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City people hunt rural lands to build cottages
Expensive properties in big cities downtown have led high-income earners to move away to rural areas, where they can enjoy countryside with their cottages.
Tran Ha, who owns a fancy house in downtown Hanoi, said he bought a huge rural land in the northern province of Hoa Binh to build a cottage. He paid VND300 million (US$15,000) for the land with an area of 1,080 square meters.
“People are hunting rural lands in Soc Son, Ba Vi and Luong Son districts [in Hoa Binh Province] to build cottage now as they can totally escape from the busy city life to harmonize with the nature and the peacefulness over there,” Ha said.
Many property firms quickly sought undeveloped lands in rural areas in an attempt to catch up with the increasing demand. They bought different small lands in a same area to set up a 5-15 hectare residential park with roads, water and power supply, and cottages before selling them to the riches.
Cottages in Hoa Binh Province have garden with a small stream, trees and flowers. Some cottages are also for lease at a rent of VND500,000 ($25) per day or VND3-4 million per week.
Young couples and tourists are regular customers of this service, the firm said. Similar demand in Ho Chi Minh City saw many cottages built up in the outlying districts of Thu Duc, Cu Chi and District 9.
Statistics from the Ministry of Construction show the residential zone nationwide increased by more than 700 million square meters in the last 10 year, of which the city area rose by around 225 million square meters.
The city area rises by an annual average of 22.5 million square meters, with property firms’ lands making out of 25-30 percent. There are construction projects of more than 2,500 housing and residential zones with the area of 80,000 hectares nationwide.
Hanoi has more than 800 projects with the area of 75,000 hectares, while Ho Chi Minh City has 1,400 projects.
Vietnam’s property market will experience rising demand next year from economic growth, urbanization and companies’ expansion, according to CB Richard Ellis Group Inc.
Vietnam is preparing a “rapid and sustainable” development strategy that will lead to average gross domestic product growth of 7 percent to 8 percent a year from 2011 to 2020, Prime Minister Nguyen Tan Dung said in Hanoi on Aug. 18.
Net absorption of grade A and B office space in Hanoi, which measures the newly-leased areas after deducting vacated space, almost doubled to about 21,000 square meters (226,044 square feet) in the third quarter, from the previous three-month period, CBRE said in a report posted on its website on Oct. 13.
Hoang Uy – Dinh Tuyen – Thanh Truc
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