Real estate increases in value thanks to cultural and artistic activities

Artistic and cultural activities add appeal to urban areas globally, thereby increasing real estate value.

Real estate increases in value thanks to cultural and artistic activities

Artistic and cultural activities add appeal to urban areas globally, thereby increasing real estate value.

Combining culture and art is an urban development strategy applied in many countries around the world . From cities in the US, Europe to Asia, this strategy turns cities into attractive destinations for tourists, facilitating business activities while promoting real estate values. This model has also begun to be applied in Vietnam.

Typical cases in the world

Bringing art into urban life has been around for decades. In New York, Soho was once an industrial area but has evolved into a high-end residential and shopping district, partly due to the influx of art galleries and cultural organizations.

Iconic Soho neighborhood, New York. Photo: Pexel

Also in this city, The High Line, a 1.4-mile-long public park and art space built on a former railway line, is a prime example of how art can revitalize urban spaces. The presence of the park has led to the formation of new residential areas and new retail and restaurant complexes, stimulating development in the surrounding neighborhoods.

According to a study by the New York City Economic Development Corporation, real estate values ​​within a five-minute walk of the High Line increased 103 percent from 2003 to 2011.

In the UK, the O2 in London was considered an unsuccessful project when it was launched. However, when combined with music events, this peninsula quickly became a top destination. Not only does the profit from music ticket sales reach hundreds of millions of dollars each year, but the surrounding area also forms countless shops, residential areas, and commercial complexes.

Giant murals on buildings in Shanghai. Photo: Pexel

In Asia, the M50 Creative Park industrial complex in Shanghai has been transformed into an art district with galleries that attract artists and tourists . The businesses operating here have gradually been replaced by art organizations, design companies, and cultural event organizers.

Michael Phillips, president of Jamestown International Real Estate, said that people’s interest in art is changing the face of cities. The presence of art in projects increases visitor numbers, brings convenience to office workers and sales to retailers.

Andrew Joblon, founder of Turnbridge Equities, which developed the shopping and entertainment complex, said the art helped attract more customers and keep them in the stores.

Meanwhile, research from the University of Cincinnati found that commercial areas with aesthetic elements like murals and sculptures had 43% more foot traffic than those without.

The pioneering art city in Vietnam

Following the global trend, many urban areas in Vietnam have begun to incorporate artistic values ​​into their living spaces. This has contributed to the development of vibrant, culturally rich residential areas, serving the increasingly high-class lifestyle of the people. The most prominent of these is The Global City, an urban area positioned to become the new center of Ho Chi Minh City.

According to the developer of this project, The Global City is planned and designed with the philosophy of an urban area for humanity, aiming for international integration while preserving and promoting traditional values, creating a unique identity. From this vision, the project developer Masterise has sought to subtly bring art and culture into the lives of residents to create new and in-depth experiences, by inviting director Viet Tu to take on the role of Senior Creative Advisor for the urban area.

Director Viet Tu believes that developing urban art is inevitable in the world as well as increasing the value of real estate. This is not only a trend, but also a proven way of doing things. The integration of art into urban space does not stop at aesthetic value, but also reflects the developer's broad vision of the "soul" of the city.

Inspired by New York's Soho, Art Ave at SOHO, The Global City is a harmonious combination of culture, art and creativity. Built as a large-scale outdoor art gallery, Art Ave impresses with sculptures with themes and images familiar to Vietnamese people such as the folk games Hide and Seek, Birth Season, Dung Dang Dung De. This place also resonates with urban life with pop-up stores in the style of Soho, New York and the SOHO's Balcony Show event series, bringing European and American street music style every weekend.

This townhouse area is also built to create a sense of familiarity for residents and visitors. The SOHO area's architecture was designed by one of the world's leading names, Foster + Partners. From the undulating height of the adjacent houses typical of Vietnamese streets to the details with indigenous architectural influences on the door slat system... everything is very familiar, bringing a place for residents to feel a sense of belonging.

Currently, the SOHO area is gradually filling up with big brands in the fields of food, services, education... Each large-scale cultural and artistic event attracts tens of thousands of people here, thereby creating advantages for stores to exploit and do business.

A corner of the SOHO area at The Global City

From the SOHO subdivision, The Global City has also become a destination for a series of large-scale cultural and entertainment events. In 2024 alone, this urban area has organized many events such as Genfest, Hoi-Thuan-Hoi, SOHO Fest, The Global Celebration… attracting millions of visitors.

In 2025, The Global City will be the venue for the live concert “Sketch a Rose in Saigon” by singer Ha Anh Tuan, two concert nights of the show Anh trai vu ngan cong gai, awaited by tens of thousands of audiences.

Ms. Thi Anh Dao, Marketing Director of Masterise Group, said that in developed countries, preserving history, culture and art is an indispensable condition to create an urban area with sustainable property value. At The Global City, in addition to the available advantages such as planning, design, international-class utility systems, etc., bringing culture and art into life will help create an urban area suitable for all lifestyles, creating short-term appeal and ensuring future value.

Thanks to these activities, The Global City has become an indispensable destination for city residents. Meanwhile, residents here can enjoy an international standard living space while immersing themselves in a vibrant life with many cultural and artistic activities and entertainment facilities...

The application of world standards, cultural and artistic activities in urban development in Vietnam, along with the continuous improvement of the surrounding traffic infrastructure with Metro No. 1, Ring Road 3, Long Thanh - Dau Giay Expressway or Lien Phuong and Do Xuan Hop roads... is expected to help increase the attractiveness and value of The Global City as well as the entire Eastern part of the city in the near future.

Source: https://baodautu.vn/batdongsan/bat-dong-san-tang-gia-tri-nho-hoat-dong-van-hoa-nghe-thuat-d245115.html