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VENN, Vietnam — The price of a one-bedroom apartment in the heart of the city of Việt Nam has risen nearly 10 percent over the past month.
Vietnam’s central business district, located on the banks of the Mekong River, has been a hotbed for property speculation in recent years, but this is the first time prices have exceeded $500,000, according a Vietnamese news outlet.
Vancouver-based property broker Hồt Thiên has seen an increase of over $150,000 in the past year.
«There are many young families in this city that are moving back to Vietnam,» he told Global News.
«We see a lot of money being spent in this area.
It’s an area of major economic development.»
The average price of an apartment in VNAM rose 10.1 percent from the year before to $7,965 in January.
This is up 8.5 percent from last year and up more than 20 percent from 2016.
In 2015, the average rent in VND1,923 per month was $1,818, up 3.9 percent from a year ago.VND1 is the second-highest price of $1 million, according TOI.
The average price in the country of Laos is $2,400.
Họn estimates that VND3 billion is being spent by investors in the city and provinces.
«We’re seeing a lot more investment in the central business districts, as well as in the provinces,» he said.
«The city is definitely getting more attention from international investors.»
Vietnamese officials say the influx of foreign investment is driving up property prices in the capital.
In November, a report by Vietnam’s National Statistics Bureau showed the country’s economy contracted for the first quarter of 2017, and unemployment hit its highest level since 2008.VNAM is one of the world’s most expensive cities, with an average price per square metre of $2.28.