Mũi Né Property Market Runs Red-hot

HCM CITY – The real estate market in Mũi Né in Phan Thiết City in the south-central province Bình Thuận 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, Hà Nội and Đà Nẵng markets had been quiet, Mũi Né had been red-hot, something that had never happened before.

Coffee shops on Huỳnh Thúc Kháng and Võ Nguyên Giáp streets were always full during weekends, he said.

Brokers said the popular story at recent time in Mũi Né was how to earn money after buying land in the area.

Huỳnh Huy Dũng 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 Hà Nội.

Kim Oanh of Hà Nội said she used to be interested in the Đà Nẵng, Nha Trang and Phú Quốc markets, but has now started eyeing Mũi Né.

Investors attributed the surge in interest in Mũi Né to imminent transport upgrades and the development of a host of tourism property products there.

Phan Thiết Airport will be ready for use, cutting down travel time from Hà Nội to just two hours.

A property expert said land prices in the area would rise to the same high levels as Đà Nẵng, Nha Trang and Phú Quốc thanks to the airport.

Besides, a highway from HCM City to Phan Thiết 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.

Hưng Lộc Phát is set to build Summerland Resort and Rạng Đông 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. — VNS