After the amended Housing Law took effect, which allows overseas Vietnamese and foreigners to buy homes in Vietnam, the market has seen a steady increase in foreign customers who particularly focus on international standard real estate projects.
Unexpected rise from foreign customers’ transactions
According to analysts, while mid-level projects continue to attract Vietnamese buyers, most foreign customers focus their attention on high-end projects of prestigious developers. A number of such projects in eastern Ho Chi Minh City have become very popular among potential foreign customers.
In the southern area, foreigners also make up a high proportion of customers purchasing high-end projects. Statistics from the Phu My Hung Corp. between end-2015 and the end of the first quarter of 2016 showed a strong increase in transactions of foreign customers. In particular there was an unexpected rise in foreign customers in the second quarter of 2016. The latest project Le Jardin, for example, recorded the highest foreign customers’ transactions, which made up nearly 30 percent of all transactions in phase 1 launch day. The percentage of foreign customers of previous projects, such as Happy Residence or Scenic Valley 2, was between 10 percent and 15 percent for each opening.
According to the Phu My Hung Customer Service Center, foreigners from 20 countries and territories make up nearly half of the 30,000 population in Phu My Hung City Center. The number of foreign residents is increasing further thanks to the positive effects of the Housing Law amendments, newly-signed trade agreements as well as the constant improvements of Phu My Hung master plan. Between 2013 and 2015, the expat population in Phu My Hung increased by 35 percent.
In 2015, the number of foreigners living and working in Phu My Hung City Center increased about 35 percent compared to 2013
All for quality of life
The greenery environment is one of the prerequisites to attract foreign customers, which is why Phu My Hung is considered the best place to live in HCMC as well as a high-quality residential area with the highest expat population.
Built on the consistently developed infrastructure with large green area that guarantees a fresh ecology, coupled with many on-site facilities, such as commercial and financial centers and international schools, etc., most real estate projects in Phu My Hung can meet the factor of “all-in-one: live here – work here – enjoy here” and promise a truly high living quality.
The green environment is one of attractive factors that draw foreign customers to Phu My Hung in Ho Chi Minh City's District 7
Le Jardin project also has attracted a great number of expat customers. It was built in Southside District, the most luxury resort-style and beautiful district in Phu My Hung which the investor chose to develop after all the others. The district is dominated by low-rise residential architecture, including semi-classic villas and a few high-rise buildings, which gives it a consistent look and airy movement. As a result, most apartments in this area can benefit from a nice and open view and a luxurious landscape.
Le Jardin is the only project with 100 percent park-view apartments thanks to the 45,000 square meters of park surrounding; offering a wide open view and a fresh and peaceful living space in harmony with the nature.
“The real estate market of Vietnam is much diversified now, but that doesn’t mean any project can meet our demand of clean and green environment. That was why we chose Le Jardin, which can give us a perfect life,” said Julia Nguyen, a Vietnamese American.
A big difference at Le Jardin is that it only has six condos on each floor, which results in more air ventilation and sunlight, and reduces elevator loads. The project’s second sales launch will be opened on June 25, 2016.