The villas in West Lake area

Hanoi is the city which has the highest land price in the world, comparable with that in Tokyo, Hong Kong or Paris. Meanwhile, the land price in the West Lake area is considered the most expensive in Hanoi, which is called the golden land.

Leon Lai, a Hong Kong’s actor, could buy a villa with an area of 1000 square meters in Ruby Hill – San Francisco, with swimming pool and golf course, at five million US dollars.

However, he would not be able to buy a land plot with the same area in Hanoi with the same sum of money. A real estate expert said that the land plots in the area are priced at no less than 40,000 square meters. However, even if accepting the sky high prices, one would still not be able to buy a land plot here, because of no seller.

As such, if Leon Lai wants to live in the West Lake area in Vietnam, with five million dollars, he can only buy a house with the area of 125 square meters.

In the West Lake area, there are the villas with hundreds of square meters in area, which have the sky high and logically enigmatic prices.

There is also a golden land area in HCM City – the Dong Khoi area in district 1. However, the land plots here have been reserved to do business, not for accommodation. Therefore, the West Lake area is considered the most wonderful area for people to live.

Hollywood’s stars like Tom Cruise, Taylor Swift and Mariah Carey are living in the villas worth 2.6-30 million dollars. However, if they want to live on the golden land in Vietnam, they would have to pay much higher for the same area of accommodations.

Private aircraft, yachts and luxurious cars

Doan Nguyen Duc, Chair of the Hoang Anh Gia Lai was recognised as the first Vietnamese person who owns a private airline, after he bought a Beechcraft King Air 350 in 2008 at 7 million dollars.

In fact, in Vietnam, there are many people rich enough to buy private aircrafts. Just two years later, local newspapers reported that Tran Dinh Long, Chair of the Hoa Phat group bought an aircraft at 5 million dollars.

In 2009, Diem My, a well-known actress in Vietnam, said on local newspapers that her husband was possessing a 2 million dollar yacht.

In fact, a lot of businesspeople have luxurious yachts, including Dao Hong Tuyen, who is called the “King of the Tuan Chau Island”.

Meanwhile, nearly all the most luxurious car models have been present in Vietnam, from Bugatti Veyron, Ferrari 599 Fiorano GTB to Lamborghini Aventador, from Rolls-Royce Phantom Year of the Dragon, Maybach 62S, Audi R8 to Aston Martin Vanquish.

The rich people whisper in each others’ ears that the remaining luxurious models with Koenigsegg or Pagani have not been present in Vietnam not because Vietnamese millionaires cannot afford them, but because they do not fit the taste of the rich people.

Only very rich people can possess luxurious cars in Vietnam. They not only have to pay high for the luxurious cars, which would be much more expensive in Vietnam than in the manufacturers’ countries because of the high tax, but also pay high to run the cars.

Analysts believe that in Vietnam, the expenses to run a car is triple that in other countries in the world. A Bugatti Vevron, which is sold at one million dollars in the US, would be priced at 3 million dollars in Vietnam, or 60 billion dong.

VietNamNet Bridge - August 14, 2012