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Vietnamese property market flourishes
3 Jul
Vietnam has earned the title of the next luxury property market hotspot, thanks to a range of factors that have attracted wealthy investors from all over the globe.

High-end real estate developments have increased significantly in popularity over the past few years, aided by a growing economy and laws that have simplified procedures for foreigners.

It is not just foreigners who are eager to purchase property, however.

“We have more and more very rich Vietnamese, particularly entrepreneurs looking for places to put their money,” said Neil MacGregor of Savills Vietnam.

As the Global Property Guide reports, the number of Vietnamese with net assets exceeding US$30 million has risen by 320% over the past decade and thereby recording the fastest pace globally.

Andy Ho of VinaCapital Group Ltd said: “Most Asian businesses turn to real estate when they become successful in whatever core business they have. When their country’s wealth grows up, people buy real estate.”

Great demand has led to a soar in property prices, with Ho Chi Minh City’s apartment prices registering a price rise of 22.7% in Q1 2019 from a year prior, climbing to an average of US$2,028 per square metre (sq. m.) – Jones Lang La Salle Vietnam revealed.

Hanoi also saw its average price of apartments increase, by 6.8% y-o-y to US$1,407 per sq. m. in Q1 2019.

Another strong factor boosting Vietnam’s housing market is its infrastructure, with JLL saying: “Vietnam focuses on investment in infrastructure including 2,000 km of new highways, subway systems in Hanoi and Ho Chi Minh City, and many airport expansion and construction projects.”

2018 saw Vietnam’s economy expand by 7.1%, following growth of 6.8% in 2017 and 6.2% in 2016. It is also forecast to keep growing significantly in the coming years, with the International Monetary Fund (IMF) expecting an annual GDP growth rate of 6.5% in 2019 and 2020.

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