Second-home buying has become the new investment wave on Vietnam’s property market as new signs of life in the global economy herald forthcoming growth, according to CB Richard Ellis International Property Consultancy Co. on July 9.

Real estate developers have seen potential opportunities in an emerging market like Vietnam and they are paying great attention to the second-home market, which might be part of a hotel, resort, or a golf club in a beachfront resort or in the mountains, CBRE said in its press release.

Vietnam’s property market has received a significant amount of good news as investment has been poured into tourism and tourism infrastructure over the past two years, it said.

CBRE estimated that in the next two or three years, there will be more than 5,000 new villas and condos in the northern part of the country.

Among such projects, first and foremost is the Long Chau Villas and Residences developed by Ha Long T & H JSC Co. This is a villa community project consisting of 700 units on Tuan Chau Island in Halong City being developed on a total land area of 338, 45 ha. The scheme encompasses an 18-hole golf course, cruiser pier, and villas with a total investment capital of 330 million USD.

Two other big projects in Hai Phong are the Song Gia Resort Complex and the Cat Ba Resort Community undertaken by Vinaconex ITC. Both are envisioned as tourism – entertainment – resort complexes. The projects will offer a significant supply for the second-home market in the next few years and successfully meet domestic and international buyer demand.

In the view of Asian property experts, Southeast Asia will be a strong tourist destination in the near future. Within a short time, there will be a radical change in leisure preferences, with people tending to opt for villas instead of luxury hotels or resorts. The development of Vietnam ’s property market is definitely not an exception to this regional trend, CBRE added./.