The coastal real estate market is starting to move.
According to online data from Batdongsan.com.vn, in the first 9 months of 2024, the number of real estate searches in 10 coastal provinces all increased sharply compared to the same period last year. Quang Binh recorded the lowest increase of 74 percentage points, while Khanh Hoa, especially Cam Ranh and Nha Trang areas, led with the highest increase of 181 percentage points.
Along with the increased interest, the coastal real estate market also shows a clear increase in supply and demand. According to a report from the Vietnam Association of Realtors (VARS), in the first 9 months of 2024, the entire market had 4,059 new products opened for sale, an increase of 80% over the same period in 2023. The transaction volume also reached 2,198 transactions, more than 5 times higher than the same period last year, reflecting the strong recovery and development of the coastal real estate market.
According to Batdongsan.com.vn's forecast, the first quarter of 2026 will be the time when the real estate market, including the resort segment, will begin to fully recover. However, some areas with high real value, developed infrastructure and vibrant tourism such as Cam Ranh (Khanh Hoa) are expected to recover sooner.
Khanh Hoa leads the market, Cam Ranh opens a cycle of sustainable development
This assessment is completely grounded when nearly 90% of transactions in the first 9 months of 2024 according to data from VARS came from a project in Khanh Hoa. Positive signals from the Khanh Hoa market have contributed significantly to strengthening investors' confidence in the resort segment, helping to accelerate the recovery process and open a new development cycle for the market. In the previous cycle (2015-2022), Khanh Hoa was also among the few localities leading the resort market, showing that real estate in the land of Agarwood is always a pioneer and one step ahead of the market. Currently, this area is only in the initial stage, promising a lot of explosive potential.
According to experts, Khanh Hoa has risen to lead the market thanks to key factors, including developed infrastructure, supportive policies from the government and great attraction from prominent destinations such as Cam Ranh and Nha Trang.
Firstly, the tourism market has clearly demonstrated its effectiveness. In the first 9 months of the year, Khanh Hoa tourism reached an unprecedented record of 9 million visitors, completing 100% of the annual target. Of which, 3.6 million were international visitors, accounting for nearly 30% of international visitors to Vietnam. This dominance brings in a large source of revenue, especially for the high-end accommodation segment, creating sustainable confidence for investors.
Second, the market is showing sustainability with clear development milestones through each cycle, creating stable cash flow. In 2024, the Nha Trang - Ho Chi Minh City expressway will be put into operation. In 2026, Long Thanh International Airport will be put into operation, along with the Buon Ma Thuot - Khanh Hoa expressway expected to be completed. In the period of 2026-2030, the Khanh Hoa - Da Lat expressway will be deployed, and by 2030, Cam Ranh International Airport will be upgraded to 4E standard with a capacity of 25 million passengers, contributing to raising Khanh Hoa to the status of a central urban area and becoming one of the 5 largest airports in the country.
In the overall picture of the market, Cam Ranh converges all favorable factors to become an international high-end tourism "hub". As the first locality to directly benefit from the huge number of international visitors and the positive impact of airport infrastructure, Cam Ranh also owns a deep-water port with a leading strategic position in Southeast Asia, an important trade gateway of the Central Highlands and South Central Coast. Not only that, this place also possesses the treasures of a 5-star resort paradise with 300 days of sunshine, top 3 most beautiful bays in the world, Bai Dai - top 10 most beautiful beaches on the planet, ...
These factors explain why, although still in the early stages, some key projects in Cam Ranh have attracted strong attention. According to Google Trends, the coastal urban area CaraWorld, although not yet officially launched, has witnessed a sharp increase in interest in the past 3 months, reaching the top 2 position in the entire resort and housing market. Thanks to its location adjacent to Cam Ranh airport and occupying 1/3 of Bai Dai beach, CaraWorld will welcome the flow of tourists to Khanh Hoa, becoming the top choice for accommodation, entertainment and relaxation, or at least a short-term transit point. With a scale of 800 hectares, including the best golf course in Asia, a 4.7 km long beach and 38 high-class amenities, CaraWorld will complement the services that Cam Ranh lacks, making it a "must have" destination for international visitors when coming to Khanh Hoa and Vietnam.
