The New Halong Bay Condo Market: High Compression, Opportunities for the Early Birds.

Hạ Long’s Tourism Boom and Quiet Property Market

The high-rise apartment market in Ha Long has been quiet for the past two years, despite thriving tourism and infrastructure development. Photo: Halong Marina Urban Area

While Ha Long’s tourism and infrastructure have flourished post-pandemic, the real estate market has unexpectedly remained stagnant. The recent 30/4–1/5 holiday witnessed a tourism boom in the city, with nearly 652,000 visitors, a 23% increase from the previous year. Tourism revenue reached approximately VND 1,830 billion, a 56% increase compared to 2024.

“From 2023 until now, there have been hardly any new high-rise apartment projects launched, especially in the segment below VND 2.5 billion, which used to be the pillar for both owner-occupier and rental investment demands,” said Tran Trong Nghia, a real estate consultant in Hanoi.

The market is witnessing a significant demand compression as capital continues to seek opportunities, but there are not enough suitable products to absorb it.

Market Compression: High Demand but Lack of Suitable Options

The downward trend in the supply of high-rise apartments in Ha Long from 2021 to 2024. Chart: BIM R&D

The segment below VND 2.5 billion recorded the highest absorption rate, reflecting strong market demand. Chart: BIM R&D

The Q4 2024 report showed that only 73 residential apartments (Misaki Tower) and 13 commercial apartments (Phoenix Legend) were newly launched in Ha Long – a record low compared to actual demand. The segment below VND 2.5 billion had the highest absorption rate, but there is almost no primary supply left.

Meanwhile, high-value products (above VND 30 billion) are present but have low consumption rates. The market actually lacks supply in the mid- and high-end segments, which offer good liquidity, are easy to rent out, and cater to the majority of buyers from Hanoi and neighboring provinces, who are showing a tendency to move to coastal urban areas.

The “Waiting for the Wave” Phase: Signals from Timely Products

Many investors consider the current period as a “stockpile” moment, preparing for a recovery cycle expected in late 2025. However, instead of expecting sudden price increases, this investment wave is established by projects with clear legal frameworks, sharp designs, and a timely appearance that meet practical needs.

SkyM – Ha Long’s High-Rise Apartment Market Pressure Valve

In the context of scarce supply, SkyM, a coastal high-rise apartment complex developed by BIM Land, has become the market’s focal point. Located in the center of the Halong Marina bay area, SkyM offers nearly 2,000 products, 75% of which are compact studios suitable for both investment and actual living needs.

SkyM by BIM Land – Addressing Ha Long’s high-rise apartment supply shortage. Photo: BIM Land

The unique selling point of SkyM lies not only in its scale but also in its product positioning: hotel-style apartments with a “modern lux” design that optimizes lighting, functionality, and views. 100% of the apartments offer views of Ha Long Bay or the 13.5-hectare water music lake – a significant advantage in terms of feng shui value and tourism potential.

SkyM is developed on commercial land with a long-term land use duration – an attractive factor as investors increasingly consider legal aspects and flexibility in exploitation.

Additionally, a diverse range of amenities – from a 5- to 10-minute walk to the seaside square, central park, pedestrian street, proximity to Lotte Trade Center, SIS International School, and large-scale entertainment complexes – make SkyM an ideal choice for young residents, experts, and foreign tenants.

It is no exaggeration to say that SkyM is the “pressure valve” for the market, helping to relieve the supply compression and creating a positive startup mentality for the upcoming recovery cycle.

The Early Bird Catches the Worm

Experts predict that from Q3 2025, as legal barriers are gradually removed and credit loosens, the Ha Long real estate market will enter a distinct recovery cycle. In this transitional phase, projects possessing three core elements – central location, flexible products, and reasonable prices – will become the “destination” of investment capital.

The market always rewards those who take the initiative. And in the evolving landscape of Ha Long, SkyM is sending early signals, reshaping the expectation curve of a market that has been compressed for too long and is now ready to take off.