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| Modern megacities following the green-smart and integrated trend are attracting people’s attention. |
Space to meet modern living needs
Meanwhile, the population density in the core area continues to increase, leading to technical and social infrastructure being unable to meet quantity and quality. Living space is also increasingly mysterious, lacking trees, public space, places for entertainment, and health training.
Meanwhile, the new class of residents, usually from the generation of 1980s onwards, their livelihoods are no longer associated with small businesses, so they have a new choice of housing and are not often very interested in the urban core area.
On the one hand, the price of houses in the central area is very high; if it is in a favourable location, it needs a huge financial amount; and if you have an average budget, you will have to accept a narrow area or be in a very inconvenient alley. On the other hand, if buying for investment, this is a stable area, so the difference in rent has been included in the price; so in the future, both medium and long-term prices are unlikely to increase if prices increase over time. Time is due to price slippage, not profit generation.
On the other hand, the living space and accompanying facilities in the Old Quarter and the Old Quarter often cannot meet modern life, and this is the main reason young families choose to live in new urban areas, especially in the big cities.
Green urban trend, multi-utility
In Hanoi, young families formerly tended to look for housing in the western area. However, in reality, this trend is moving towards the East. The eastern area is better planned both at the urban level and within the project. Infrastructure issues, especially traffic (including internal and regional linkages), are paid great attention.
In particular, this area has been developing modern megacities in the trend of green – smart and integrated “all in one” – “all in one” so it has affirmed its position in the modern living trend of the new class of residents.
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| Mr Bui Van Doanh, Director of Vietnam Real Estate Research Institute |
Firstly, these new urban areas all have large green areas and public spaces, creating a harmonious living environment close to nature, increasing community communication, and being beneficial to health. In addition, young people often have high labour intensity and work pressure, so they need a place to rest and relax to regenerate their labour force.
Secondly, because they are megacities with a large scale, they should fully integrate utilities from health care to shopping, healthcare, entertainment, and sports practice, thereby helping residents reduce time to travel, especially in housework and self-care.
Especially in education, the primary concern of young families is often built quite completely with the connection from kindergartens to high schools (some even have university level). However, with good quality, it has relieved the concerns of young couples in raising and taking care of their children, in the condition that the public school system is overloaded and the “spontaneous” schools are both unsecured and of low quality, lack safety. Moreover, the school system in the megacities not only meets the needs of intellectual education but also focuses on physical fitness, especially foreign languages and life skills.
On the other hand, because it is a big city, there is also a variety of real estate products, utilities, and services, so it is suitable for young families and other subjects, such as the elderly, middle-aged or young children. In those big cities, there are often many types of villas, townhouses, and shophouses, but according to our research, middle and high-rise apartment buildings are common; level is usually the most concern.
Medium and high-class apartments meet convenience needs, a modern lifestyle, and good living space for residents statues. On the other hand, the middle class in Vietnam is forecasted to increase in both the short term and the medium and long term, so investing in the mid-high-end apartment segment will be highly profitable and easy to sell in the future
Thus, it can be said that the environment and utilities are the leading criteria of the modern lifestyle of a new class of residents, and this has created the displacement of residents from clinging to the centre of Hanoi’s inner city. Instead, move to new urban areas, especially megacities with living environments close to nature and maximum integrated utilities in one area.
In particular, mid- and high-end apartments are increasingly becoming a highly liquid segment because of both real living demand and investment purposes due to the increasingly popular trend of living in the middle and the growing middle class in Vietnam.