HCM City has been greatly attractive to foreign property buyers (Photo: VNA) HCM City (VNA) – The hi-end property market inHo Chi Minh City holds great attractiveness to Asian investors, especiallythose from China, according to CBRE Vietnam.
The real estate services firm said on December27 that according to statistics on CBRE’s successful transactions in HCM City,Chinese buyers of hi-end apartments only accounted for 2 percent of totalcustomers in 2016 and 4 percent in 2017, but the rate surged to 31 percent inthe first nine months of this year.
The main reason is that since 2015, Vietnam hasallowed foreign investors to own property in the local market. Additionally,Vietnamese developers have also actively advertised their projects in othercountries. While a number of real estate projects were introduced in Singaporeand China’s Hong Kong in 2016 and 2017, they have been strongly promoted inBeijing and Shanghai cities of China this year.
CBRE said more Chinese investors have become interestedin HCM City’s property market because they saw the development similaritybetween the southern economic hub of Vietnam and Shanghai.
Three decades ago, Shanghai was almost like HCMCity at present with many undeveloped areas and low-rises. Now, it is one ofthe world’s leading financial centres with soaring property value.
[Video: Property market attractive to foreign investors]
On the other hand, in the past, most of foreignbuyers were those who lived or worked in Vietnam for many years. At present,thanks to developers’ active promotion overseas, more foreigners have come toknow the Vietnamese market and decided to purchase local real estate althoughthey haven’t set foot in the country.
In fact, they would later still come to thecountry to visit the items they intended to buy, CBRE noted.
Le Hoang Chau, Chairman of the HCM City RealEstate Association, said foreigners in Vietnam are very interested in the policyto allow foreigners to buy houses at commercial housing projects.
Those from Europe, North America, Australia andJapan usually rent houses, while others from the Republic of Korea, Singapore,China and Hong Kong tend to make purchases, he added.-VNA
VNA
