Nha Trang considered destination for holiday home market

For many years, the central coast city of Nha Trang has been known as a favorite destination for vacations thanks to its natural picturesque landscapes, beautiful beaches and warm weather.
Most properties in the resort city are built as hotels to cater to the accommodation demand of international and local travelers. However, the city has witnessed more residential property projects making it more than just a venue just for short holidays but a place for residence and even property investment.According to the property market research company Savills Vietnam, there were 12 apartment projects with more than 1,500 units in Nha Trang as of November. The number of land plot projects remains at six with 1,000 plots and there are four villa/townhouse projects with a total of 250 villas and townhouses. Most of the apartment units are located in the city center while the villa/townhouse and land plot sectors are mainly concentrated in Vinh Nguyen and Vinh Hoa wards.
Savills says the land plot sector is enjoying the highest primary price in Nha Trang’s residential market at an average of US$710 per square meter while the primary price of apartments and villas/townhouses is recorded at US$595 and US$620 per square meter respectively. It may be explained that all land plot projects in the primary market are well located with a great view to the sea.
The seaside project An Vien Town was introduced at the property exhibition and conference called Propex Vietnam 2009 held at the Saigon Exhibition and Convention Center in HCMC’s District 7 ten days ago. The property project stretches two kilometers along the coast at the end of Tran Phu Street, some five minutes drive from the city center. It covers a 71-hectare site, in which 18 hectares are in the sea. It is designed with 568 land plots for villas and a wharf to serve private yachts of potential property owners. Infrastructure has been completed to make it ready for transaction and all land plots are licensed with permanent ownership certificates, according to the project owner.
The market research company says there is real demand for ready-built houses in Nha Trang, where residents seem to have a preference to live near the sea. Due to the limited land area close to the sea, many apartment buildings have been developed in the city in the last few years to meet demand. Some individual investors may buy land plots in a good location and build their own villas and then lease them to expatriates. With tourism strength, Nha Trang is a popular destination for foreign visitors. Many foreigners live in Nha Trang and consider this area as their second home.
Savills reports that 31 residential projects may come online in the next few years, and due to the limitation of land in the city center, the potential projects are now moving north, south and west. Large projects are expected to be developed in Vinh Thai and Phuoc Hai wards to the west of the city, which are expected to account for more than 60% of Nha Trang’s future development area.