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Location remains top priority of homebuyers

Released at: 17:01, 12/09/2018

Location remains top priority of homebuyers

Photo: Ngoc Lan

Savills surveys homebuyers in UK and Vietnam and compares the differences.

by Ngoc Lan

Location remains the top priority for homebuyers in Vietnam, according to Mr. Duong Duc Hien, Director of Residential Sales North and Central Region at Savills Vietnam.

From years of observing buyer behavior, Mr. Hien believes the priorities of Vietnamese purchasers include location, the developer, facilities and amenities, quality of the handover, the size and design of the living space, the quality of the neighborhood, and the construction company.

Savills and the NHBC Foundation cooperated to conduct a survey of more than 5,400 new homebuyers across the UK to explore what was important to them when they made their purchase and then compared this to Vietnam. The survey results were released on September 12 and noted certain similarities and also differences between a developed residential market like the UK and a developing market like Vietnam.

Mr. Hien pointed out that homebuyers in Vietnam also prioritize the size and design of the living space, the quality of the neighborhood, and, especially, location. “This particular factor ranks top in Vietnam, unlike in the UK, where urban planning separates residential and commercial areas,” he added. “The CBD is the economic and financial hub while residential neighborhoods are in less central locations. As our transportation networks are not fully developed and public transport is neither convenient nor widely used, as in the UK, location remains the most important factor.”

Another difference to note is the insignificance of factors such as maintenance and energy efficiency for buyers in Vietnam, which is explained by the fact that maintenance services and electricity in Vietnam are not as costly as in the UK, Mr. Hien said. Instead, buyers prioritize factors associated with the quality of the residential product, such as the reputation of the developer, the capacity of the construction company, the quality of the handover, and facilities and amenities.

“This behavior reflects buyers’ experiences from the early days of Vietnam’s residential market, when there were poor quality projects, delayed construction progress, and a lack of development planning - a situation observed in a developing property market,” he said.

He also noted another intriguing behavioral aspect of Vietnamese buyers. “Though difficult to rank, feng shui is also among the priority factors,” he said. “This traces back to the customs and culture of the region, Vietnam included.”

“Buyers take into consideration the history and terrain of the development’s land area and the direction the apartment or villa faces,” he explained. “This factor contributes to the success of many residential developments and locations, such as Thu Thiem in Ho Chi Minh City, which people believe has good feng shui and so has higher prices.”

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