A high-end apartment in the city costs around $5,000 per square meter, but the same one in Hong Kong could cost four times, Nguyen Khanh Duy, director of residential sales at real estate service provider Savills HCMC, said. Buyers from China, Taiwan and Hong Kong last year accounted for 25 percent of transactions by foreign buyers, up from 21 percent in 2016, according to data from real estate consultancy CBRE Vietnam. “Chinese buyer demand for Vietnam properties in the first quarter of 2018 was more than 300 percent higher than the first quarter of 2017,” said Carrie Law, chief executive of the online Chinese real estate agency Juwai.com. The country is still lower on the preference list than Thailand or Malaysia, but demand is growing, the South China Morning Post quoted Law as saying. According to Duy, what attracts many of these buyers to the country, and HCMC in particular, is the high return on property. It is currently 5-6.5 percent in Thao Dien ward and Thu Thiem Peninsula in District 2, he said. It is higher than in other Asian countries, where returns are only 3.7-5.2 percent, he said. The high returns and competitive prices of high-end properties are drawing… Read full this story
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