Tourism growth to propel Vietnam’s vacation property: CBRE

The Hanoitimes – Many key developers are still very optimistic about the future of vacation property sector, according to CBRE. Continued growth of the tourism market, suitable marketing strategies and diverse product offerings could propel Vietnam’s hospitality real estate market to sustain its growth prospect despite the booming sharing economy, property service firm CBRE has said in a note.   A hotel complex of FLC Group in central Quy Nhon province. Photo: Internet Vietnam’s tourism industry has witnessed an impressive uptrend, with the number of international arrivals growing approximately 27% per annum in the past two years, among the highest in Asia. Such an impressive growth is driven by rapid infrastructure developments, rising popularity of low-cost carriers, implementation of electronic visa for 40 countries and visa exemptions for five Western European countries, increasing domestic spending power as well as government initiatives to promote tourism. Many key developers are still very optimistic about the future of vacation property sector, CBRE said. Vietnam recently was ranked among top 10 fastest-growing tourist destinations by United Nations World Tourism Organization, with its vacation property sector showing improvement in both quantity and quality, said Dzung Le, vice managing director of BIM Group. “We strongly believe in the potential of the tourism market in general, and of emerging tourist destinations such as Ha Long, Phu Quoc, Da Lat, Quang Binh, Sapa, Ninh Thuan and Hai Phong,” he added. With many units soon to be handed over as well as strong future pipeline, competition in the rental… [Read full story]