VietNamNet Bridge – While the real estate market gets frozen,
multi-million dollar villas still can be sold well. It’s now the right time for
the “big guys” to buy luxurious villas, as they have become cheaper than ever.
The poor spend money on food, the rich on villas
Some years ago, “multi-million
dollar villas and resorts” meant the big scaled projects of foreign developers,
like the one on Da Nang seashore where the most expensive villa was priced at
$2 million.
In fact, the luxurious products
were once put on sale in Hanoi. Two years ago, a real estate firm offered to
sell 40 high end villas in Ba Vi mountainous area near Hanoi. Another real
estate developer introduced over 10 lakeside villas in Dong Mo area.
However, the projects have fallen
into oblivion, because the developers just showed the projects on paper, while
the projects have not yet to be implemented, because of the investors’
financial problems.
However, other high end villa
projects still have been living well in the crisis, because their investors
have powerful financial capability. Ten high end villas priced at between VND60
billion and VND150 billion have been marketed.
Especially, the buyers would
possess the villas for ever and the campus of 1,200-2,500 square meters. They
would also be given pine trees, beaches and marinas with the total space area
of up to 1000 square meters.
The most expensive villa there is
priced at VND152 billion, or $7 million. However, the project developer
believes it would be easy to find buyers.
While the resort projects in the
suburbs have been left unsold, though the sale price is just several million
dong per square meter, the luxurious villas worth multi-billion dong still have
been selling well.
This shows that the market demand
is still high and that all products are salable if they have reasonable
targeted clients. While the majority of buyers turn their backs to luxurious
projects, a small group of people are still ready to spend big money on high
end products.
The salesman of a big resort
project in the sea city of Da Nang said the apartments here have the lowest
sale price at VND4 billion, while a penthouse at VND15 billion. Meanwhile, a
villa is priced at between VND28 billion and VND40 billion.
A villa in Vinh Phuc province
reportedly is as expensive as a whole project, but the project’s developer has
revealed he has received two orders so far.
Who are the buyers?
Six years ago, a resort in Hoi An
ancient town in the central region was put on sale at the starting price of
US$500,000-700,000, and all of the buyers were foreigners.
However, things are now quite
different. The main buyers of the high end projects nowadays are Vietnamese, 80
percent of whom are from Hanoi.
Especially, the big guys spend
huge sums of money to buy luxurious products not to re-sell later for profit or
to lease to others for money. If they plan to make investment, they would
rather buy the houses in inner cities which have higher liquidity than the
expensive villas with weak liquidity in the areas.
The millionaires buy the
multi-million dollars just to satisfy their passion of holding huge assets.
Many of them buy villas just to show off their fortunes, or spend free time at
the villas with family members or friends.
Duy Anh
Business & Investment Opportunities
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