Thursday, June 4, 2009

Southeast Asia’s premier destination

ot on the heels of Thailand and Malaysia, Vietnam is positioning itself as the next big must visit destination in Southeast Asia, according to the UK’s “Independent” newspaper.

The article “Property abroad: Vietnam” on June 3 wrote about the opportunities for investment in Vietnam’s luxury beachfront resorts – a sound decision for foreigners who want to buy property in Vietnam.

The article wrote: “Vietnam's stunning coastline, historic sites and bustling cities attract around four million visitors annually. Many tourists opt to stay in luxury coastal resorts in areas such as Hoi An and Nha Trang.”

It said that Vietnam has seen unprecedented growth in tourism and investment in the past decade and investment opportunities have been expanded after the government relaxed its law on foreign property ownership.

According to the newspaper, there are a great number of foreign investors eyeing up luxury beachfront resorts. International names like Hyatt Regency, Banyan Tree and Six Senses all have projects in the planning stages, which will offer residential units alongside spas, bars and tennis courts.

The newspaper quoted Rudy van Bork of La Perla International Living, which is developing Bai Tram, a luxury beachfront resort in Phu Yen, as saying that the first units have already been reserved and have had a lot of interest from overseas buyers.

“Compared to other prime destinations, such as Bali in Indonesia, Vietnamese properties are not expensive,” he said.

CEO Brett Ashton of Savills said that Vietnam is only showing the tip of its potential. "Pricing is still significantly lower than in more mature residential resort locations such as Phuket or Bali," he said, "but coastal properties have a limited supply and prices should rise over the short to medium term." Savills is already selling luxury villas in Vietnam’s luxury resorts.


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