Things to note when foreigners renting apartments

The surveys of market research companies show that the demand for renting luxury apartments in ​​HCM City's central area is increasing significantly. Explaining this trend, CB Richard Ellis Group (CBRE) said this is because the number of foreign expats to Việt Nam is rising in accordance with the economic integration trend. Therefore, the supply of apartments for the high-end segment is on the rise.

Foreigners prefer to stay in luxury apartments

According to the report at seminar "Rental Apartments Market-Opportunities and Challenges," organised by CBRE in August this year, the supply of apartments in the high-end segment will continue to increase sharply in the period 2017-2019.

The rents of apartments for foreigners vary from US$1,000 to $1,500 (equivalent to VNĐ20-30 million) per month for an apartment with two-three bedrooms and area from 90sq.m to 110sq.m. Rents of larger apartments can be up to $2,000-2,500 per month (equivalent to VNĐ40-50 million).

Because of the high rentals, tenants are also more demanding in their requirements. Luxury apartments with a closed utility complex and fully integrated services and those that meet living needs such as a green park, sports area, children's playground, swimming pool, supermarket, professional and well managed medical care services for residents attract foreign customers. In addition, the living space also plays an important role in foreign tenants' choice of apartment. Accordingly, the apartment must be clean, airy, beautiful designed and fully equipped with furniture.

Over the next three years, CBRE forecasts there will be 986 high-end apartments offered in 2017 and 829 units in the 2018-2019 period.

Vinhomes Central Park is a favourite destination for foreigners living in HCM City

Urban area with the largest park in HCM City attracts foreigners

Talking about renting apartments, Howard Stoneham (US citizenship) said foreigners are settling in HCM City more and more. "Foreigners pay close attention to living space with complete facilities and professional management. Besides this, they want a secure place where a community of foreigners live together,” Howard added.

The 2017-2019 period will see many high-end apartment projects in the central area of ​​HCM City handed over to owners, resulting in abundant rental supply and customers having more choices than before.

One of the most promising projects is Vinhomes Central Park, which officially opened in early 2017. Most residents and tenants are interested in the recently-opened Vinhomes Central Park. It has the largest riverside park in HCM City, bringing a fresh and peaceful living space right in the heart of the city – the dream of many foreigners when they come to live in Việt Nam.

Foreigners pay close attention to living space with complete facilities and professional management. They also want a secure place where a community of foreigners live together. Vinhomes Central Park urban area with 14ha of green park area, high-class synchronous system and professional management is the first choice of foreigners in Việt Nam.

Rainer Jacok, a German-based real estate broker, said, he recently helped many Germans in HCM City find luxury apartments for rent. "Currently, the market supply of apartments for lease is plentiful; however, high-end apartments that can meet the needs of foreign guests are not many. My delegates then chose Vinhomes Central Park for long-term rent. Most of them chose this place because it is near the centre, is secure and has a modern urban area equipped with luxury facilities. In addition, the customer service department and the receptionist are able to speak fluent foreign languages to assist the tenants," Rainer Jacok said.

Obviously, demand for high-end apartments of foreign customers is very high and increasing sharply. High-end urban areas of the Vinhomes ecosystem such as Vinhomes Central Park are, therefore, the ideal destination for high-income tenants.

Vinhomes Central Park consists of 17 blocks, divided into three subdivisions (The Central, The Park and The Landmark) and 80 villas, of which the 81-storey Lanmark building has set the tallest building record in Việt Nam. The luxury apartments have 1-4 bedrooms.

In addition, the project also has the largest park in HCM City with an area of 14ha, together with hospital facilities, supermarkets and schools. From December 2017, Vingroup will offer serviced apartments -- Vinhomes Serviced Residence -- at Landmark 4, Landmark 5 and Landmark Plus in the Vinhomes Central Park complex.