HCM City (VNA) – Vietnam’sluxury real estate market is set for strong growth in 2019, General Director ofSavills Vietnam Neil MacGregor told the media on January 30.

He said Vietnam’s housing market willcontinue to be buoyed by a golden population structure, good economic prospectsand new infrastructure. The luxury segment is attracting local and foreignbuyers thanks to convenient locations and world-class facilities.

At the same time, the Vietnamese economywelcomed positive news such as growing gross domestic product and foreigndirect investment, record overseas remittances and foreign reserves.

Prices of apartments in Hanoi and Ho ChiMinh City are generally lower than those in Kuala Lumpur and Bangkok, and areforecast to increase but more slowly.

Prices of new homes in Ho Chi Minh Citydowntown average 5,500 – 6,500 USD per sq.m.

With low property taxes and the relaxationof laws on house ownership for foreigners in 2015, buyers would benefit over thelong term from increasing property value, he said.

Though there is a long way to go for theVietnamese real estate market to be comparable with Hong Kong and Singapore,Vietnam will become the next attractive destination in Asia on the back of itsstrong growth, boom in the middle class and affordable realty prices, he added.-VNA