According to the Vietnam National Administration of Tourism, the total number of international visitors in the first seven months of 2024 reached 9.98 million, a 51% increase compared to the same period in 2023 and a 1.9% increase compared to the pre-COVID-19 period in 2019.
The top source markets for international arrivals to Vietnam included South Korea, China, Taiwan, the US, Japan, Australia, India, Cambodia, and Malaysia.
Domestic tourism figures also showed a positive trend, with an estimated 79.5 million domestic tourist arrivals in the first seven months of 2024. Additionally, tourism revenue for the same period reached approximately VND 513.3 trillion.
With the strong recovery in tourism, experts believe that the tourism and hospitality real estate sector is well-positioned for growth in both supply and demand, as well as favorable pricing.
“The biggest boost for tourism and hospitality real estate in 2024 comes from the recovery and development of the tourism industry. This includes the continued impact of visa relaxation policies, along with a 2% reduction in VAT for goods and services, and various promotional programs and travel exhibitions,” shared Ms. Pham Thi Mien, Deputy Head of the Market Research and Investment Promotion Consulting Division at the Vietnam Association of Realtors (VARS)
Ms. Mien further added that seaside apartments would be the highlight of this segment, meeting both ownership and rental investment needs.
Mr. Dinh Minh Tuan, Director of Business at Batdongsan.com.vn, also noted that the tourism and hospitality real estate market is awaiting new opportunities. Macroeconomic factors related to tourism and retail have shown positive recovery signs in early 2024, positively impacting the tourism and hospitality real estate sector.
Mr. Tuan also observed an improvement in the level of interest in tourism and hospitality real estate in the second quarter of 2024. Compared to the first quarter, the level of interest in condotels increased from around 5 points to over 20 points. The level of interest in seaside townhouses rose from 60 points to 100 points, while the level of interest in seaside villas increased from around 80 points at the end of 2023 to 100 points in the second quarter of 2024. This indicates a resurgence of investor interest in the market.
Tourism and hospitality real estate still has a “bright future” in the long term.
Observing the actual market, there has been a resurgence in tourism and hospitality real estate with the launch of new projects. Recently, Sun Group introduced the Sun Symphony Residence Danang project to the market. In Thanh Hoa, The Pathway, a new tourism and hospitality real estate project within the Sun Grand Boulevard complex, was launched in Sam Son beachfront square.
The tourism and hospitality real estate market in Quang Ninh is also welcoming new supply with the Crystal Holidays Harbour Van Don project, a tourism, entertainment, and resort complex located on Bai Tu Long Bay by Everland Van Don JSC. Notably, the project features a Robot AI guide for guests, in addition to its 102 amenities.
Looking ahead, Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management (Ministry of Construction), shared that with the Real Estate Business Law of 2023 coming into effect, the supply of tourism and hospitality real estate products is expected to improve by 20% compared to 2023. He added that the segment has significant potential, and market participants are returning due to the positive impact of the new laws.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
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Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
Astonishingly high price for old and dilapidated apartment buildings reaching nearly 200 million VND/m2, rivaling the most luxurious condominiums in Hanoi
Old collective apartments with prices starting from 100 million VND/m2 are usually the first-floor units that can be used for commercial purposes, while the upper-floor units are priced at 60-80 million VND/m2 for residential purposes.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
