Logo of Phnom Penh Post newspaper Phnom Penh Post - Mid-end market rising in Ha Long

Mid-end market rising in Ha Long

Mid-end market rising in Ha Long

Vietnam News/ANN: The property market in Ha Long City on Vietnam’s northern coast is seeing a rising demand for mid-end apartments, driven by a shift in home choice as well as demand for investment.

Mid-end apartments in the bustling tourism city have in recent years attracted significant attention of home seekers and investors from Hanoi and neighbouring provinces.

After Nguyen Thanh Trung, an employee of Minh Khang Import-Export Joint Stock Company, just got married he went looking for an apartment for his family. Trung decided to buy an apartment in Green Bay Garden.

This is a new trend in home choice in Ha Long, especially among young families.

Young families now tend to choose apartments over houses because of reasonable prices, good living environment, modern facilities, security and standard planning.

A property investor from Hanoi said that Ha Long’s apartment market was attractive because the supply was still limited while demand was high.

It was not only easy to lease apartments there but the return from leasing was also quite good and stable, he said.

According to a representative from a real estate trading floor in Ha Long, his company saw a dramatic increase in demand for mid-end apartments in the city.

He said besides the rising demand from local residents, the demand came from investors from Hanoi who sought apartments here due to the prospects of high added value and good profits from leasing.

For Green Bay Garden alone, 10 apartments were sold within a week.

He said that the improved infrastructure, especially the opening of the Ha Long – Hai Phong expressway early this month, significantly pushed up prices of property in the tourism city.

According to the Viet Nam Real Estate Association, the mid-end apartment segment of Ha Long would soon catch up with the development in Hanoi with the momentum gained from the rapid socio-economic development of this coastal city.

MOST VIEWED

  • Archeologists find ancient phallic statue

    An archeological team has found a metre-long tipless stone linga (penis) of the Hindu deity Shiva in the foundations of a temple in Kratie province’s historical Samphu Borak area, a former capital of the pre-Angkor Empire Chenla period. Thuy Chanthourn, the deputy director of

  • Man arrested for fake PM endorsement

    The owner of currency exchange company GCG Asia Co Ltd was temporarily detained by the court yesterday for attempted fraud after Prime Minister Hun Sen reacted to the company using his name and pictures to allege his endorsement of the firm. Phnom Penh Municipal Court

  • Sihanoukville authority orders structure dismantled

    The Preah Sihanouk provincial administration has ordered owners of two unauthorised construction sites to immediately dismantle them and warned of legal action if the owners failed to comply. Ly Chet Niyom, development management and construction bureau chief at the provincial hall, told The Post on

  • Police seek arrest of Chinese ‘gang’

    Cambodian police remain on the lookout for 20 Chinese nationals who earlier this month posted a video clip threatening to stoke insecurity in Preah Sihanouk province, though the Chinese Embassy in Phnom Penh maintained the group posed no threats to Cambodia’s national security. National Police