Nha Trang's property market boosted by foreigner demand hinh anh 1A corner of Nha Trang City (Source: VNA) 

Khanh Hoa (VNA) - The heating up of Nha Trang's property market has encouraged property enterprises to promote their business by the end of this year, experts said.

Many apartment projects have increased their prices. The rates of Costa Nha Trang project have risen 37 percent over the past two years, the Cham Oasis Nha Trang projects by 10 percent over the past five months, the Stellar Nha Trang project by 20 percent over the past three months and that of Muong Thanh Nha Trang 2 by 55 percent over the past one year.

Khanh Hoa's tourism business performed well in the last five years, Savills Vietnam, a foreign property service provider, said. The annual expenditure grew by 20 percent and the annual growth rate of tourist arrivals was 18 percent.

The amended Housing Law allows foreigners to have a 50-year leasehold tenure in residential projects. That is a positive development for the Nha Trang property market, according to Savills Vietnam.

The heating up of the property market in Nha Trang has motivated investors to develop their apartment and villa projects by the end of this year, including in Phuc Khanh 1 urban area, Royal Marina, Riviera and Mipeco urban area, cafef.vn reports.

Nguyen Nam Hien, General Director of Hung Thinh Land, said Nha Trang will continue to attract investments in tourism property in the future.

Foreigners who want to buy houses will try to invest in Nha Trang's property market, he added.

Vietnam’s participation in the Trans Pacific Partnership (TPP) agreement will boost the central city's property market as the demand for housing and resorts by foreigners rises.

In addition, property investors said, the People's Committee of Khanh Hoa province has released a specific plan to convert the old Nha Trang airport into the largest urban trade and financial centre of the region. The plan will be a golden opportunity for the resort property market in the province.-VNA