Real Estate on the Rise in Phu Quoc: A Surge in Long-Term Residential Properties
Amidst the country’s burgeoning economy, the real estate market in Phu Quoc is thriving. Notably, there has been a significant increase in the demand for long-term residential properties on the island paradise.
The Rise of Freehold Real Estate
On January 1, 2021, Phu Quoc officially became Vietnam’s first island city. Phu Quoc has relentlessly pursued urban development, attracting substantial investments to transform the island beyond its previous status as a tourist and resort destination into a coastal metropolis and a new economic and financial hub for the region.
The aspiration to establish Phu Quoc as a prominent coastal city is manifested in the Phu Quoc City General Plan to 2040, unveiled in February 2024. Accordingly, Phu Quoc is designated as an alluring island-coastal city, meeting Type I urban standards; a maritime economic zone of great significance, projected to attract approximately 680,000 inhabitants by 2040.
Consequently, land use planning no longer focuses solely on tourism and leisure but prioritizes infrastructure projects, transportation, social development, and initiatives aligned with urban development strategies. This shift implies that the Phu Quoc City General Plan to 2040 will guide the development of a coastal city, with an emphasis on long-term residential neighborhoods rather than small-scale developments catering to tourists.
To realize this objective, in 2024, the Kien Giang Provincial People’s Committee proposed allocating state budget funding to two crucial projects for Phu Quoc City’s development: the Phu Quoc coastal road, with a total investment of 7,000 billion VND, and the ring road surrounding the special-use forest and protective forest on Phu Quoc Island, with an approximate length of 184 kilometers. These key roadways will not only facilitate transportation and tourism but also enhance national defense and security, further propelling the island’s transition into a Type I city.
The aforementioned plan demonstrates that Phu Quoc places significant importance on the development of long-term residential real estate as it progresses towards its goal of becoming a Type I city. As a result, Phu Quoc is witnessing a surge in freehold residential properties, presenting a considerable growth opportunity.
Phu Quoc: An Ideal Investment Destination
Coastal cities play a vital role in socio-economic development due to their convenient maritime connectivity and their position as gateways to global trade routes. Several coastal metropolises worldwide have demonstrated their prominence and stature, becoming national icons or regional and international hubs. Examples include New York City, San Diego, Seattle, Hawaii (USA); Vladivostok (Russian Federation); Shanghai, Shenzhen, Hong Kong, Macau (China); Kaohsiung, Taipei (Taiwan); Tokyo (Japan); Pattaya, Phuket (Thailand); Manila (Philippines); Singapore, and many more.
This phenomenon underscores why coastal urban real estate consistently ranks among the most expensive in the world, attracting investments from numerous global billionaires. For instance, Hawaii’s exclusive and opulent villas are sought after by investors such as Mark Zuckerberg, Larry Ellison, Jeff Bezos, and Sam Altman. Similarly, San Diego has attracted multi-million dollar investments from Bill Gates and real estate magnate Donald Bren, who acquired oceanfront mansions.
Meyhomes Capital Phu Quoc Draws the Attention of Savvy Investors
In Vietnam, the freehold real estate market in Phu Quoc has emerged as an attractive investment destination due to its multifaceted value proposition: a combination of residential, leisure, and investment opportunities that consistently yield substantial returns over time. The allure of freehold properties is particularly pronounced in Phu Quoc, given the market’s current oversupply of vacation homes.
Among the sought-after urban real estate developments in Phu Quoc, Meyhomes Capital Phu Quoc stands out as a prime candidate due to its exceptional qualities. Envisioned as an extension of Phu Quoc’s transformation into a future residential destination for hundreds of thousands of residents, Meyhomes Capital Phu Quoc offers a diverse portfolio of property types, ranging from villas and commercial townhouses to high-rise seaside apartments. The project’s development places a strong emphasis on creating a comprehensive ecosystem of amenities, including education, healthcare, public administration, commerce, a hub for innovation and research, and world-class leisure attractions that embrace the latest global trends. Meyhomes Capital Phu Quoc will serve as a catalyst, propelling the island’s evolution from a mere tourism and resort destination into a vibrant and desirable living environment, attracting a global community of residents and professionals.
notably, falling within the designated 6% of urban land, all properties at Meyhomes Capital Phu Quoc are granted freehold tenure. Consequently, the project offers not only a pristine living environment that caters to both residential and business needs but also a legacy asset that will continue to appreciate in value.
Meyhomes Capital Phu Quoc – The pristine city by the Mey River.
Website: www.meyhomescapital.vn
Location: Meyhomes Capital Phu Quoc Township, An Thoi Ward, Phu Quoc City
