Why foreigners prefer buying homes in HCMC?

Why foreigners prefer buying homes in HCMC?

Almost 70 percent of home purchases of foreigners in Vietnam were made in Ho Chi Minh City. What makes the Southern city occupy such a prominent position?
21:00, 20/04/2019

The above information was given by Ms. Nguyen Hoai An, Director of CBRE Vietnam in Hanoi at the press conference on April 10 to announce the real estate market focus in the first quarter of 2019.

According to Ms. An, CBRE recorded that HCMC is always the Vietnam’s top locality in terms of the number of foreigners buying and selling houses. As estimated, the number of home buying and selling transactions by foreigners in the city accounts for 70% of the total number of home transactions by foreigners in Vietnam.

The reason why foreigners pay attention to the housing market in Ho Chi Minh City is that it is the country’s largest metropolis in terms of population size and economy. The city has also been an investment destination favored by foreigners and foreign businesses.

Naturally, foreigners are very interested in the HCMC housing market, Ms An analyzed. Especially in the past two years, the number of foreigners who showed their interest in and make home purchases there increased quite strongly.

There are still no specific statistics on the number of foreigners buying houses in Ho Chi Minh City, but it can be seen that the number of apartments sold to foreigners is still modest. Accordingly, out of about 5,000 homes launched for sale in HCMC in the first quarter, the number of high-end apartments which are chosen by foreigners accounted for only a very small percentage.

In each quarter, the number of homes purchased by foreigners only accounts for less than 10% on average, the rest of the apartments are sold to Vietnamese.

Previously, Mr. Nguyen Trong Ninh, Director of Housing and Real Estate Market Management Department, under the Ministry of Construction, asked localities across the country to report on the situation of foreigners, and overseas Vietnamese buying homes in Vietnam. However, until now, the Department has not yet received sufficient data from the provinces and cities, so there are no accurate data on the number of foreign individuals and organizations owning houses in the country.

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