Young opt for flats over houses in City

HCM CITY- Apartments are becoming the housing of choice for many young families in HCM City thanks to the many advantages they offer.ccording to Le Hoang Chau, chairman of the HCM City Real Estate Association, young couples with VND1 billion (US$45,500) have plenty of options with regard to buying a house or apartment in the city.

The Bridgeview Apartments in HCM City's District 7. - File Photo

But the latter is a good choice since it maximises their benefits.

The biggest advantage is that buyers can easily borrow from banks. Also, with apartments, developers collaborate with banks to design attractive packages to attract more customers.

In terms of location, an apartment costing VND1 billion is often closer to the city centre than a similarly priced house.

Dang Thai Cuong of HCM City's Go Vap District said he considered many places before buying an apartment.

"The apartment has a better location and good living environment."

For around VND1 billion, he was able to buy a 70sq.m apartment. With the amount, he could only have bought a house of 40sq.m situated in a small alley without facilities.

If he wanted a house of comparable quality, he would have to go to Hoc Mon District, he said.

Many others were of the same opinion as Cuong, saying they were ready to pay monthly administrative fees to live in a 65sq.m flat in a floor high up rather than in a smaller house in a lane.

Housing developers say since it is now a buyer's market, they are striving to develop many projects to meet customers' demands.

That is why they are building many apartments at around VND1 billion -- such as 8x Rainbow in Binh Tan District, 8X Plus Truong Chinh in District 12, and 8X Thai An in Go Gap District.

Nguyen Nam Hien, general director of Hung Thinh Land, said while VND1 billion would only get a house in an alley with poor infrastructure, it would be good enough to buy an apartment.

"Apartments are also very safe," he pointed out.

Most apartment buildings have cameras and security guards working 24 hours a day whereas the risk of burglary is high at private houses in alleys.

Chau said the choice between a house and apartment depends on the financial wherewithal of a person as well as their habits and thinking, but for him, with VND1 billion, an apartment is a smart choice.

VNS

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