Luxury apartment prices soar in Hanoi amid supply shortage
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
Crystal Bay plans to set up a large-scale hotels and resorts project in Ninh Thuan province which has capacity of up to 10,000 rooms and can serve 1.5 million travelers each year.
This plan was disclosed by Crystal Bay's business manager Nguyen Truong Son at a tourism promotion conference recently held by officials of Ninh Thuan province in Ho Chi Minh City.
There are four Crystal Bay's projects which are being promoted, including 766 hectare- Mui Dinh Ecopark, Sunbay Park hotel&resort in Phan Rang city, Ninh Chu Sailing Bay having four 40-storey towers which are 9 kilometers from Phan Rang city and 10 hectare - Bai Co beach tourism.
Mui Dinh Ecopark is the largest - scale project with seven hotels having 7,000 rooms and 500 villas in plan. This project is being developed by the Bangkok - based Chapman Taylor architectural office.
In the past, at a tourism conference in Khanh Hoa province, Son proposed to build a strategic tourism product called "One Holiday - Two Heritage Areas," connecting Van Don in the North with Khanh Hoa - Ninh Thuan in the South Central. Visitors can relax and experience in Bai Tu Long Bay (Ha Long) then fly straight to Cam Ranh.
Crystal Bay and its partners have received approval from Quang Ninh province's officials for 1/500 scale proposal of Van Don Heritage road on an area of 109 hectares, of which the 88-story twin towers are prominent.
The connection plan became feasible after the Van Don airport was under construction and it will reach completion by the end of this year.
Besides Crystal Bay, Hacom Holdings Investment joint stock company has ambition to make a large investment in Ninh Thuan province, including Binh Son marine park, Binh Son - Ninh Chu sea urban area, new South East urban area and Northeast urban area.
Ninh Thuan now has about 1,500 accommodation rooms but only one third is rated. The most outstanding one is Amanoi Resort on Nui Chua mountain with 36 villas with price at tens of millions of dongs per night.
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
Vietnam's hospitality industry is undergoing a major transformation with a brand repositioning strategy that emphasizes unique, sustainable, and community-focused experiences.
High demand and limited supply drive transactions in major urban areas despite soaring costs.
Despite the real estate market's lackluster performance, several companies are accelerating land acquisition efforts.
Hanoi is set to receive a significant future supply of over 100,000 apartments starting from 2025, a tenfold increase compared to the current availability.
Hanoi’s apartment prices are expected to continue rising until supply and legal bottlenecks are resolved, according to experts.