnam Real Estate Development
Being a coastal district, Phan Thiet will see the emergence of multiple holiday homes.
In line with this, Savill’s Griffiths said that holiday home projects will attract wealthy Ho Chi Minh City and Hanoi buyers. Lifestyle options and long-term investment plans draw these potential buyers to holiday homes, he added.
Griffiths also emphasised that these future hospitality and holiday home markets “will benefit from the high volume of tourists.” Hotel segments can secure higher take-up rates as well as higher rates, but holiday homes will prove to boost buyer confidence in return on investments and capital gain, said Griffiths.
Phan Thiet Real Estate Market Status and Future
Despite being a coastal district, Phan Thiet hasn’t been at par with the famous Da Nang and Nha Trang. Griffith explains this as a result of the downturn in line with the global economic crisis. Plagued with few new property supplies, uncompetitive market, and the lack of foreign direct investments, Phan Thiet has been at its all-time low.
But, with the emergence of new infrastructure and the high prices of other coastal cities, Phan Thiet has become a hive for potential property investments.
Major developers such as Rang Dong JSC and Novaland have already taken advantage of the opportunity. Meanwhile, other developers such as TTC, FLC, and TMS are planning to launch their properties in the near future. As a smart investment choice, more and more property developers might invest in the area.
Savills Vietnam reported that Phan Thiet carries ideal conditions for tourism development. Such reasons for being so are its sunny weather and its proximity to Ho Chi Minh City. Currently, Phat Thiet and Binh Thuan mainly have land plots, ready for any risk-taking investor.
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