Luxury Living Is Moving East
You can find an oasis of luxury in nearly any country on the planet, but wider trends often pick up on certain countries as desirable all-round locations. According to Business Insider, the next region of the world to pick up the mantle will be east Asia, with Vietnam in particular experiencing 17% increased property prices. This presents a great opportunity, both for those who enjoy luxury living and for investors looking to make their mark.
Reasons for a strong market
One of the biggest factors propping up this new market is low prices. Despite having luxury features comparable with Hong Kong, Bloomberg found that Ho Chi Minh city had comparable but far cheaper apartments. This means low risk investments, or a genuinely achievable level of luxury. Those without significant assets could take advantage of the low property costs and affordable cost of living by withdrawing equity on their property without taking too much of a risk.
Other countries in the mix
As well as Vietnam, other formerly closed countries in the region are experiencing a luxury property boom. According to the New York Times, Cambodia’s capital, Phnom Penh, has undergone a huge injection of cash from Chinese investors. The result is new luxury condos flying up around the city and a much increased interest into the market. Like Vietnam, Cambodia benefits from very low cost of living numbers, but a vibrant and eclectic culture. This is likely to make an attractive proposition to many.
Old hold outs
As well as the new players in the luxury market, other countries are seeing significant interest in their own time honored arrangements. According to property mag Mingtiandi, Singapore has seen a huge boost in luxury developments to add to what is already a large stock of high quality apartments and hotels. Expect to see other area urban centers, including in Thailand and Malaysia, respond to this competition by continuing to add to its own luxury stock. While cost of living is higher in these areas, the established luxury scene is likely to be influential in pulling in more investors and home buyers.
Luxury living is a feature across the world but trends now point it towards East and South Asia. Low cost of living combined with affordable property means there is a market accessible to investors and those looking to get into the scene for the first time. In the older, established homes of luxury living, the industry continues to thrive in the region.