Residential suburban projects prove alluring to buyers

Among the most sought-after are shophouses and villas, as Vietnamese buyers often prefer the option to own the land lot on which the property sits, seeing it as a long-term investment.

This is also in line with a number of government-sponsored initiatives to reduce the number of households living in densely-populated urban areas, especially major cities such as HCM City and Ha Noi.

“I know quite a few people who chose to leave the crowded city to live in the suburbs. As the infrastructure network continues to improve, especially in Dong Nai Province – a Mekong Delta province west of HCM City and home to future Long Thanh International Airport – I’ve made a decision to invest here,” said Le Thi Thu, a HCM City resident who recently purchased land in the province.

Nguyen Thi Thanh, a real-estate investor, said it was only a matter of course for buyers to look to nearby suburbs, such as Dong Nai and Binh Duong provinces, as land is scarce in urban centres. Affordable price tag, generous and eco-friendly living space in well-planned new projects appear extremely attractive to buyers.

A report from batdongsan.com.vn, a popular real estate website in Viet Nam, said searches related to properties in HCM City’s surrounding provinces surged by 48 per cent in 2019.

Former deputy head of the Central Institute for Economic Management Vo Tri Thanh said the demand for eco-friendly residential projects in close proximity to large cities such as HCM City and Ha Noi had been on the rise for some years.

Three major reasons have been identified as scantier supply in urban centres, new development plans for metropolitan areas and improved infrastructure, said Thanh. In addition, homeowners now prefer areas with cleaner air which play to the advantage of projects located in the suburbs, which often dedicate a large portion of their land for green space and community facilities.

Projects with flexible payment schemes, convenient location and established reputation hold even greater allure to potential buyers with the trend likely to continue for the foreseeable future.