The real estate market in the northeastern province of Quang Ninh is booming this year, in line with previous forecasts.

A corner of Ha Long city. (Photo: VNA)

Many big names in the sector have chosen to invest in the coastal province, attracted by good infrastructure and the local government’s policies designed to facilitate investment. 

Ten years ago, Quang Ninh was at the 58th place in the Provincial Competitiveness Index (PCI), but it has risen quickly to the top five and kept the place among the top group for several recent years. In particular, in 2017, the province rose to the first place and maintained the position in 2018. 

This is one of the reasons why Quang Ninh has been attracting more and more investors. 

In late 2018, Thailand’s Amata group began construction of technical infrastructure for the Song Khoai industrial park in Quang Yen town, with a vision of turning the 5,700 ha area into a smart city. At the event, Amata Vietnam Director General Somhatai said she was impressed by the provincial administration’s assistance to investors. 

Quang Ninh was also said to be leading the country in implementing the Department and District Competitiveness Index (DDCI), which helped drive administrative reform forward strongly and create remarkable changes. 

Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said this is the strength of Quang Ninh, which other provinces and cities should learn from. 

Quang Ninh was also the first locality in Vietnam to form partnerships with world leading consultation groups such as McKinsey and BCG of the US, Nikken Sekkei and Nippon Koei to build seven strategic plans in 2014. Just five years after that, the far-sighted planning work has proved its value by the big advances in the local infrastructure, tourism and real estate. 

During the period from 2014 to now, the number of real estate projects implemented in Quang Ninh has surpassed 100, with total investment capital amounting to 5.5 billion USD. The projects cover a wide range of types, from resort, entertainment park to shop house and apartment building. 

One important factor that helps attract investment in property in Quang Ninh is its modern transport infrastructure network. At the end of 2018, the province launched a series of major transport works, including the Ha Long international cruise port, the Van Don international airport, the Ha Long-Hai Phong and Ha Long-Van Don highways. 

The new transport facilities have prompted the rise of the island district Van Don as a new destination for investors besides the long-time hub of sea tourism property of Ha Long city. 

Chairman of the T-Land real estate transaction floor Do Anh Tuan said even though the infrastructure in Van Don is yet to match that of Ha Long city, investors have begun to flock in, pushing up the property prices there.

Vice Secretary General of the Vietnam National Real Estate Association (VnREA) said under approved planning, Van Don will become one of the most beautiful urban areas and tourist destinations in Asia. The local property market has heated up after the inauguration of the Van Don international airport and the Ha Long-Van Don highway in the first quarter of this year. 

Nguyen Hong Son, Director Advisory of Savills Hanoi, said the Van Don airport will create a new impetus for socio-economic and especially tourism development in Quang Ninh, which benefits the property market, though with different level for each segment. 

According to Son, the tourism property market will benefit the most, but to suspend the positive impact for the long term, local socio-economic growth and population expansion are essential.  

He noted that tourism-related properties are expected to see the highest growth. With increasing number of tourists, not only the hotel segment but also condotel will reap the rewards.

Quang Ninh province welcomed 12.3 million visitors in 2018, including 5.2 million foreigner, and earned 24 trillion VND (1.03 billion USD) in tourism revenue.