Will The Land Fever in Phu Quoc Return When It Becomes The First Island City in Vietnam?
Blessed with white sand, pristine turquoise beaches, large fishing grounds, and balmy weather, Phu Quoc has long been heralded as a tourist hub, attracting more than 3 million domestic and foreign visitors each year. Nowadays, with more focused investment in tourism infrastructure and services on the island, Phu Quoc is now the rising star for luxury tourism in Asia
In March 2020, the number of customers interested in Phu Quoc real estate took a sharp dip of 50% compared to 2019 under the effect of the pandemic. However, in October 2020, the number suddenly increased to 10%.
Seeing the recovery as well as the potential of Phu Quoc becoming a social and economic area, on December 09, the Standing Committee of the National Assembly officially passed a resolution to establish Phu Quoc City in Kien Giang province. After its establishment, Phu Quoc City is divided into 9 administrative units, including: Duong Dong ward, An Thoi ward and 7 communes: Ham Ninh, Duong To, Ganh Dau, Bai Thom, Cua Duong, Cua Can, Tho Chau.
Out of 9 administrative units, Duong Dong and An Thoi ward are the two areas having strategic locations, expected to bring huge socio- economic impacts to the whole island.
This is not the first time that Phu Quoc real estate market attracted keen public interest Since the proposal that Phu Quoc be the first island city in Vietnam, there was an upsurge in interest in the area with 20,000 searches on the internet in the period of January to April 2019. However, the catastrophic effect of the pandemic and the news’ lack of official confirmation have eroded the interest in the area’s real estate market. Not until October 2020 did the interest in the area recover again.
As soon as the pandemic is controlled, resort real estate will be the first segment to witness the recovery. The establishment of Phu Quoc new island city as well as the city’s effective containment of the pandemic will provide further impetus to the real estate market in the region, granting Phu Quoc a competitive advantage over other resort markets.
Despite the recovering heat of the market, authorities said land fever in Phu Quoc stands little likelihood to take place again, as in 2018 and 2019. The only positive effect of this uptrend period is that the real estate market will grow in a more sustainable manner. The stability tendency of the market can be attributed to the fact that investors have become wiser and more selective, plus the market has also gone through peaks of the fever.
Bygone the years when Phu Quoc was a rather sleepy, low-key destination. Nowadays, Phu Quoc City has become a hot spot in the Vietnam real estate market, being one of the most buzz buzzing topics discussed in the field. Interested in resort real estate? Contact Broad Avenue Team right now and let us provide you the insights in this market segment. Prepare yourself before the market gains grounds again.