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Real estate market booming in Quang Ninh

The real estate market in the northeastern province of Quang Ninh is booming this year, in line with previous forecasts.

A corner of Ha Long city 

 



Many big names in the sectorhave chosen to invest in the coastal province, attracted by good infrastructureand the local government’s policies designed to facilitate investment.

Ten years ago, Quang Ninh was atthe 58th place in the Provincial Competitiveness Index (PCI), but ithas risen quickly to the top five and kept the place among the top group forseveral recent years. In particular, in 2017, the province rose to the firstplace and maintained the position in 2018.

This is one of the reasons whyQuang Ninh has been attracting more and more investors.

In late 2018, Thailand’s Amatagroup began construction of technical infrastructure for the Song Khoaiindustrial park in Quang Yen town, with a vision of turning the 5,700 ha areainto a smart city. At the event, Amata Vietnam Director General Somhatai saidshe was impressed by the provincial administration’s assistance to investors.

Quang Ninh was also said to beleading the country in implementing the Department and DistrictCompetitiveness Index (DDCI), which helped drive administrative reformforward strongly and create remarkable changes.

Vu Tien Loc, Chairman of the Vietnam Chamber ofCommerce and Industry (VCCI), said this is the strength of Quang Ninh, which otherprovinces and cities should learn from.

Quang Ninh was also the first locality in Vietnam toform partnerships with world leading consultation groups such as McKinsey andBCG of the US, Nikken Sekkei and Nippon Koei to build seven strategic plans in 2014.Just five years after that, the far-sighted planning work has proved its valueby the big advances in the local infrastructure, tourism and real estate.

During the period from 2014 to now, the number ofreal estate projects implemented in Quang Ninh has surpassed 100, with totalinvestment capital amounting to 5.5 billion USD. The projects cover a widerange of types, from resort, entertainment park to shop house and apartmentbuilding.

One important factor that helps attract investment inproperty in Quang Ninh is its modern transport infrastructure network. At theend of 2018, the province launched a series of major transport works, includingthe Ha Long international cruise port, the Van Don international airport, theHa Long-Hai Phong and Ha Long-Van Don highways.

The new transport facilities have prompted the riseof the island district Van Don as a new destination for investors besides the long-timehub of sea tourism property of Ha Long city.

Chairman of the T-Land real estate transaction floorDo Anh Tuan said even though the infrastructure in Van Don is yet to match thatof Ha Long city, investors have begun to flock in, pushing up the propertyprices there.

Vice Secretary General of the Vietnam National RealEstate Association (VnREA) said under approved planning, Van Don will becomeone of the most beautiful urban areas and tourist destinations in Asia. The localproperty market has heated up after the inauguration of the Van Don internationalairport and the Ha Long-Van Don highway in the first quarter of this year.

Nguyen Hong Son, Director Advisory of Savills Hanoi,said the Van Don airport will create a new impetus for socio-economic andespecially tourism development in Quang Ninh, which benefits the propertymarket, though with different level for each segment.

According to Son, the tourism property market will benefitthe most, but to suspend the positive impact for the long term, localsocio-economic growth and population expansion are essential.  

He noted that tourism-relatedproperties are expected to see the highest growth. With increasing number oftourists, not only the hotel segment but also condotel will reap the rewards.

Quang Ninh province welcomed12.3 million visitors in 2018, including 5.2 million foreigner, and earned 24trillion VND (1.03 billion USD) in tourism revenue. –VNA

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