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

  • Kingdom may hire Turkish power ship

    Cambodia is considering negotiating with Turkey to hire a 200MW-capacity power ship to meet electricity demands as the country faces an ongoing electrical shortage, according to the prime minister. Speaking to garment workers in Pursat province on Wednesday, Prime Minister Hun Sen said Electricite du

  • ‘Kingdom lacks up to 400MW in available electricity’

    Prime Minister Hun Sen has called on the general public, hoteliers and businesspeople with generators to use them as back-up as the Electricity Authority of Cambodia cannot generate enough electricity to meet needs due to low water levels in power station reservoirs. On Saturday evening

  • EDC tackles power shortfall

    Electrcite Du Cambodge (EDC) on Monday issued a statement updating the public on its efforts to tackle insufficient electricity supplies during the ongoing dry season. Reductions in electricity prices have resulted in a steady increase in consumers in the Kingdom, while local and international investors

  • African swine fever spreads to VN-Cambodia border

    African swine fever has spread to parts of Vietnam that border Cambodia’s Ratanakkiri and Kratie provinces, a Ministry of Agriculture, Forestry and Fisheries official said on Friday. Tan Phannara, the General Directorate of Animal Health and Production director-general, told a Phnom Penh workshop that