Chinese homebuyers took the lead in high-end accommodation transactions in Ho Chi Minh City in the first three quarters this year, CBRE Vietnam said at a workshop held on December 10. 
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CBRE Vietnam attributed the surge to the government’s tolerance of foreign housing ownership since 2015. With the new regulation, foreign people are allowed to buy up to 30% of apartments/houses in a real estate project in Vietnam.
The legal enforcement has made breakthroughs to the property market, CBRE Vietnam’s executives said at the workshop.
Different tastes
Senior Director CBRE Vietnam Duong Thuy Dung said that homebuyers from China and Taiwan have replaced those from South Korea over the past two years to become the top buyers.
High-end apartments in central business districts (CBDs) and hospitality segment are foreign homebuyers’ favorites.
Homebuyers from China, Taiwan, and Hong Kong prefer large projects in the city’s central parts like Alpha Hill developed by Alpha King, Vinhomes Central Park and Vinhomes Golden River invested by Vingroup, according to the executive.
Meanwhile, South Koreans prefer Phu My Hung projects with good infrastructure nearby. They like areas where South Korean communities have already settled down.
Europeans and Americans, however, choose to live in spacious, quite, and isolate villas as they value privacy and City Garden or projects in Thao Dien, District 2 meet their requirements, Ms. Duong said.
Seeking profits
Surveys conducted by CBRE Vietnam showed that in the January-September period, up to 75% of homebuyers in the city “buy for renting” compared to 61% in 2017. Whereas, only 12% of people “buy for living” and 13% of them “buy for profits” in the period, versus 17% and 22% in 2017, respectively.
Foreigner homebuyers are mainly those working in Vietnam, living outside the country, and those having never been to Vietnam before.
Such a high demand has drawn the operations of big names like CBRE, Savills, JLL, and some newly-established companies.
The high-end apartments may be priced at US$9,000-US$10,000/square meter, Duong predicted.
In pursuant to Vietnamese laws, foreigners are eligible to own accommodation in Vietnam up to 50 years.
