According to the Department of Tourism, the total number of tourists visiting and staying at hotels, resorts, and beaches throughout the province on the 3rd day of Tet holiday was over 165,000. The room occupancy rate was about 35 – 45%, focusing on the 3-star and above segment. Since the 3rd day of Tet, there has been an increase in the number of visitors coming to celebrate the Lunar New Year, resulting in high room occupancy rates throughout the province due to convenient transportation.
It can be seen that after a long period of temporary decline to replenish energy, the Vung Tau resort real estate market has returned to the race with new signals. Information about infrastructure and tourism is leverage for the resort real estate market in this area.
For example, the news of the Bien Hoa – Vung Tau expressway officially commencing construction has had a positive impact on the real estate market in this area. This is a key transportation project passing through the two provinces of Dong Nai and Ba Ria – Vung Tau, with a length of about 53.7km and a preliminary total investment of 17,837 billion VND. According to the government’s requirements, the project must be substantially completed by 2025 and put into operation in its entirety in 2026.
Along with the implementation of key infrastructure projects, the leaders of Vung Tau and related units are accelerating the disbursement of public investment capital to attract tourists to Vung Tau.
Photo: Ha VY
In the ranking of Vietnamese tourists’ favorite destinations in the first quarter of 2023 by The Outbox Company, Ba Ria – Vung Tau has risen to become the most popular domestic destination with 13.6% of the votes. At the end of last year, Ba Ria – Vung Tau was only ranked 4th.
However, due to a scarcity of land, during the past 2 – 3 years, the real estate projects announced in the Ba Ria – Vung Tau market mainly focused on the areas of Ho Tram, Binh Chau, Long Hai, or suburban areas. The central area of Vung Tau city is almost devoid of new resort projects.
According to the Statistics Bureau of Ba Ria – Vung Tau province, the supply of apartments in Vung Tau city in the past 2 years has been very limited. This reality has caused the selling prices of these projects to increase sharply. Specifically, the prices of serviced apartments and tourist apartments on beach routes such as Tran Phu, Thi Sach, Nguyen Huu Canh, Hai Thang Chin (Nguyen An Ninh Street)… have recorded an increase of 15 – 25% compared to the opening time in 2020.
Mr. Mauro Gasparotti, Director of Savills Hotels APAC, said that the condotel model will still be a product that accounts for a significant market share of Vietnam’s tourism industry. According to statistics from Savills Hotels, 16,000 condotels and resort villas were put on the market in 2019, and that number decreased drastically to only 4,000 units in 2021. In 2022, the market had more than 8,000 products for sale, with nearly 50% of the supply being international hotel and resort brands. In 2023, the supply of condotels continues to decline.
Mr. Mauro believes that it will take more time for the resort real estate market to return to the race, at least until 2025, so it will be difficult for any sudden changes in the short term. However, the current high demand for certain projects shows optimism about the recovery signals, accompanied by strong support for public investment and transportation infrastructure connectivity.
