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Phu Quoc Real Estate

Phu Quoc is a Vietnamese Islands that is starting to attract tourists in their droves attracted by its unspoilt charm, great hotels and stunning beaches. The real estate market is in its infancy but as we seen before at Homesgofast.com where there are holidaymakers and tourism there will be a desire to buy real estate in Phu Quoc. But can foreigners really own a property on the Island? 

Phu Quoc a Vietnamese island that covers a space of about 570 –74 square kilometre is a district of Kien Giang. Kien Giang itself is a province of Vietnam located in Mekong Delta, Southern Vietnam. Phu Quoc island, whose largest city is Doung Dong,  is presently a viable spot for both travel tourism and real estate investment. There are both natural and economic conditions within the island that make it a cynosure of all eyes for travellers, tourists, and investors – local and international.

Where exactly is Phu Quoc?

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Phú Quốc is a Vietnamese island off the coast of Cambodia in the Gulf of Thailand. It’s known for white-sand beaches and resorts, most of which are along the palm-lined southwest coast. More than half of the island is part of Phú Quốc National Park, which features mountains, dense tropical jungle, hiking trails and wildlife. Duong Dong is the largest town, with day and night markets selling crafts, produce and fish. Tourism Viability of Phu Quoc

Tourism 

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A host of conditions make Phu Quoc a tourism-viable island. The island is richly blessed with everything a tourist hub should have. Some of these include:
Beautiful Beaches: The island is blessed with beautiful beaches which are not. yet worn out by over-visitaton. These beaches are part of the things that pull tourists from far and near to the island. Popular among the beaches are Khem Beach, Sao Beach – the island’s most beautiful beach, Long Beach, and Rach Vem Beach also known as ‘starfish beach’.
Comfortable relaxation centres: The island boasts of luxury hotels and resorts such as the magnificent Emerald Bay Resort & Spar, and also unique bars and restaurants.

Reviews about Pho Quoc
Very good weather. Its temperature is about 27oC with April as its hottest time of the year.
It is also blessed with local charm and colouration. Fresh agricultural produce are there. Fish source from the island is out of this world.
The island is historical rewarding, for those who like history, as significant vestiges of the Vietnam war can be found.
Touring through the island is not difficult as it can be done with either a motorcycle, a taxi, or a bus.
To add to it, visit the island is up to 30 days visa-free

Vietnam – Phu Quoc Island by Drone Footage

Amazing views of Vietnam’s best Island, half of the island is part of Phú Quốc National Park, which features mountains, dense tropical jungle, hiking trails and wildlife.

Phu Quoc enjoys a very consistent average temperature of 27.7 Celsius (81.9 Fahrenheit), with an average maximum daytime temperature of 31.2 Celsius and the average minimum of 24.6 Celsius. With consistently warm temperatures, phu quoc is the perfect place for a beach holiday. The lowest temperature recorded in recent times was 15.7 Celsius in March 2002.Economic Viability of Phu Quoc

Buying Property in Pho Quoc as a Foreigner

A lot of attractive investment opportunities exist in the island. Phu Quoc is basically divided into two, the mainland and the Ireland, with different opportunities existing for both citizens and foreigners. There used to be some restrictions against foreigners, but following a set of laws passed in November 2014, foreigners are now allowed to acquire properties on the island. It is, however, more expensive to build structures in the island rather in than the mainland because materials are not close to the island.

What are the typical prices for land and property in Phu Quoc?

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Land: Parcels of land to be acquired are distributed in different towns of Phu Quoc with varying prices. The break down is as follows:
Cua Can: The price of land at Cua Can is on the average which is between $20.00 – $40.00 USD per square metre.
Duong Dong Town: Prices of land here, though slightly higher than what is obtainable at Cua Can, is still comparatively on the average, which is about $35.00  60.00 USD per square metre. An Thou town: Here pieces of land sell at the cheapest prices of between $10.00 – 15.00USD.
Long Beach: Long Beach has here costliest parcels of land at the price of between $100.00 – $200.00 USD per square metre.
These prices are as released by Commercial Real Estate Services (CRES)
Condominiums, Villas, and Vacation Homes: Condos and villas are also available across the island. They have been made available by a number of projects going on in the on. Those projects include: Sunset Sonata  Resort Luxury Home by Sunset Sonata and is located at Doung Dong Town, Sonasea Villas & Resort  – developed by CEO Group  (also located at Doung Dong), and Dreamy Hill Villas Project located at Tran Da Street,  Duo Doung. Prices of these condos, villas and resorts are best known by inquiring from the companies in charge.

Government’s Motivation
The Vietnam government have been keen on seeing Phu Quoc island developed to the level where it can compete with other popular places like Koh Samui, Phuket, and Bali. So, some policies have been put in place to encourage both local and foreign investment in the island. Some of those policies include 10% only taxation on developmental projects like roads, bridges, electricity, sewage and water supply system, seaports, airports, and soon, 50% reduction in the personal income tax of Vietnamese and foreigners working in Phu Quoc, three years rent waiver for land and water, and other encourage rewards.

What are the Conditions For Foreign Ownership?

In spite of the above motivation rewards some conditions, though very mild, also apply for investing in the island. One such condition is that foreigners who want to build houses to be sold or leased in the island have to adhere to the master-plan of the island. Another is that in a case where a real estate transaction happens successfully between the seller and the buy, the real estate agent involved in the transaction has to be paid about 1-3%. Also, at the end of the transaction, the seller will pay 2% tax on the transfer price while the buyer will pay 0.5% tax on the property’s value.

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