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Second home market surge in the offing: CBRE
Along with signs of an economic recovery, the second home market in Vietnam is gradually emerging with a lot of potential, leading real estate services firm CB Richard Ellis (CBRE) said last week.
According to CBRE, the second home is a home which provides additional income when leased out, typically part of a resort where buyers can also enjoy their retirement.
CBRE Managing Director Marc Townsend said at a press briefing in Ho Chi Minh City that with the stock market soaring, investors can start converting their gains into property like second homes.
Vietnam’s benchmark VN-Index rallied 60 percent in the second quarter, the best performer in Asia and second in the world to Ukraine’s PFTS Index, which jumped 78 percent among 89 benchmark measures tracked by Bloomberg.
Townsend said the second home market would be an exclusive market for Vietnamese as “expats still prefer buying houses in neighboring countries including Malaysia and Thailand with more relaxed laws.”
Vietnam’s second home market is still expensive compared to neighboring countries like Malaysia and the Philippines, he said.
“Our two-bedroom apartment is priced from US$2,263-2,630 per square meter with unit size of 110-126 square meters, compared to $1,000- $2,000 in Penang, Malaysia and about $1,780 on Boracay Island in the Philippines,” he said.
The second home market is surging with about 51 projects of more than 7,000 villas and 1,100 condos being implemented nationwide, according to CBRE.
However, this market’s development still relies on many factors including the infrastructure integration and the hospitality market improvement in the coming time, Townsend added.
Vinh Bao
thanhnien
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