Positive signals

The real estate market in Khanh Hoa province in 2024 achieved more positive results than in 2023. Accordingly, by the end of 2024, Khanh Hoa province recorded a total real estate transaction of more than VND 46,685 billion, of which the largest was land with 16,019 lots and individual houses with 10,029 units.

Mr. Nguyen Anh Tuan, Vice President of Khanh Hoa Real Estate Brokerage Association, assessed that the real estate market in Khanh Hoa in 2024 had overcome the most difficult period and begun to show clear signs of recovery.

"Support policies from the Government, along with the strong development of transport infrastructure such as the Khanh Hoa - Buon Ma Thuot expressway and the expansion of Cam Ranh airport, have created important steps in attracting investors back to the market," said Mr. Tuan.

According to Mr. Tuan, the main factors driving the recovery of Khanh Hoa's real estate market are significantly improved transport infrastructure; systematic planning, long-term vision (the general planning of Nha Trang city to 2040 and the urban planning of Cam Lam airport to 2045 have created great attraction for investors, affirming the sustainable development potential of the real estate market); strong recovery of tourism (in 2024, Khanh Hoa will welcome more than 10 million tourists, an increase of 32.7% compared to 2023).

Meanwhile, segments with development potential such as suburban land, especially in Ninh Hoa, Dien Khanh and Khanh Vinh areas, are attracting attention thanks to reasonable prices and high profit potential. On the other hand, the segment of central townhouses and apartments with pink books in Nha Trang, serving the real housing needs and renting for cash flow, has also grown significantly.

Transport infrastructure and large projects will stimulate the market

According to Mr. Nguyen Ngoc Minh, Deputy Director of the Department of Construction of Khanh Hoa province, from August 1, 2024, the Housing Law 2023, the Land Law 2024, the Real Estate Business Law 2023 and their implementing guidelines will take effect, basically removing obstacles for real estate businesses in the province.

Bên cạnh đó, UBND tỉnh Khánh Hòa đã có nhiều chỉ đạo và triển khai nhiều giải pháp để phục hồi thị trường bất động sản và thúc đẩy thị trường bất động sản phát triển an toàn, lành mạnh, bền vững trên tinh thần Nghị quyết số 33/NQ-CP ngày 11/3/2023 của Chính phủ.

Most recently, on December 18, 2024, Khanh Hoa Provincial Party Committee issued Plan No. 243-KH/TU on the implementation of Directive No. 34-CT/TW dated May 24, 2024 of the Secretariat on the development of social housing in the new situation.

In addition, after the Prime Minister approved the Khanh Hoa Provincial Planning for the 2021-2023 period, with a vision to 2050; approved the Cam Lam New Urban Master Plan to 2045; approved the Adjustment of the Nha Trang City Master Plan to 2040, the zoning plans are being submitted for appraisal and approval by the district-level People's Committees.

"This is the basis for calling for investment in housing projects, urban areas, infrastructure and especially housing for low-income people, housing for workers, etc., creating a supply source for the province's real estate market in the coming time," said Mr. Minh.

According to some experts, the fact that many investors have proposed to implement new real estate projects in Khanh Hoa is a very positive signal, demonstrating confidence in the long-term development potential of the real estate market in this area.

This is a great opportunity not only for the real estate market, but also for the socio-economic development of the province. These projects not only create a diverse and abundant supply, but also contribute to the sustainable development of the region, create jobs for people and improve the quality of life of the community.

In particular, large real estate projects from reputable investors such as Vingroup, Sun Group, Novaland, Hung Thinh are also important driving forces for the development of the Khanh Hoa real estate market.

“With a solid recovery foundation in 2024, I believe that Khanh Hoa real estate market will continue to thrive in 2025. Factors such as increasingly improved transport infrastructure will play an important role in stimulating the market and attracting investment capital,” Mr. Tuan believes. According to him, the segment worth “putting money into” in 2025 will continue to be land in the outskirts of Nha Trang with reasonable prices and real apartments with red books, and townhouses in the center of Nha Trang that can exploit cash flow. In addition, projects suitable for people with low and middle incomes will have strong development potential.