According to experts, the Vietnamese real estate market has witnessed a clear change in consumer habits and space needs of customers.
Home buyers are increasingly looking for multi-purpose real estate models, not only for living but also for hoarding and investment... However, this change is taking place in the context of land prices in large cities continuously "mentaking peaks".
Reports from some market research units show that land prices in many central areas have increased by 30 - 50% in the past 2 years.
This makes owning a real estate product with flexible functions increasingly distant for the majority of buyers.
In addition, the market is lacking products that meet diverse needs, located in central locations but still ensure that the cost is not too high for new customers.
Mr. Nguyen Van Dinh - Vice President of the Vietnam Real Estate Association - acknowledged that traditional models such as townhouses, shophouses or officetel are showing certain limitations.
Accordingly, townhouses are expensive and difficult to access for small individual investors; shophouses are mainly located in large urban areas with high investment but operate with limited time; officetel has limited area and purpose of use.
Meanwhile, conventional housing products do not support commercial exploitation factors.
Therefore, according to Mr. Dinh, the market is urgently requiring new, multi-purpose, and flexible real estate models.
Notable among them is Livehouse - a new generation real estate model that integrates many functions.
At the workshop on solutions to reduce pressure on urban real estate prices organized by Vietnam Real Estate Electronic Magazine, Mr. Vuong Duy Dung - Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) - assessed that the Livehouse model has many new elements but is also the inheritance and development of multi-purpose real estate that have appeared before such as condotel or officetel.
This model is not completely new but is in line with the trend of modern urban development. The important thing is that we need to have an open view, proactively accept and research for development" - Mr. Dung emphasized.
According to Mr. Dung, the legal corridor for models like Livehouse is now relatively clear and can be implemented more smoothly than before.
Meanwhile, National Assembly Delegate Hoang Van Cuong - Member of the National Assembly's Finance and Budget Committee - said that, in essence, this model is not new, but it can completely arouse a new trend.
Because the first act of using real estate begins with housing needs, but is associated with the goal of owning assets. However, these two goals will change depending on social circumstances.
I believe that Livehouse real estate can be a model to help reduce real estate prices, because it accurately reflects the actual use value. This model has a limited ownership period, creates practical benefits, exploits multi-functional functions, thereby solving the problem of unreasonable real estate price increases due to excessive ownership needs" - National Assembly delegate Hoang Van Cuong emphasized.
