Beachfront building boom hits Vietnam

A construction boom is underway along Vietnam’s coastline, with more than 8,200 beachfront villas and apartments to hit the market over the next two to three years.

Property firm CB Richard Ellis (CBRE) said the beachfront properties under construction will have price tags ranging from US$200,000 to more than $1 million.

Despite the high prices, around 70 percent of the beachfront villas and apartments were sold before the projects are completed, CBRE said.

CBRE General Director Marc Townsend said just a small number of customers bought the properties for their own use, with the majority of purchases made for investment purposes.

The majority of the new beachfront properties – about 5,100 villas – are being built on Vietnam’s southern beaches, including in Vung Tau and on Con Dao Island.

Beachfront properties are also being built in Da Nang, Nha Trang, Mui Ne and Hoi An in central Vietnam and in the northern city of Hai Phong.

Hong An

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