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VETENNA, Vietnam (Vice News)– Vietnam’s real estate market is heating up, with one property on the rise to the highest price tag on the market, and a couple of others making a splash in the market as well.
With rents in Vietnam rising at a rapid rate, and new properties selling quickly, many people are looking for the most affordable options in their area.
A real estate agent in Vietnam says that as of now, the average cost of a two-bedroom apartment in Vietnam is $70,000.
But, as prices continue to increase, the median price of a home in Vietnam has risen by over 100% to $110,000 per month.
The average monthly rent in Vietnam, at just over $200, has risen from $36,000 to $60,000 in the last year.
For a year ago, the cost of renting a two bedroom apartment in Phu Trong, a small Vietnamese town just outside of Ho Chi Minh City, was just $70.
This year, the apartment went up to $70K.
This comes on top of a total increase of 1,200% since 2016, when rents went up by an average of 30%.
The number of new listings has been surging too, with a total of 8,000 units being listed in the Vietnamese market in 2017.
The market has seen an average increase of 20% per year since 2014, when the market peaked at 1,500 units.
For some buyers, Vietnam has become their first choice for an investment.
A real estate broker in Vietnam told Vice News, «Many of the buyers have decided to move to Vietnam because of the low cost of living, which is also a factor in the prices of new properties.»
According to the latest figures from Vietnam’s Ministry of Land, Transport, and Communications, the country is still in a transition period for the economy, and there is a need for investment in infrastructure.
A survey by the Vietnam Development Bank shows that the number of construction projects in Vietnam have declined by 8% since the year 2000.
However, in 2017, the number went up, by 12% to more than $10.5 billion.
In 2017, Vietnamese companies were awarded the second-highest amount of contracts awarded by the Ministry of Infrastructure and Transport.
The majority of the construction work for Vietnam’s infrastructure projects is done by local firms.
However the Vietnamese government has also set up a special government fund to help companies like AIG, which are looking to build and operate large scale projects in the country.
The funds will be used to purchase construction equipment, to pay for the necessary infrastructure and to buy land.
As for the future of the real estate sector, the realty sector in Vietnam will likely continue to grow in the coming years.
According to the Vietnam Association of Realtors, the sector will likely increase by 15% by 2021, compared to 2017.
However, if you are looking at renting, or looking to buy, check out the most popular listings in Vietnam below.