Vietnamese splash the cash
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Developers of high-end real estate projects in Vietnam used to focus mainly on overseas Vietnamese and foreign customers as potential buyers.
But recently, to the surprise of many in the industry, it is Vietnamese who are buying the lion’s share of these luxury properties. Last year saw locals buy into the Hyatt Regency Residence and Ocean Villas in Danang or Sanctuary Ho Tram Resort in Ba Ria Vung Tau province where an apartment is priced at at least $180,000 and a villa up to $1.7 million.
This proves that many in Vietnam - a country where the average annual income is officially $1,100 - hide their cash in other investment sources such as gold, securities and foreign currency.
The luxury housing market is revealing where the true wealth of Vietnam lies.
This proves that many in Vietnam - a country where the average annual income is officially $1,100 - hide their cash in other investment sources such as gold, securities and foreign currency.
The luxury housing market is revealing where the true wealth of Vietnam lies.
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