VietNamNet Bridge - Foreign real estate service providers often enter Vietnam with noisy PR campaigns, but then leave quietly. Keller Williams was the first foreign real estate service provider known by Vietnamese The company was headquartered in the US, established in 1983, with 112,000 agents and 700 offices over the world. However, the US-based Keller Williams itself was not present in Vietnam, but it penetrated the Vietnamese market through a Vietnamese firm – Truong Phuoc Real Estate Service Company – under a franchise contract allowing Truong Phuoc to use Keller Williams Commercial brand. This was also the business model applied by many other big players such as Knight Frank, Coldwell Banker and Colliers. A real expert noted that in most cases, Vietnamese firms just “borrowed” the foreign brand names to do business, while in fact, the business was managed 100 percent by Vietnamese. A well-known US real estate brand name once came to … [Read more...] about Foreign real estate service providers leaving Vietnam quietly
Mcintyre real estate services inc
The Hanoitimes - Real estate services and construction companies in HCM City have asked the Government to review and amend land use fee regulations. They say the current regulations are complicated, impractical and the land use fees are too high. According to supplemental regulations issued last year, real estate companies have to pay land use fees according to area they use, based on land prices at the time of payment. The regulations say companies will receive a deduction in the land use fees based on the compensation they paid for land clearance earlier. However, the deduction they receive is based on annual prices of land fixed by local administrations. These factors lead to high land use fees that make it difficult for real estate companies to pay them, Le Hoang Chau, chairman of HCM City Real Estate Association (HoREA), said at a workshop held in HCM City . According to the city’s Department of Natural Resources and Environment, no real estate company has … [Read more...] about Real estate sector seeks new rules
The Hanoitimes - The real estate service market (marketing, distribution, assessment, investment consultancy and real estate project management) is now in the hands of foreign companies. Foreign control Real estate developers can generally sell products only when they use distribution services provided by foreign companies. According to the director of a real estate firm in HCM City, there “Big Three” are CBRE Vietnam, Savills Vietnam and Colliers, which together hold some 90 percent of the market share. The rest goes to the handful of Vietnamese service providers, such as Megagroup, Eden, Him Lam and VietRees. Most recently, Knight Frank, the leading British real estate consultant firm (207 offices in 43 countries) announced its presence in Vietnam. Though a newcomer, this is a redoubtable rival with many advantages. The companies have long-term experience in real estate. Colliers has been in Vietnam for 14 years, Savills has been around for 15 years, while CBRE … [Read more...] about Foreigners hold 90 percent of real estate service market
VietNamNet Bridge - Real estate prices are rising again, thus raising concerns that a real estate bubble may return. Real estate trading floors are very busy these days in HCM City. People seek to buy houses for accommodation, investment and lease. Real estate developers say they are satisfied about the purchasing power with the high numbers of customers registering to buy apartments right after they put products on sale. Le Thanh in Binh Tan District said he decided to buy a two-bedroom apartment in district 9, with delivery in July. Thanh said the price was reasonable, and the payment method flexible. He will pay 25 percent of the apartment’s value in advance, and the rest within 25 years. It is now easier for Saigonese to buy houses and apartments. They don’t have to queue up for lucky draws as they did some years ago, while they just have to pay about 30 percent of the apartments’ value first.Real estate trading floors are very busy these days in HCM City. People … [Read more...] about Will there be another real estate bubble?
Nearly 80% of customers who buy luxury villas or apartments in the central city of Da Nang come from Hanoi, said a real estate company. Savills, a real estate service provider, tracks statistics and has labeled Da Nang as a top investment location in Vietnam, particularly for Vietnamese investors. Although the overall real estate market of Vietnam is not doing well, Da Nang’s market is promising due to its opportunities for investors. According to the Da Nang Statistics Department, about 2,100 new property enterprises were licensed in 2009. This number went up about 23% compared to 2008. In the past 5 years, the number of enterprises established has steadily risen attracting overseas Vietnamese investment in particular and giving that demographic influence over the market. In 2009, the volume of remittances transferred into the city by overseas Vietnamese was about USD 94.6 million and about 4,715 overseas Vietnamese visited the city. In addition, overseas Vietnamese own about … [Read more...] about Hanoi’s investors eye Da Nang real estate market