High-end apartments are a hot commodity in Vietnam’s largest city. VN Economic Times reports on new findings from broker CBRE that show the luxury apartment sector growing in Ho Chi Minh City.
An estimated 7,862 units were sold in Ho Chi Minh City during the third quarter. Continuing the trend from the previous quarter, high-end apartments still accounted for an increasing share of those sold, according to CBRE’s Ho Chi Minh City Quarter 3 report. In the first nine months high-end apartment sales accounted for 35 per cent, up from the 32 per cent reported at the end of 2014.
Industry insiders are crediting the expanding interest in the high-end homes to their “profit return of 6-8%,” an appealing proposition for foreign investors. Marc Townsend, Managing Director of CBRE Vietnam, told the publication that interest from foreigners was on the rise thanks to changes in legislation, now in effect for three months, that allow international buyers to purchase residential and commercial property, and sell and lease residential property that has yet to be built. [VN Economic Times]