Property developers in southern provinces, especially HCMC, are fine-tuning their projects to suit a new taste: buyers from northern Vietnam, especially those in the capital city of Hanoi.
The property market lately has witnessed many investors from the north come in to buy tourism properties in the central coast city of Danang, where there are luxury resorts with apartments and villas being developed along the beach. These investors are now moving further southwards, and many property developers in the south have studied the trend and launched their products to receive a new channel of investment capital from the north.
Market observers say most investors coming from the north are professional investors and have a strong financial capacity. In penetrating other markets, these buyers often target the luxury segment with properties worth from billions of dong to even a million dollars each.
For example, the Diamond Island Sky Resort located in District 2 is among luxury property projects attracting many northern investors. The condo project is under construction on an eight-hectare islet that is surrounded by the Saigon River and its branch Giong Ong To, near the new urban town of Thu Thiem.
The project has offered 250 among 500 luxury apartments and villas with prices starting from US$ 400,000 to US$ 3 million per unit. According to the developer, among 60% of products sold in the first sales program, there were 30% of buyers coming from the capital city of Hanoi.