Most Hanoi real estate purchases not for own home needs

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Most properties in Hanoi are bought for investment purposes with only 38.1 percent homebuyers purchasing real estate for their own housing needs, a new survey has found.

Among the investors, 47.7 percent aim at quick profits while 52.3 percent buy properties for rental and other long-term purposes, according to a survey results released late last week by Vietnam Report, a Hanoi-based research firm that conducts surveys in the property market.

Only 20 percent of real estate investors in Hanoi use bank loans to finance their investment while the rest purchase properties with their own money or get financial support from friends and family.

The survey, conducted in the first half of 2010, also found that property investors are more interested in buying mid-range apartments than luxury ones in the near future.

Only 14.7 percent investors said they would buy a luxury apartment while 37.9 percent expressed interest in the mid-range sector.

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