Ha Long real estate breaks out into a new cycle

The Ha Long real estate market is witnessing a strong shift as a series of “big guys” such as BIM Land, Sun Property, Vinhomes… launch or relaunch strategic projects.

These are projects that investors have carefully selected the time to bring back to the race, hoping to create momentum for the entire market in the new development cycle.

The driving force from historical experience and strong internal strength

Explaining this movement from the perspective of real estate experts, objective and subjective factors have contributed to creating a solid "foundation" for the breakthrough of Ha Long real estate.

Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, commented: Ha Long is a potential market with a long history of development. In the period 2005 - 2010, Ha Long opened up the first land fever when forming many large-scale residential areas such as Cao Xanh - Ha Khanh urban area, Cot 5 - Cot 8 residential area... Since 2015, huge capital flows from "big guys" have made Ha Long real estate always an attractive market for investors.

Quang Ninh has 176km of highway, the longest in the country, playing an important role in inter-regional development. Photo: Bao Binh.

Ha Long real estate potential is boosted by strong internal factors. Quang Ninh is one of the three economic development cores in the North with GRDP growth rate and FDI capital among the leading localities in the country. Quang Ninh is also a locality with a convenient and modern traffic infrastructure system with 5 modes of transport currently in operation: road, inland waterway, railway, sea and air, especially the 176km Hai Phong - Ha Long - Van Don expressway, the "million dollar" coastal tourist route Ha Long - Cam Pha. The traffic connection of this locality is very good and creates a lot of room for development, convenient access to visitors from Hanoi and the provinces in the North Central region.

Since the beginning of the year, the leaders of Quang Ninh province have directed the implementation of key tasks and solutions, including drastic and complete removal of "bottlenecks" for many key projects. Currently, the province is focusing on removing difficulties for about 8 key non-budget projects and 2 projects in the form of public-private partnerships along with a series of other projects of many strategic investors of the province, such as BIM Group, Vingroup, Sun Group.

Quang Ninh Provincial Party Secretary Vu Dai Thang requested departments and branches to have solutions to accompany and effectively support investors, request contractors to concentrate highly, take advantage of favorable weather to speed up project implementation progress; resolutely replace contractors with limited capacity and unable to ensure construction progress.

As for Ha Long, according to the new growth scenario, this year, Ha Long City is determined to increase service growth by 23%; at the same time, focusing on solutions to increase the average spending of tourists, focusing on international visitors. From there, it aims to attract 11.5 million tourists with a total revenue of over 26,500 billion VND in this field. This target is considered completely reasonable when in 2024, Ha Long will welcome 10.6 million visitors, nearly 3 times more than Cat Ba. Of which, international visitors will be 2.5 million. Total revenue will be 23,320 billion VND.

Tourism creates investment momentum and trends

The development of tourism brings new prospects for real estate, along with changes in customer psychology and demand for serviced apartment products. Dr. Nguyen Van Dinh said that high-end serviced apartments for rent are considered an attractive investment channel for real estate investors, and at the same time, an optimal trend for investors looking for products that bring stable profit opportunities.

Halong Marina urban area with major international brands such as InterContinental (InterContinental Hotels Group - IHG), Citadines (The Ascott Limited)... along with diverse tourism, cultural and entertainment activities has boosted the spending needs of tourists when coming to Ha Long. Photo: BIM Land

Agreeing with the above opinion, Ms. Dinh Thi Nga - Hotel Operations Director - T&T Hospitality said that serviced apartment products in big cities are being favored by investors thanks to their operational efficiency.

Notably, among the projects launched by major investors this year in Ha Long, there has been a supply of hotel-style serviced apartments with prime locations, "back to the mountain and face to the sea" feng shui, adjacent to a well-planned utility system, along with a high-end, all-inclusive operation service - factors considered "rare". This is a bright spot worth watching in the context of the Ha Long market "hungry" for new quality supply over the past time.

"With the recovery trend of the real estate market, Ha Long with its history, experience and inherent strength will be the pioneer market to take the lead in the new cycle of breakthroughs" - Mr. Dinh commented.

Nguyen Khang

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