Price up for high-end property

HCM CITY – High-end and luxury housing continues to be an attractive segment in the national real estate market, with high demand and a good purchasing scale, experts have said.

A report from property market researcher CBRE said there would be many new high-end and luxury projects this year in Hà Nội and HCM City.

Nguyễn Hoài An, deputy head of the research and consultancy department under CBRE Vietnam, predicted that sales would be good this year in both cities.

"Prestigious investors have developed the projects, which are expected to attract many high-income customers," An said.

In Hà Nội, the number of high-end and luxury condos accounted for 30 per cent of the market in the last two years.

Supply in this segment this year is expected to be over 25 per cent, An said, adding that projects in Tây Hồ and Bà Đình districts of Hà Nội would be in high demand.

In HCM City, the supply is also predicted to be stable this year.

Dương Thuỳ Dung, a senior official at CBRE HCM City, said that luxury and high-end projects were attracting customers because of their modern facilities.

Dung said that consumers today were not only concerned about shelter, but also about the surrounding environment of their house or apartment.

He said that prices this year would increase by 4-7 per cent against last year thanks to the projects’ central location.

Recently, Phú Mỹ Hưng opened sales for its new high-end project called Phú Mỹ Hưng Midtown.

Although the price is from VNĐ5 billion (US$219,000) per condo, it has attracted many customers.

Nearly 100 per cent of condos have been sold, according to the company.

Earlier predictions by experts said the sale of luxury property would be stagnant this year, while low and medium-level segment would strongly develop.

However, the high-end and luxury market as well as the condotel segment have seen good sales and are expected to further develop this year.

Evan Huỳnh, chairman of the Việt Nam National Association of Real Estate Professionals, said that Hà Nội, HCM City, Đà Nẵng and Cần Thơ had potential.

He said that many projects begun by the Sun Group, Vingroup FLC and CEO Group have met international standards.

Evan said that investors would see success in the property market. 

Phạm Hữu Thắng, deputy chairman of the Việt Nam Real Estate Association, said the condotel market had grown because of Việt Nam’s integration into the world market and the increasing number of visitors.

He said the supply and sale of condotel projects had increased in Đà Nẵng and Nha Trang.

The high-end segment as well as condotel and officetel projects in tourism cities have brought more choices for foreigners.

"Along with investors, foreigners and professors working in the country are potential customers," Thắng said. — VNS