Residential market trends
After the COVID-19 pandemic, Vietnam’s economy in general and real estate, in particular, are feeling the heat, leading to new development trends to adapt to the current context.
Let’s join the editorial board of Property Insight to look up what those trends are.
1. Focus more on sustainable and private properties
After social distancing, individual housing products such as detached villas, commercial houses, resort villas will have a great opportunity because customers are increasingly concerned about safety factor: a multi-functional house to meet the demand for accommodation, lucrative investment, creating relaxing place as well as social distancing for a family when needed is a worthy consideration for investors.
2. Open space and family values have received more attention
Thanks to the period of social distancing, family values are crowned and become more important as people become more aware of the losses around them.
The architectural design of real estate is also influenced by those factors. Facing to the problem of limited land bank, smart design is a measure to help apartments have open and airy space, helping the living room become more spacious, family members can gather and play with each other at home.
3. Demand for technology application in property management is a prerequisite
It is no longer encapsulated in the scale of smart home, one of the current criteria for real estate selection of homebuyers is the application of technology in operation management.
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Street hyerachy in Thu Thiem New Urban Area
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With underlying risks of COVID-19, using technology to assist residents in the building’s security and safety management such as facial recognition, voice control or other means to supervise and control the number of visitors in and out of the building is also one of the important factors affecting the choices and decisions of investors today.
4. Industrial property
Travel restriction due to the COVID-19 outbreak contributed to weakening the industrial demand of foreign investors, which has been observed since Q4.2019 due to the ease of the U.S- China trade war and tighten control policy of product origin in Vietnam. Despite decreasing demand in Q1.2020, the market outlook in the long term remained positive leading to some foreign companies like Japan decide to relocate their factories which base from China to other Asian countries like Vietnam. This relocation will lead to the demand for housing and tourism, which is expected to bring a positive signal to the recovery of the tourism market which was severely affected after the outbreak of the disease.
5. Digitalization of property transaction
COVID-19 has caused a steady increase in the digitalization in most industries and changed the usual consumer habits, made many typical products which has a huge value such as real estate that is naturally loyal to offline sale event, nowadays, it has switched to online models with many platforms.
Vietnam’s real estate market has recognized pioneers in opening sales through online platforms, it makes the transaction easier, provides planning information, location as well as the project’s document for customers. Not only gives customers new options, besides traditional sales channels, the digitalization of property transactions also enhances the experience and extends access to distant customers, young people who love technology, and busy investors.
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