Mui Ne property market runs red-hot
The real estate market in Mui Ne in Phan Thiet City in the south-central province Binh Thuan has been buzzing in recent times with many tourism property and transport projects being developed.
Traders told dantri.com.vn in fact that the situation was abnormal since the property market is often dull soon after the Lunar New Year.
One broker said in the first month of the lunar year, which began in early February, while the HCM City, Ha Noi and Da Nang markets had been quiet, Mui Ne had been red-hot, something that had never happened before.
Coffee shops on Huynh Thuc Khang and Vo Nguyen Giap streets were always full during weekends, he said.
Brokers said the popular story at recent time in Mui Ne was how to earn money after buying land in the area.
Huynh Huy Dung of HCM City said it took him half a day to get his turn to buy land in a project in the area.
Prospectors are pouring in not just from the south but from as far away as Ha Noi.
Kim Oanh of Ha Noi said she used to be interested in the Da Nang, Nha Trang and Phu Quoc markets, but has now started eyeing Mui Ne.
Investors attributed the surge in interest in Mui Ne to imminent transport upgrades and the development of a host of tourism property products there.
Phan Thiet Airport will be ready for use, cutting down travel time from Ha Noi to just two hours.
A property expert said land prices in the area would rise to the same high levels as Da Nang, Nha Trang and Phu Quoc thanks to the airport.
Besides, a highway from HCM City to Phan Thiet will be built soon.
Major developers have come here.
Novaland is developing the NovaHill Resort and will soon build NovaWorld, a tourism complex with a theme park, zoo and golf course.
Hung Loc Phat is set to build Summerland Resort and Rang Dong will develop another resort, Ocean Vista.
The cheaper prices compared to elsewhere in the region have been a magnet for investors in land.
Brokers said investors can earn profits of 15-20 per cent on property.
An investor told dantri.com.vn land prices would jump by two or three times in the next few years when the airport and many projects are completed.