Phu Quoc is a large up-and-coming holiday island in the Gulf of Thailand which falls under Vietnamese administration. Phu Quoc, in Kien Giang Province, is the largest island in Vietnam covering an area of 56 sq. km. It is one of the most promising are in Vietnam real estate market.
In the early 17th century, Phu Quoc was a desolate area, where Vietnamese and Chinese immigrants earned their living from sea cucumbers. It served as a French colonial rubber and coconut plantation and later as P.O.W detention camp of 40,000 inmates during the country’s long war.
Now however, with its UNESCO biosphere nature reserve occupying nearly 70 per cent of the island, average annual temperatures of 27 degrees, and range of virtually untouched beaches, Phu Quoc is reinventing itself as a tourism hub which, the government hopes, can eventually rival luminaries such as Phuket, Bali and Koh Samui.
Living in Phu Quoc
Life in sleepy Phu Quoc is about to change and according to government master plans the quiet fishing villages and near-empty beaches will be swamped with to a point comparable with Phuket by the year 2020. There are currently 68 accommodation options available to tourists but of these, just eight are star-rated with the rest targeting backpackers. When all the tourism developments are completed, yearly arrivals are forecast to hit between two and three million. The character of the island and the lifestyle of those living their will be transformed, but the good news is that progress will bring around US$771 million per annum to the local economy once the major works are completed. The expected rate of change can be judged by the fact that the island received just 100,000 visitors.
Renovating in Phu Quoc property
The real estate industry on Phu Quoc has very much the feel of a party just about to get going and if the government’s plans come to fruition, the sky is the limit with regard to investment returns.
One pitfall is the fact that while the authorities have relaxed laws limiting ownership, they are still relatively restrictive.