Fireworks are seen displayed from Bitexco tower, the tallest building of Ho Chi Minh City, for the New Year celebrations from the other bank of Saigon River on January 1, 2015. Photo credit: AFP
Ho Chi Minh City ranks sixth in a list of the most dynamic cities compiled by real estate consultancy firm Jones Lang LaSalle.
The Chicago-based company’s 2015 City Momentum Index put London at the top, above San Jose and Beijing.
This is the first time Ho Chi Minh City has made it to the top 20 of the index, which assesses 120 cities around the world on real estate and socio-economic factors.
Director of Global Research Jeremy Kelly said the index identifies which of the global cities change the fastest.
“By widening our lens to combine real estate dynamics such as investment, property prices and construction with socio-economic factors, we can better understand the drivers of city success by examining signals of change over the years,” Kelly said.
He said the rankings, however, do not identify the hottest investment markets.
“We have seen the technology industry driving cities’ real estate markets year over year, but other trends, ranging from environment to education, impacted the pace of change, resulting in a shuffle of cities’ positions,” Kelly said.
As Vietnam’s economic hub, Ho Chi Minh City contributes to about 20 percent to the country’s total gross domestic product.
