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Second home market: Potential investment in central and southern region
The second home market in the central and southern regions was showing its potential, with investors snapping up more than 50 per cent of the available properties in the area recently, according to commercial real estate services firm CB Richard Ellis Viet Nam (CBRE).
According to CBRE, Government measures to control gold trading and foreign currency exchange, as well as the stock market slump, had made property a more attractive investment.
"Diversifying the real estate portfolio beyond the main cities of Ha Noi and HCM City into emerging second home markets is a way to minimise risk as well as gaining a vacation home," said CBRE.
Da Nang leads the emerging second-home market, followed by Mui Ne in Phan Thiet Province, Long Hai in Vung Tau Province and Phu Quoc in Kien Giang Province.
A second-home is defined by investors as not a primary home. It serves to provide a relaxing place for families to stay on weekends or holidays. However, when unused, second homes can be available for lease, which can bring in additional income.
Frequently, second homes are in a hotel, resort or golf club complex or in the mountains. Services such as maintenance, management and rental payments are looked after by a resort management board.
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