Sầm Sơn, Thanh Hóa, a coastal city known for its vibrant beach and tourism industry, has seen a resurgence in its real estate market.
According to Batdongsan.com.vn, during the Covid-19 pandemic (2020-2021), beachfront land in Thanh Hoa was a hot spot in the market due to public investment and the influx of mega-projects. However, as the real estate market entered a crisis and froze, this market also witnessed a sharp decline, with prices dropping by 20-50% and transactions becoming scarce.
Nevertheless, the recent market boom and land fever since the beginning of this year have had a positive impact on this once-hot beachfront land market. More importantly, the market is now benefiting from favorable infrastructure developments, planning decisions, and mega-projects, creating a stimulating effect and propelling Thanh Hoa’s land back into the growth race.
Notable projects in Thanh Hoa include the recently inaugurated seaside square and eco-tourism, resort, and entertainment complex by Sun Group, the operational Flamingo Ibiza Hai Tien, and the vigorous development of Vinhome Starcity, all of which have activated the local land market.
Recent surveys by Batdongsan.com.vn reveal that land prices in Thanh Hoa have rebounded, with both values and transactions on the rise. For instance, land in Quang Xuong, a beachfront area, has increased from 12-14 million VND/m2 in 2022 to 15-19 million VND/m2 currently. Even land in smaller alleys has seen a boost, with prices rising from 5 million VND/m2 during the stagnant period to 6-8 million VND/m2 now.
Sầm Sơn, a once-booming and then frozen hot spot, is also regaining its momentum. Prime locations in Quang Vinh and Quang Tien, which used to be priced at 45-47 million VND/m2 in 2022, are now listed at 50-55 million VND/m2. In the same areas, land on smaller roads has seen an increase from 17-19 million VND/m2 three years ago to the current 20-24 million VND/m2.
In Quang Phuc, where land prices dropped to 17-18 million VND/m2 during the market freeze, values have rebounded to 20-22 million VND/m2. Hai Tien beachfront land, home to the operational Flamingo resort, has also witnessed a rise in prices. Prime locations now command 46-55 million VND/m2, a roughly 10% increase since September 2024. Less desirable locations have also seen a boost, with prices climbing to 20-25 million VND/m2 from the 2023 range of 13-16 million VND/m2.
The same survey indicates that beachfront land transactions in Thanh Hoa have grown by 20% compared to the same period last year. This growth is expected to continue in the near future, fueled by the market’s robust recovery and positive signals.
A local broker in Sầm Sơn shared that beachfront land in Thanh Hoa is currently attracting investors not only from Hanoi, Quang Ninh, Bac Ninh, and Hai Duong but also from the local area itself.
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