Positive impacts from new laws coming into effect
Several new laws such as the revised Land Law, Housing Law, and Real Estate Business Law have just taken effect from August 2024, creating a new legal corridor, bringing positive values to the real estate market in general and in Ba Ria - Vung Tau in particular, notably tourism real estate.
As a locality with many tourism real estate projects being implemented, recently many businesses have participated in the workshop, together outlining the whole picture of the Ba Ria - Vung Tau real estate market with the theme "Investment wave - Catching the infrastructure wave" to shape the market; evaluate developments and trends in the first 9 months of the year; vision and development orientation in the coming time.
Mr. Nguyen Quoc Anh - Deputy General Director of Batdongsan.com.vn - commented that in the third quarter of 2024, the real estate market is gradually recovering after a period of fluctuations. New laws that have just come into effect have brought more transparency to real estate transactions, while strengthening strict management of investors and brokers.
"Through the survey, many opinions said that the impact of the new laws will push real estate prices to continue to increase in the coming time; at the same time, better protect the interests of consumers with stricter regulations. Notably, the supply of social housing is also expected to improve with new preferential and support policies," said Mr. Quoc Anh.
In addition to social housing, a notable segment in the coming time is the resort real estate market (condotel, villa) with increasing interest. In particular, resort real estate in Ba Ria - Vung Tau has the top level of interest, ranking fourth in the country (after Khanh Hoa, Da Nang and Hai Phong).
Prices in some surveyed projects have increased compared to early 2024. For example, The Maris Vung Tau project increased by 12%; CSJ Tower increased by 11%... Rental yields have also increased in many projects such as The Song (4.5%), CSJ Tower (4%), or Son Thinh apartment (4.3%)...
Promising market
Mr. Bui Ngoc Tuan - General Director of TDG Group - commented that the new regulations have removed many bottlenecks in real estate investment and business activities, contributing to promoting market development.
"With many advantages of Ba Ria - Vung Tau such as Bien Hoa - Vung Tau expressway which is about to be completed; connecting tourists via Long Thanh international airport; planning to be a center of marine economy, high-quality tourism and entertainment destination... are factors that help promote the real estate market in general, and tourism and resort real estate in particular to develop", said Mr. Ngoc Tuan.
Mr. Dinh Minh Tuan - Southern Regional Director of Batdongsan.com.vn - commented that, in addition to the above factors, Ba Ria - Vung Tau also has an outstanding economic growth rate and public investment disbursement rate of 50%; higher than the national average (47%) and neighboring localities. GRDP growth is also high (reaching 11.5%) compared to many other localities...
With a favorable geographical location (only 96km from Ho Chi Minh City), always being the leading tourist destination in the region, tourist real estate in Ba Ria - Vung Tau, especially in Vung Tau, Xuyen Moc is always of interest.
Currently, the factors that investors are interested in are the profitability from leasing; the legal transparency of the project; accompanying utilities... Investors are also interested in factors to develop the tourism real estate market such as local policies on promoting and developing tourism; policies to support and improve infrastructure...
Although Ba Ria - Vung Tau possesses many outstanding advantages, there are still many limitations such as lack of entertainment activities, few tourist attractions; there are no prominent large-scale amusement parks/parks in the area.
"If the above factors are resolved, the real estate industry in Ba Ria - Vung Tau in general and tourism and resort real estate in particular will develop commensurate with the advantages of prime location and potential sea tourism," said Mr. Tuan.
Mr. Trinh Hang - Director of the Department of Tourism of Ba Ria - Vung Tau province - said that in 2023, the whole province welcomed more than 14.1 million tourists but the revenue only reached more than 14.7 trillion VND. In the first 9 months of 2024, the locality welcomed more than 13 million visitors, achieving a revenue of more than 14.1 trillion VND, striving to welcome more than 15 million visitors by the end of the year, achieving a revenue of more than 16.5 trillion VND.
According to Mr. Trinh Hang, the local tourism industry has left a strong impression on domestic tourists and is growing steadily. In addition, the locality has hosted a series of cultural and sports events at the provincial, regional and national levels; as well as image promotion and tourism promotion programs... to bring more and more visitors to the locality..., contributing to the economic development of Ba Ria - Vung Tau in general and the resort real estate market in particular.
