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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.

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