Vietnam’s luxury real estate market is set for strong growth in 2019, General Director of Savills Vietnam Neil MacGregor told the media on January 30. 

He said Vietnam’s housing market will continue to be buoyed by a golden population structure, good economic prospects and new infrastructure. The luxury segment is attracting local and foreign buyers thanks to convenient locations and world-class facilities. 

At the same time, the Vietnamese economy welcomed positive news such as growing gross domestic product and foreign direct investment, record overseas remittances and foreign reserves. 

Prices of apartments in Hanoi and Ho Chi Minh City are generally lower than those in Kuala Lumpur and Bangkok, and are forecast to increase but more slowly. 

Prices of new homes in Ho Chi Minh City downtown average 5,500 – 6,500 USD per sq.m. 

With low property taxes and the relaxation of laws on house ownership for foreigners in 2015, buyers would benefit over the long term from increasing property value, he said. 

Though there is a long way to go for the Vietnamese real estate market to be comparable with Hong Kong and Singapore, Vietnam will become the next attractive destination in Asia on the back of its strong growth, boom in the middle class and affordable realty prices, he added.-VNA