Reported 9 months ago
With an influx of foreign investment, real estate prices in Hanoi, Vietnam, are on the rise. Areas that used to have no access are now filled with high-rise buildings, leading to significant increases in property prices and rents. The market is so hot that companies are offering one-stop services for buying and renting out properties. Despite a temporary decline in apartment searches in April, prices have remained high, with prices of affordable, middle-range, and upscale apartments increasing by 12%, 5%, and 3% respectively. The surge in demand is attributed to more workers moving to major cities for better job opportunities, while input costs like land, labor, and materials have also risen. Foreign direct investment in real estate projects in the first five months of this year surged by 70.8% compared to the same period last year, reaching $1.98 billion. Foreign investors are attracted by Vietnam's economic recovery prospects and are buying into resorts and hotels, while international hotel brands are expanding their operations in the country. The Vietnamese government is also revising the '2024 Land Law' to allow overseas Vietnamese or Vietnamese citizens living abroad to purchase land use rights in the country, with the aim of attracting billions of dollars in foreign exchange annually to promote economic growth.
Source: YAHOO