The world’s leading economic magazine – Bloomberg has just made a comment on the situation of world luxury real estate in the coming time. The fast growing economy and the revised law make it possible for foreigners to buy houses or apartments in Vietnam. That is why this Southeast Asian nation has the explosive growth of luxury real estate.
Capital Partners chairman – Mr Goodwin Gaw said that luxury property prices in Vietnam have increased continuously for the past year and a half. Investing in real estate is always an effective investment channel because it can be profitable in the long term. The prices of luxury apartment in Ho Chi Minh City increased by 17% in 2018, according to Bloomberg data.
Economic magazines in the Middle East believe that Vietnam’s economy will grow strongly. Meanwhile, Mansion Global reported that the 2015 housing ownership law has helped foreign investors to rent houses in the long term and buy real estate in Vietnam. Thereby, there are many magazines in the world that give good forecasts about the real estate situation in Vietnam.
The data is provided by the director of housing business of Savills in Ho Chi Minh City, Mr Sunny Hoang. Compared to many other cities, it is clear that real estate prices are much cheaper.
Can take a typical example in one of the busiest places in Asia – Hong Kong. A similar house can cost four times as much. The average house price in Hong Kong is $ 4,660 / foot square. The average price of houses in Manhattan (Newyork, USA) is $ 1,773 /foot square. Meanwhile, a luxury apartment in the center of Ho Chi Minh City will cost about $ 5,000 per square meter, about $ 557 per square foot.
At a high-end apartment project in District 2, Ho Chi Minh City, buyers will be able to choose from vila with complex gardens, penthouses or high-rise apartments. The residence will have a heated swimming pool, waterslide, movie theater, sports area, sky garden, library, tennis court and parking area.
Compared to New York, with that price, people can only buy a tiny penthouse. With the same criteria as apartment in District 2 above, the apartments usually cost no less than 10 million USD.
Foreign investors are investing in Vietnamese real estate, but Vietnamese rich people are growing rapidly. According to KnightFrank’s calculation in 2019, Vietnam has about 142 people with assets of over USD 30 million. Thereby, it can be seen that, in the near future, luxury real estate will no longer be new in Vietnam.