Ho Chi Minh City boasts affordable rates for new homes, most of which are 14 percent lower than the average rates in Hong Kong
The rising rates of home properties in mainland China and Hong Kong have encouraged local investors to explore other options, and with Vietnam’s relatively low prices, South China Morning Post reports that it has become the latest property hotspot in Asia.
A data released by CBRE Vietnam revealed that 25 percent of the total transactions by foreign investors in South East Asia were credited to buyers from mainland, Hong Kong, and Taiwan.
Carrie Law, chief executive of Juwai.com, said, “Buyers with limited assets overseas are able to purchase properties in a rapidly growing market and diversify their investments.”
Law further clarifies that investors can get a home in Vietnam for CNY700,000 (USD109,781), which would be regularly priced at CNY5 million (USD703,650) in Australia or the US. “Chinese buyer demand for Vietnam properties in the first quarter of 2018 was more than 300 percent higher than the first quarter of 2017,” she said.
The chief executive officer of CapitaLand Vietnam Chen Lian Pang shared that Hong Kong continues to be their biggest source of foreign investors since the company’s launch of its first project in 2016, adding that they have sold at least 300 units in the past couple of years.
Abhinav Maheshwari, a finance employee in Hong Kong, and his wife from mainland China bought an 87 square metre apartment in the city. “Our purchase is for investment. Given the political stability of the socialist government, we see Vietnam as having the possibility to grow just like China,” he shared.
Qatar survives bother in its backyard
Proving its resilience in the face of a blockade on it by many of its powerful neighbours
Strong and stable Singapore courts attention of HNWIs
Southeast Asia’s Mr. Reliable continues to sway investors
Japan shows yen for blockchain innovation
The East Asian power is once again living up to its reputation as a tech innovator
Indonesia eyes second-term benefits to property sector
Insiders believe that the re-election of President Joko Widodo will promote a form of continuity with benefits