Nha Trang attracts a large population
As a key city of Khanh Hoa province, oriented to be a national and international coastal city, initially becoming a commercial and tourist city of Southeast Asian stature, Nha Trang is strongly attracting residents of the province and neighboring provinces. The estimated population size of this city by 2030 is about 640,000 people and by 2040 about 780,000 people.
Another factor, Van Phong economic zone is considered to have and will have a significant impact on the new wave of settlement in Khanh Hoa in general, Nha Trang in particular. Up to now, Van Phong economic zone has attracted 150 investment projects, of which 95 projects have come into operation, 55 projects are under construction. The great potential of this economic zone has attracted a large number of high-quality workers to work in Khanh Hoa, leading to the need to move to the center of Nha Trang city to enjoy diverse services, with a distance of 30 minutes.
In terms of tourism, according to a report by the Khanh Hoa Department of Tourism, in the first two months of 2023, the province welcomed more than 573,000 overnight guests, with estimated revenue of VND3,294.6 billion, up 92.4% and 210.4% respectively over the same period last year. The smokeless service industry is increasingly creating more jobs in Nha Trang, especially opportunities for highly skilled workers, as the international tourist market is recovering positively.
Speaking more about the impact of population displacement caused by tourism on the coastal city of Nha Trang, author Kenichi Ohashi, professor of Tourism at Rikkyo University (Tokyo, Japan) had an interesting observation published in the Russian economic journal, RUDN Journal of Economics in 2019. Accordingly, the wave of Russian tourists to Nha Trang leads to other migration flows, such as overseas Vietnamese returning home, or people from Russian-speaking countries coming to the coastal city to do business and settle down.
"Russian Quarter" is a general term for a number of streets such as Tran Phu, Hung Vuong, Nguyen Thien Thuat. This is where hotels, motels, restaurants, cafes, travel agencies, souvenir shops and other services serving Russian guests are gathered. This story can also be repeated with the flow of tourists from China, India, Europe... This is a strong tourist stream of Nha Trang and will be especially vibrant when tourism fully recovers.
The increasingly complete infrastructure connecting inside and outside the province also contributes to the need for population migration. Key projects that are being accelerated and completed include the Da Lat - Nha Trang expressway; Buon Ma Thuot - Nha Trang expressway; inter-regional roads connecting Khanh Hoa, Ninh Thuan and Lam Dong; Nguyen Tat Thanh extended road (Cam Ranh city), traffic routes outside Van Phong International Transit Port, etc.
With many advantages converging, along with the position of Top 29 most beautiful bays in the world and being one of the top 3 livable cities in Vietnam, the wave of population migration to the "land of agarwood and bird's nest" is increasingly evident, leading to the need for home ownership, the need to rent for living as well as for tourist accommodation continues to increase. In which, the apartment type is increasingly advantageous, with great demand due to its convenience and flexibility in use and rental purposes.
Many "bright spots" for the apartment segment
The imbalance between supply and demand is not only a "characteristic" of the real estate market in Hanoi and Ho Chi Minh City, this situation also occurs clearly in dynamic coastal cities such as Nha Trang City, which currently gathers many resort products but lacks apartment projects. Statistics from the Department of Construction of Khanh Hoa province clearly show that in the fourth quarter of 2022, there were 10 commercial housing projects in the province. Of which, there were only 1,564 apartments, the remaining 4,067 individual houses. Nha Trang has been almost devoid of new apartment projects in the past few years.
Standing out in the scarce apartment supply in the coastal city is the Grand Mark Nha Trang project with many advantages: central connection location, outstanding construction progress, legal advantages, rich internal utility system...
Grand Mark Nha Trang owns a central location at the intersection of Phuoc Long and Vo Thi Sau streets. From here, you can quickly connect to a series of external facilities such as: 3 minutes to the beach, Bach Dang park; next to kindergartens, primary schools, middle schools, high schools; close to major hospitals as well as a series of traditional markets, shopping centers. Located right in the southern center of the city, from Grand Mark Nha Trang, it only takes 10 minutes to move to Nha Trang station, 30 minutes to Cam Ranh international airport as well as convenient connection thanks to the complete intra-provincial and inter-provincial transportation system.
The project has now been constructed to the 32nd floor out of a total of 39 floors, and is expected to soon enter the completion stage for handover to customers.
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