HCM - The real estate market in the central districts of Ho Chi Minh City is currently in a state of stagnation. However, the demand for luxury apartments remains unaltered, especially in the heart of District 1, and this segment continues to attract the interest of the elite.ị
The position of the luxury apartment market in the context of a frozen market.
According to Savills' research on the real estate market in the third quarter of 2023, the supply of luxury apartments in the central areas, especially in District 1, is trending downwards. One of the primary reasons is the limited availability of land parcels for premium projects. Meanwhile, mid-range apartment projects have the conditions to increase their supply, leading to the dominance of Class B apartments with a market share of 49%, followed by Class C at 34%, and Class A at 17%.
Despite the real estate market in the central areas of major cities in Vietnam currently maintaining high demand, especially from the Millennials generation.
The scarcity of land parcels and the supply of luxury apartments in District 1.
The fact is that the demand for owning luxury apartments in the central District 1 continues to remain high. In recent times, the real estate market in Ho Chi Minh City has continued to attract the interest of both the Vietnamese and international elite.
There are four main reasons to explain this strong attraction:
Firstly, compared to other countries in the region, the prices of luxury real estate in Ho Chi Minh City are still very competitive.
Secondly, the taxes and related fees associated with real estate in Vietnam are still lower than in other regions.
Thirdly, the potential for property appreciation in the central areas of the city is substantial.
The fourth reason is that the rental yield from luxury apartment rentals here is relatively high, ranging from 5% to 6.5%. In contrast, the rental yields for real estate in the ASEAN region fluctuate between 3.7% and 5.2%, and in Asia at large, it's similar.
The scarcity of land parcels only intensifies the competition and makes the hunt even more fierce.
As a luxury apartment project located right in the heart of District 1, Lancaster Legacy is situated on the bustling commercial street of Nguyen Trai. True to its name, this project is expected to become a new "legacy" within the city. It promises to offer future residents an entirely new living experience, with the ability to quickly access various educational, economic, administrative, commercial, cultural, and entertainment centers within 10-20 minutes by car. Prominent destinations such as Ben Thanh Market, Nguyen Hue Pedestrian Street, City Theater, City People's Committee, Takashimaya Shopping Center, Vincom Center, Diamond Plaza, and more are all easily accessible from Lancaster Legacy.
Prime location, diverse amenities, artistic living space and unique services have created a better living experience. These luxury apartments demonstrate the family's class and demonstrate a modern lifestyle in the city center without having to travel far. With these advantages, Lancaster Legacy promises to be a valuable asset in the race to hunt for luxury apartments in the center of District 1, and can become a legacy for future generations.
Source: Internet.
For more detail:
● Details of Lancaster Legacy project.
● Lancaster Legacy construction update.
● Huttons VN became the strategic partnership of Lancaster Legacy - Trung Thuy Group
