The Hanoitimes - This information was stated by Ms. Do Thi Thu Hang, Head of Research & Consultancy at Savills Hanoi when regarding about the potential of real estate market in the northwestern province of Lao Cai.
According to Ms. Do Thi Thu Hang, Head of Research & Consultancy at Savills Hanoi, along with the improved infrastructure such as the Hanoi-Lao Cai expressway and new leisure facilities, the real estate market in Lao Cai province and Sapa has huge potential in new segments such as villas, five-star hotels, and condotels.
She said that Lao Cai and Sa Pa have lured many large investors in real estate already, such as Bitexco, the Sun Group, Vingroup, the Thien Minh Group, and Sapa Land, with Sapa Jade Hill being a key project in the resort property segment.
“Projects from these prestigious investors are adding more attractive services and products to Lao Cai city such as shopping centers, amusement parks, shophouses, a cable car, and luxury hotels,” Hang added.
According to the latest statistics, nearly 200 projects have been licensed for construction in Sa Pa town.
The report from real estate consultants Savills Vietnam showed that Lao Cai now has only one five-star hotel, the Aristo International Hotel, while Sapa has no five-star hotels as yet. Sapa will, however, welcome a number of five-star hotel projects in the time ahead, such as Silk Path Grand Resort & Spa Sapa and Mgallery Sapa.
The resort town’s propery market will also be provided new supply in the resort and hotel segment from projects such as Bitexco Resort, Suoi Hoa Resort, Lao Chai Resort, and Golden Valley Resort.
Moreover, Lao Cai's infrastructure has been improving significantly in the recent years. The Noi Bai - Lao Cai expressway has been put into operation and the second phase of the route is expected to be completed this year.
Lao Cai and Sapa’s real estate market has both opportunities and difficulties. “The real estate market is still underdeveloped and lacking many high-end and luxury products, but the natural landscape and unique climate are advantages, besides infrastructure,” Hang said.
Lao Cai and Sapa are facing competitive pressure from many large markets in the north, such as Quang Ninh, Vinh Phuc, and Hai Phong, and in the central region, such as Da Nang, Hoi An and Hue, according to Head of Research & Consultancy at Savills Hanoi. These places have recorded relatively large demand from investors and visitors from the north in terms of accessibility, products, price, sales policy, investment environment, efficiency, investment cost, and tourism products.
According to a report from real estate consultants Savills Vietnam, the systematic planning is one of the key conditions to help the real estate market in Lao Cai and Sa Pa developing more strongly in the coming time.
Translated by Nguyen Xuan
Source: Gia Tuan-Kinhtedothi.vn