Property firms lure Japanese expats

Monday, Jun 29, 2015 08:00

A conner of Royal City. Only 25 per cent of respondents required Japanese-oriented designs for their accommodation. — VNS Photo Nguyen Manh Ha

HCM CITY (Biz Hub) — The Japanese population offers a reliable source of current and future demand for short- and long-term accommodations, with growing interest among Japanese companies to open units in Viet Nam.

This was noted by Mauro Gasparotti, Executive Director at Alternaty Viet Nam, a boutique real estate consulting firm.

Alternaty recently carried out a research on Japanese companies in Greater HCM City and Ha Noi, as well as Japanese nationals living in Viet Nam. The aim of the study was to identify some of the key demand factors for accommodations, specifically in properties offering serviced apartments.

Japanese nationals' contribution to infrastructure development and investment in industrial parks will continue fuelling the requests for serviced apartments, both in central business district locations and areas closer to main industrial hubs or office complexes.

"Contrary to popular belief, that Japanese guests require specific designs and facilities, our market survey shows that international standard designs are now widely accepted and only limited, custom-made adjustments need to be made, mainly in services and specific F&B (food and beverage) facilities," Gasparotti said.

According to Alternaty, a total of 133 companies and individuals were surveyed and a series of questions relating to preferences for accommodation were asked.

Approximately 95 per cent of respondents indicated safety/security as a critical factor while choosing an apartment, while 80 per cent of respondents who are here for long-term stay identified offered rates as an important factor in decision-making.

Only 25 per cent of respondents required Japanese-oriented designs for their accommodation.

For the majority of long-term respondents, their monthly budget ranges between US$1,000 and $2,000. — VNS

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