Nha Trang: Vietnam's premier home buying center

The colossal push in the real estate market in Vietnam was largely due to the fact that in 2015 this country opened up the real estate market for foreigners. Now any foreigner can buy Vietnamese real estate - both apartments and private houses, as well as rent them out, which was previously impossible. It is logical that the tourist center Nha Trang attracts the most attention in the country. The undoubted plus of the city is its geographical position on the coast of the South China Sea in central Vietnam. The local relief is characterized by mountains that border the city on both sides, so buyers of housing on the first line of the sea will soon be able to become the owner of an exclusive due to the limited coastal area, which will have a significantly higher price compared to today's reality.

The main distinguishing feature of Nha Trang is the lack of seasonality. As a result, there are excellent conditions for purchasing real estate just for renting out. In addition, in Nha Trang at the moment there are still quite affordable prices, compared to the same coastal Da Nang in the neighborhood. According to the current legislation of Vietnam, foreigners have the right to purchase real estate only in certain projects, namely in Nha Trang there are a lot of such projects, especially if you want to buy housing at an affordable price. At the moment, apartments and condominiums are in special demand in the city (significantly exceeding supply).

Russian Nha Trang

A great advantage for home buyers in Nha Trang can be the fact that this resort began to develop quite recently, so everyone who wants to not only rent out their property, but also move to permanent residence, as well as open their own business, it makes sense to do it right the near future, since the resort has many unoccupied niches and very little competition. An additional bonus can be the simplicity of the procedure for starting a business for a foreigner. Now about 70% of Vietnamese and 30% of foreigners live in Nha Trang.

However, the city has a fairly good infrastructure for Russian speakers, which makes this city one of the best places in Vietnam for the purchase of housing by immigrants from the CIS countries. Today, several exclusively Russian kindergartens work here, and a general education school also operates on the basis of one. In addition, there are several good international kindergartens with a very serious program. There are many Vietnamese living in Nha Trang who know Russian - most of them once studied and worked in the USSR, so there will not be strong problems with the language barrier here.

Buyer's portrait

Real estate in Nha Trang is ideal for many representatives of the CIS countries who are planning to change their place of residence in search of a favorable climate. Nha Trang has a comfortable summer temperature throughout the year, and as for the rainy season, it is in this region that it flows in the easiest form, primarily due to the location and terrain.

Here you can often find buyers looking for affordable seaside properties in Asia with growth potential. Investors who invest in local square meters are looking for simple and reliable projects with a guarantee of safety and capital growth. Therefore, most often they choose projects with condominiums - most of them offer a guaranteed income of 6-12% per annum. At the same time, the bulk of tourists are very solvent guests from China and South Korea, and the most frequent buyers among foreigners are Chinese, Koreans, Thais and Russians. In most cases, the purpose of the purchase is to invest in a rental property.

Districts of Nha Trang

If we consider the geography of Nha Trang from the point of view of the most popular areas for buying and living, then there are practically no contrasts. In fact, everything is simple: in the tourist center, prices and demand for real estate are higher than in other parts of the city. But due to the fact that in Nha Trang, demand significantly exceeds supply at almost any point in the resort, now almost any area is considered suitable for investment. If we talk about an apartment for living, then real estate in the north of Nha Trang is more suitable for adherents of a quieter life, and for those who need constant activity, it makes sense to consider the center.

Rates

As of December 2019, a two-bedroom apartment with good repair can be purchased for $ 50,000, which can then be rented out for $ 450-500 per month. Fluctuations in the cost of housing upon purchase depend on its area, view from the window, area, prestige of the project, etc. The range of cost per square meter in Nha Trang is now 1000-3500 dollars. At the same time, there is practically no premium-class real estate in the city, there are only a few projects that can fall into this segment, where the cost of housing will be $ 150,000 - $ 300,000 per sq.m.

Nuances

When buying a home, both in Nha Trang and in any city in Vietnam, it is important to observe an important condition - to make sure that the project has permission to sell real estate to foreign citizens, because not all residential complexes have it. Local experts also advise avoiding transactions through a third party, which may offer to circumvent local laws in the absence of appropriate permission to sell square meters to non-residents of Vietnam.

Thank you for your help in preparing the material:

Alena Koinova, head of MyVietHome Estate