Chinese Love Vietnam Property for All the Wrong Reasons
The market for luxury apartments looks a lot like the mainland’s did 10 years ago. Investors lured by the familiar aspects should think again.
A property boom with Chinese characteristics.
Photographer: Ore Huiying/BloombergLooking for the hottest residential real estate in Asia? Go to Ho Chi Minh City.
Ever since Vietnam allowed foreigners to own apartments in July 2015, its luxury housing sector has been on a tear. Three years ago, when local developer Dai Quang Minh launched the first residential complex in the Thu Thiem area – a 657 hectare grassy plot across the Saigon River from the central business district – the going rate was $2,000 to $2,800 per square meter. The Metropole, a nearby project slated for June, will likely cost more than twice as much, between $4,500 to $6,500 per square meter.