More Vietnamese eye tony properties abroad
Booming economy galvanises investors to parlay residential investments into immigration pathways
More Vietnamese are earning the means to invest in high-end real estate overseas, a leading CBRE Vietnam official tells Mansion Global.
High-end real estate abroad has spurred a wave of interest from increasingly affluent locals, according to Dung Duong, senior director at CBRE Vietnam.
“Ten years ago, only those who had relatives would buy properties overseas, so that they could live close to their parents or siblings,” Duong said. “But these days, there is an increasing trend of wealthy parents sending their children to study internationally, and these parents are also investing in overseas property for their kids.”
More: Vietnam’s most vibrant architecture practices
Property has become an avenue for Vietnamese investors to secure immigration. Schemes such as the EB-5 visa programme in the US and various golden visas in Europe have emboldened rich Vietnamese to convert their investments into citizenship or permanent residency.
“In recent years, we have seen more investment into European countries, where it is easier to gain citizenship, including Cyprus, Malta, Portugal, Hungary and some of the Eastern European countries,” Duong said.
There were 12,327 millionaires in Vietnam last year, a figure expected to top 15,776 by 2023, according to Knight Frank’s latest Wealth Report.
This year, Vietnamese GDP is expected to grow by 6.7 percent, still the fastest in Southeast Asia after a rise of 7.1 percent last year.
Recommended
Why everyone is moving to Selangor and Johor: Malaysia’s real estate comeback
Malaysia’s upturn in fortunes is especially prevalent in secondary destinations such as Selangor and Johor
Penang’s silicon boom: How the US-China tech war is supercharging local real estate
Penang’s booming semiconductor industry has created ripples within the local real estate sector
New leader, new opportunities: How Hun Manet is shaking up Cambodia’s real estate game
Hun Manet is overseeing decent economic growth and widening access to the country’s real estate market for foreigners
Singapore embraces inclusive housing reforms amid resilient demand
The Lion City’s regulatory strength continues to exert appeal for international investors