Consumers Want Smaller & Greener Homes

Consumers Want Smaller & Greener Homes
December 07 14:16 2017

Changes demographics and lifestyles, the development of new technology that enable “smart homes” and better knowledge about the real estate market are changing how consumers are buying real estate in Vietnam and are all factors that are dramatically changing the real estate market and creating new business opportunities.

At the recent “Wise Choice” real estate conference Nguyen Xuan Quang, CEO of Nam Long Investment JSC, a real estate developer, noted that 10 years ago consumers bought big houses that could accommodate three generations of a family and that could be used for both business and residential purposes.

Nguyen said, “Now it has changed. Consumers are mostly young people who focus on choosing a house to live and they care about the living environment.  And the house they buy is just for one and two generations.”

As demographics change, young well-educated Vietnamese who are earning good money have changed their idea of the kind of home they want to live in.  They want homes that are comfortable, modern, provide value added amenities such as children’s areas, gyms, swimming pools and parks and have convenient access to shopping.  The want to live in areas that create an enjoyable living environment and that are friendly to their health.

Luu Thi Thanh Mau, CEO of Phuc Khang Investment and Construction JSC said, “a change has been shown in consumer demand and knowledge.”   Another developer at the conference noted that “Vietnam is undergoing urbanization and the population is young so the demand is high so there is huge room to develop homes that are both comfortable, green and smart.

As an acknowledgement of the shift in consumer requirements, green housing has increased in Vietnam during the last 5-years and although there are more than 100 green housing construction projects in development, this is still a smaller number than other countries in the region such as Singapore.

In the business area, experts at the conference discussed the concept of co-working spaces and their development. Co-work spaces have been developed in major cities such as Hanoi, Da Nang and Ho Chi Minh City and have an appeal to young Vietnamese business entrepreneurs and start-ups.  Experts in co-working environments urged developers who build offices to invest in co-working spaces and said that they expect co-work spaces to rapidly spread to other cities in the years to come.

Other articles

Vietnam’s Condotel market heats up in 2018 Vietnam’s “Condotel” market is a hot topic among real estate developers, property owners, travel agencies and government officials as increasing numbers of international tourists visit Vietnam. By definition, “Condotels” are condominiums that are ope...
Mapletree opens second Ho Chi Minh City property Singapore property developer Mapletree is scheduled to open the new Oakwood Residence Saigon in Ho Chi Minh City in April 2018. Located in HCMC’s District 7. Saigon South Place, Oakwood Residence Saigon will have 237 full furnished serviced apartme...
Gia Lai Electric & Japan’s JGC will develop new solar power plant Gia Lai Electricity and JGC Engineering Company has signed an agreement for the Japanese company to design and build a 50-megawatt solar power plant in Gia Lai province. The agreement is estimated to be worth over $47 million USD.
Singapore’s CapitaLand expands into Vietnam’s commercial property sector Vietnam is accelerating the construction of solar power plants to make up for an anticipated power shortfall due to the recent cancellation of two nuclear power projects that had been expected to generate power by 2030.
Solar power construction takes off in Vietnam Vietnam is accelerating the construction of solar power plants to make up for an anticipated power shortfall due to the recent cancellation of two nuclear power projects that had been expected to generate power by 2030.
Japan’s Sharp will build giant solar plant in Vietnam Japanese electronics giant Sharp has signed an agreement with Vietnam's Gia Lai Electricity JSC to build a huge 48MW solar plant in Thua Thien Hue Province on Vietnam’s central coast.
Japanese Group launches five-star resort in Danang Route Inn Group, Japan largest hotel chain has launched its first five-star beach resort project – the Grandvrio Ocean Resort Da Nang – a 150 room resort in Dien Ban Town, Quang Nam Province. The resort includes 54 luxury-villas and 96 hotel rooms....
Thailand’s largest solar energy company plans to invest in Vietnam wind farms Superblock, Thailand’s largest solar energy company, has announced plans to invest $650 million USD in three “near-shore wind farms” in southern Vietnam.
Blockchain is changing the Real Estate industry Although normally associated with crypto-currencies, Blockchain is a secure ledger system and it’s a technology base has the ability to evolve and transform a variety of business and it has the power to reinvent the property sector. Understanding why...
JLL: Vietnam’s Real Estate M&A hit $1.5bn in 2017 Vietnam’s Ministry of Transport has announced that it plans to spend $15.4 billion USD (350.5 trillion VND) to develop the country’s aviation industry between 2018 and 2030 including allocations of almost $4 billion USD (84.4 trillion VND) during 201...
HCMC Property Market Set for Growth in 2018 The Ho Chi Minh City Real Estate Association (HoREA) has issued a report for the government and has forecast that one and two-bedroom apartments that are priced around $45,000 USD (1 billion VND) will be the best-selling segment in 2018 and will have...
Myanmar Property Predictions for 2018 Colliers International Myanmar has outlined their 10 predictions for Myanmar’s property sector for 2018.
Laguna Lang Co Resort Receives Approval to Develop Casino Operations Laguna Lang Co, a major resort near Hue, has received approval by the Vietnamese government to add a casino to its operations. Vietnamese Prime Minister Nguyen Xuan Phuc has said that he “agreed in principle” with the proposal to add a casino busine...
Novaland Launches Victoria Village Project Property developer Novaland has launched its new Victoria Village project in Ho Chi Minh City's District 2. Victoria Village will be a housing complex with condominiums, houses and villas and construction is expected to be complete in early 2020.
Empire City Thu Thiem Unveiled Empire City, a new development in Ho Chi Minh City’s new Thu Thiem, District 2 area was recently unveiled and the project promises to create a new vision of Ho Chi Minh City. The Empire City Project is being developed by as a multi-national joint v...
Asia Pacific Start-ups Have Received 60% of Global ‘PropTech’ Investment A new report commissioned by JLL reveals US$4.8 billion of the US$7.8 billion invested globally was in Asia Pacific from 2013 to 2017
Q-Mama Hotel Coming to HCMC’s District 5 Q-Mama Holdings, famous for its “Q-Mama BBQ & Beer” restaurants announced its plan to open the first 5-star “Q-Mama Hotel”, with investment capital of $46 million USD, in Ho Chi Minh City’s district five.
Ba Na Hills Golf Couse ranked “Best in Asia” & “Best in Vietnam” Ba Na Hills Golf Course, located in Da Nang, won two awards at the recent World Golf Awards held in Spain and was named “The Best Golf Course in Asia – 2017” and “The Best Golf Course in Vietnam.” The awards were determined by the votes of 1.1 millio...
Real Estate Firms Outnumber Other Sectors in HCMC in 2017 According to a report released by the HCMC government today, in the period of January – November, 37,600 enterprises were set up with total registered capital of $22.04 billion USD (500.8 trillion VND), up 87.9% year-on-year respectively.
Thu Thiem Set To Relieve HCMC’s Infrastructure Challenges Thu Thiem, the proposed financial district and mixed-use urban area of Ho Chi Minh City, is set to become the largest inner city development in Southeast Asia according the real estate management company, JLL.