International investors are competing with the locals in buying Vietnam’s real estate. Rich local Vietnamese particularly the entrepreneurs are looking for worthwhile investments. Aside from luxury condominiums there is 5 star hotel in Saigon that offers ultra-luxury living at a very low price point. These are obvious signs of Vietnam’s economic growth.
The latest hotspot for luxury real estate is Vietnam, not New York or Hong Kong. According to Bloomberg, the surge in luxury real estate developments is due to the booming economy and legislation that makes it easy for foreigners to buy real estate properties or obtain long term leases. Even if the prices of luxury condos in Ho Chi Minh have increased by 17% in 2018, they are still a good bet for long term investment.
A luxury apartment in the centre of Ho Chi Minh City can cost more than $5,000 per square meter ($465 per square foot) which compared to other cities can be considered as good bargain. In Hong Kong, a similar property could cost more than 4 times that of Vietnam’s. According to Mansion Global Report, average values of prime property in Hong Kong is $4,660 per square foot while in Manhattan, the average real estate costs $1,773 per square foot.
A luxury condominium in Ho Chi Minh City offers ultra-luxurious amenities that include swimming pools with hot spring Jacuzzi and water slide, outdoor movie theatre, treetop adventure walking bridge, fitness centre, sky garden, library, playground, tennis courts and parking. Investors have a choice from the garden villas, duplex penthouses and sky mansions.
Condos are currently priced between $232 and $290 per square foot or $400,000 to $500,000 of a 1,722 square foot 4-bedroom unit. In New York City, a tiny penthouse can cost about $2,143 per square foot or asking price of $10 million and more. In Hong Kong, a modest house can cost a staggering $446 million.
Foreign buyers who are negotiating for a property can opt for accommodations at 5 star hotel in Saigon that is fairly priced in spite of its luxurious facilities. Guests will enjoy the romance of the bygone era while luxuriating in the comforts of the 20th century.