Despite not even being in operation, the Ho Chi Minh City Metro line has already made its mark on the city. Home prices along Metro Line 1 have increased by 25-75 percent from their launching price, according to a report from CBRE Vietnam.
Construction on the project began in 2012 with several new residential and retail developments launched alongside the public transportation route. Metro Line 1 will connect the Ho Chi Minh City downtown area with The Eastern City, a proposed urban area and financial center that will see Districts 2, 9 and Thu Duc join together.
Home prices here have seen the largest gains over the past few years. CBRE Vietnam research found that high-end residential sales prices have risen 7.3 percent annually on average since 2015. This area is predicted to see further price growth moving forward.
“End-users and buy-to-let investors are advised to purchase residential units in developments located along metro lines within The Eastern City due to the better connectivity they offer to other areas within the city and to HCMC’s central business districts,” Dung Duong, Senior Director of CBRE Vietnam, told Vietnam Express.
Expect more building along Ho Chi Minh City Metro lines
A Vietnam News report highlighted the fact that the local government hopes to place an emphasis on high-rise residential developments that provide easy access to public transportation infrastructure. Metro Line 1 is set to begin operations next year with plans in place for the construction of four other rail lines in the city.
The Department of Construction believes focusing on high-rise projects around these could ease some of the city’s problems like flooding and congestion if implemented correctly. Plans call for these developments to aligning with technical and social infrastructure goals set forth by the government.
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