Vietnam ranks high in Juwai IQI's 10 most popular countries for investment
According to South China Morning Post, interest is building fast in Vietnam’s luxury property market – with beautiful beaches, amazing food, a thriving economy and competitive pricing, it’s no wonder that the coastal county is Asia’s biggest property investment hotspot.
A thriving national economy coupled with low market entry prices makes for a compelling proposition, and after the game-changing amended Law on Residential Housing opened the door to opportunity in 2015, Vietnam began making headlines as the new property investment hotspot in Asia.
|The sun is rising on Vietnam’s property market – and D’Edge Thao Dien has proved to be a popular development in Ho Chi Minh. Photo: CapitaLand|
The relaxed rules enabled foreigners to buy up to 30 per cent of the units in each new residential project, a quota which Kenny Law, of Savills Hong Kong, says was quickly filled by investors from Hong Kong, South Korea and mainland China. “Wealthy overseas Vietnamese represent another enthusiastic group of investors,” he said.
Such has been Chinese buyer enthusiasm that, from virtual obscurity in 2015, Vietnam now consistently ranks on Juwai IQI's 10 most popular countries list.
Is Ho Chi Minh City the next Beijing or Shanghai?
Georg Chmiel, Juwai IQI executive chairman, says Chinese investors see in Vietnam's cities the next Shanghai or Beijing, Juwai reported.
“With Vietnam's economic and demographic outlook, they fully expect prices to climb significantly in the years to come, while remaining safely decoupled from real estate price trends in China itself,” he said.
|D’Edge Thao Dien 2 is in a ritzy part of Ho Chi Minh City: Photo: CapitaLand|
Chmiel added that in the past two years Chinese investors have shown an increasing preference for real estate in Asean markets; from their perspective, “Vietnam has it all”.
As Juwai IQI points out in a Vietnam market research report, condo prices there are tantalisingly affordable. It found that a high-end property in central Ho Chi Minh City costs US$3,000-6,000 per square metre while its equivalent in Bangkok costs around US$7,000-9,000 (HK$54,257-69,760), while in Hanoi and other coastal cities, “properties are even cheaper”, starting from US$109,800 for a semi-luxury home.
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