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Vaccination passports could help resort real estate segment in Vietnam

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Phu Quoc United Centre on Phu Quoc Island in Vietnam’s Kien Giang province. VINGROUP

Vaccination passports could help resort real estate segment in Vietnam

Accepting tourists to Vietnam with “vaccine passports” is considered an important step in the strategy of living alongside Covid-19 and will help revive the tourism and resort real estate industry.

Batdongsan.com.vn deputy director-general Nguyen Quoc Anh said the real estate market is still facing many difficulties, so the top priority for the resort segment is the recovery of the tourism industry.

Experts say that if the introduction of “vaccine passports” in the tourism industry is successful, it could be a driving force for many other economic sectors, given foreign-invested enterprises’ tendency to bring a large number of experts to work in the country.

Hai Phat real estate sales director Do Quy Duy said: “The pilot ‘vaccine passport’ programme is a good policy at present.”

During the pandemic, demand in the resort real estate segment had been very low, especially in coastal areas. On the other hand, this market has held significant attraction among foreign investors, he said.

Economic expert Dinh Trong Thinh said “vaccine passports” would provide great support for investment businesses. To take advantage of opportunities, businesses must prepare specific development strategies, and create tourism products that meet the needs of customers.

Khanh Hoa Real Estate Brokers Association secretary-general Phan Viet Hoang said that the “vaccine passport” would be the best solution for all tourism real estate segments.

Danh Khoi Group marketing director Ngo Van said large-scale foreign investors expect to access Vietnam’s resort real estate market, with an eye on properties expected to see high increases in value in three-to-five years.

Therefore, the resort and coastal tourism real estate segment would be attractive for all customers and investors after the pandemic recedes, he said.

Vietnam would be one of the best markets in Southeast Asia, awaiting large-scale foreign investors with big-ticket projects, Van said.

In the fourth quarter, social distancing measures may be reduced, which would also provide favourable conditions to attract foreign investors to Vietnam, creating a great push to the real estate market, especially resort real estate.

For domestic investors, Van said, from the third quarter of 2021, disbursement in real estate projects had increased, especially since the government strengthened vaccination efforts to control the pandemic.

This would be the moment that investors pour capital to own resort real estate products with legality, good location and many distinct advantages.

Following this trend, investment cash flow is gradually returning to resort real estate to seize on great opportunities when the economy recovers. Customers will choose attractive investment products at reasonable prices, Vietnam News Agency reports.

The pandemic is changing travel demand. Many tourists, especially families, want to go to private and safe resorts to relax around nature. That provides an opportunity for owning or investing in wellness resort real estate product lines.

However, Vietnam Real Estate Brokers Association vice-chairman Nguyen Van Dinh said the land fund for investors has become scarce, having been allocated to businesses before Phu Quoc was turned into Vietnam’s first island city earlier this year. This means fewer investment opportunities.

Therefore, investors need to seize investment opportunities in the resort real estate market, a segment still considered a “promised land” due to an expected strong rebound after the pandemic is controlled.

VIET NAM NEWS/ASIA NEWS NETWORK

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