Phu Quoc real estate market welcomes new investment wave

PHU QUOC REAL ESTATE MARKET WELCOMES NEW WAVE OF INVESTMENT

PHU QUOC BECOMES VIETNAM'S FIRST ISLAND CITY

Phu Quoc, renowned for its pristine and picturesque landscapes, has officially become Vietnam's first island city as of early 2021. This milestone marks the beginning of a grand vision: Phu Quoc will no longer be merely a tourist destination or a resort paradise with turquoise waters and white sandy beaches. Instead, it aims to evolve into a high quality living space, fostering communities where residents share a sense of belonging and commitment.

On June 23, 2022, the Prime Minister issued Decision No. 767/QD TTg, approving the master plan for Phu Quoc City, Kien Giang Province, through 2040. The plan outlines the goal of developing Phu Quoc into a distinctive island urban center—a high quality tourism, resort, and service hub with unique appeal for both domestic and international visitors. Additionally, Phu Quoc is set to become a regional and international center for trade, healthcare, wellness, and high tech applications, as well as a political and cultural hub.

The socio economic development strategy for Kien Giang Province from 2021 to 2025 further aims to elevate Phu Quoc to a first class urban status by 2025, transforming it into a national and international island tourism city. Phu Quoc is steadily realizing this ambitious vision, positioning itself as a major urban development.

By 2030, Phu Quoc’s population is projected to reach 550,000—three times its current size—establishing it as a new economic and financial center in the region and globally, as well as a desirable place to live and work.

PHU QUOC'S REAL ESTATE MARKET: A HUB FOR TOURISM AND INVESTMENT

As a renowned tourism city, Phu Quoc is also one of Vietnam’s most dynamic real estate markets, particularly in the tourism and resort sectors. The booming tourism industry has driven the growth of resort real estate over the years.

According to a report from the Phu Quoc Economic Zone Management Board in mid August 2023, the island currently hosts approximately 286 tourism investment projects, covering over 9,600 hectares with a total investment exceeding 375 trillion VND. Of these, 47 projects are operational with a combined investment of nearly 17.4 trillion VND, while 78 projects are under construction with investments totaling over 195.58 trillion VND. The remaining projects are still in the investment procedure phase.

THE RISE OF URBAN RESIDENTIAL REAL ESTATE

The dominance of resort real estate projects highlights a significant gap in Phu Quoc’s market: urban residential real estate. The island lacks model urban areas that could transform it into an ideal living and working destination. The supply in this segment remains disproportionately small compared to the surging demand of over 550,000 residents expected in the coming years.

This imbalance suggests that the development of new urban areas—equipped with modern amenities while preserving Phu Quoc’s natural ecosystem—will be a key trend shaping the island’s real estate market in the near future.

MEYHOMES CAPITAL PHU QUOC: A PIONEER IN URBAN DEVELOPMENT

In this context, Meyhomes Capital Phu Quoc emerges as a pioneering project, leading the transformation of Phu Quoc’s real estate market to meet the evolving needs of its growing population. Inspired by riverside cultures, the project’s developer, Meyland, has designed the "Mey River" flowing from Vo Huang Mountain, creating a green landscape that defines the megacity.

The gentle flow of the Mey River serves as the starting point for Meyhomes Capital Phu Quoc, envisioned as a "pure city." The project harmoniously blends greenery and water, featuring over 12 parks, themed parks, and 400 pocket parks interspersed throughout, creating a spacious and refreshing environment.

The project’s purity is further enhanced by its smart grid planning, which eliminates dead end streets and narrow alleys, ensuring natural ventilation and openness. As a self contained megacity, Meyhomes Capital Phu Quoc offers a comprehensive living experience, with residents able to access essential amenities within 200 meters. These include recreational spaces, event venues like the riverside music stage, interactive light art parks, Meyschool Doan Thi Diem, An Thoi Ward’s administrative center, hospitals, shopping centers, and restaurants.

Meyhomes Capital Phu Quoc’s appeal also stems from its prime location in the heart of An Thoi Ward, Phu Quoc’s most dynamic development hub. The project is strategically situated along two major thoroughfares: DT975 (62 meters wide) and An Thoi Central Boulevard (36 meters wide), ensuring seamless connectivity to key areas of the city.

With its unique values, Meyhomes Capital Phu Quoc has become a top choice for residents, businesses, investors, and tourists visiting the "Pearl Island." The project stands as a trailblazer, leading the way in Phu Quoc’s real estate market transformation.