Rebecca Foster | Feb 11, 2013 | Comments 0
80 percent of buyers in the high-end villa market have been from Hanoi
High-end villas in Vietnam have been selling well despite the minimal attention generated by more moderately priced villa developments, reported VietNamNet Bridge.
Market demand for villas remains high if products are targeted at the right kind of buyer, according to VietNamNet Bridge, who reported that there is a niche market of those who are prepared to spend high sums of money on luxury products.
Robust financial backing from investors has propped up Vietnam's luxury villa sector. Ten high-end villas priced between VND60 billion (US$2.8 million) and VND150 billion (US$7.2 million) have recently been marketed.
Villa resort projects in the Ba Vi and Dong Mo areas have never been completed due to the financial difficulties of supporting investors.
The asking price of Vietnam's most expensive villa is VND152 billion (US$7.29 million), and the project developer believes that finding buyers will not be a challenge.
Despite its reasonably priced units, villas at the Sea City resort project in Da Nang have received little interest from potential buyers, according to a salesperson.
However, a luxury villa in Vinh Phuc, reportedly equivalent in value to the whole Sea City project, has received two orders so far according to the developer.
The main buyers of high-end projects in the country are Vietnamese, with 80 percent being from Hanoi, according to VietNamNet Bridge.
This marks a significant change from six years ago when the majority of investors in Vietnam's high-end projects were foreign.
According to VietNamNet Bridge, these investors are purchasing luxury properties to enjoy the accompanying lifestyle rather than as long term investments to generate profits.
Filed Under: News • News by Country • Vietnam
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