Foreigners keen on HCM City property market after amendments to laws

HCM CITY – In nearly one year since the Housing Law and Real Estate Business Law were amended, many foreigners have bought houses and apartments in Việt Nam, especially in HCM City.

 

Le Jardin is the project being interested in and owning mostly in HCMC. The second phase starts on June 25.

According to statistics from the HCM City Real Estate Association, around 700 foreigners have bought apartments and houses in the city in the first quarter of 2016.

Analysts said projects by prestigious developers are attracting plenty of foreign interest, adding that 30-35 per cent of visitors to property transaction floors in Districts 2 and 7 are foreigners, and they account for 5-8 per cent of successful transactions.

At the Phú Mỹ Hưng Development Corporation’s floor in District 7, the number of foreigners continues to increase steadily.

The developer said this has been true since the end of last year and there has been a boom in the second quarter, with foreigners accounting for 10-15 per cent and nearly 30 per cent of transactions at the corporation’s current projects Le Jardin.

Le Jardin is the project with the biggest ratio of foreign buyers ever, company said.

Inone Yoshitaka of Japan said he chose Le Jardin because it is near international schools.

Furthermore, the development is a rare one in that it is set amid 4.5ha of parks, which promises to offer his family fresh air and peace and quiet. Shops in the ground floor would also make life convenient, he said.

Chinese customer We Feng Qi said the Phú Mỹ Hưng City Centre is a modern urban area and is well managed with comprehensive infrastructure.

That’s why he decided to buy house of the city centre.

Supply in HCM City’s real estate market is plentiful, but not many developments are able to meet the demands of foreigners, many of whom have lived in modern urban areas all over the world.

Le Jardin is unique in ensuring many positive factors at the same time, including situation in a modern urban area with convenient transportation, services next door and fresh air from 4.5ha of green space.

Its location is considered to be prime since Phú Mỹ Hưng plans to build more office buildings in the near-by International Commercial and Finance District and The Crescent District. All the constructions will be wrapped up within three years.

The next selling phase of the project will come around at the end of this month, with Vietcombank and ACB offering guarantees to buyers.

With the launch of Le Jardin, Phú Mỹ Hưng Development Corporation hopes many foreigners will choose their city centre as a place to rest their mind after a hard day at work.

Nearly 50 per cent of the 30,000 residents of Phú Mỹ Hưng City Centre are foreigners.

The number clearly proves that the city centre is an ideal destination for them, meeting all of their requirements with respect to services, transport, healthcare, education, and entertainment just like in other urban areas in foreign countries they may have lived in.

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