Recently I gave a talk to a group of expats buying in Vietnam which is a hot topic I am regular asked about as a foreigner myself. This is all well and good for the expat few that do buy but what about the rest of the market? The majority of the market? What impact has the legislation had in encouraging the average Vietnamese buyer to purchase property? When the Vietnam's National Assembly passed on November 25, 2014, the long-awaited (now not so new) amended Housing Law that finally addressed the issue on foreign ownership of properties, we in the industry had no idea what to expect. Now, almost 1.5 years on, this single piece of legislation has (supported by fortunately favourable market conditions) helped to drive the Vietnam real estate market from what was considered toxic oblivion pre 2015 to becoming one of the more attractive markets in the region. You want to know the best thing about it? Now foreigners have a slice of the pie – well, perhaps more of a bite than a slice. … [Read more...] about Vietnam property market: to buy or not to buy?
Vietnam property foreign ownership
Vietnamese lawmakers approved a law allowing broad foreign ownership of property, as the government seeks to boost an ailing real-estate market and accelerate economic growth. Foreigners with a valid visa as well as foreign companies and international organizations operating in Vietnam now will be permitted to purchase houses and apartments. Current laws restrict ownership to foreigners married to Vietnamese and those foreigners deemed to make significant contributions to the nation’s development. The law is the latest government move to help bolster the property market, following a housing stimulus program and a low-cost home loan package. Vietnam is stepping up efforts to boost economic growth to 5.8 percent this year and clear up bad debts in the financial system, some of which are tied to property. “It is a very helpful move, a good change of policy to open up the real estate sector not only for overseas Vietnamese, but also for foreigners,” said Alan Pham, the … [Read more...] about Vietnam expands foreign property ownership to boost economy
Cranes operate at a residential construction site, center right, in Hanoi. Vietnam's economic recovery is a godsend for foreign businesses to expand their investment in the property market, experts say. Photo: BloombergSouth Korean giant Lotte, after inaugurating last September Lotte Center Hanoi, a mixed-use development with offices, a shopping mall, hotels, and apartments, is now eyeing a similar project in Ho Chi Minh City. With an investment of some US$2 billion, the Smart Complex in HCMC’s new Thu Thiem urban area would be one of its biggest projects in Vietnam. Lotte is one of several foreign property investors to have recently upped their investment in the country. Hong Kong’s Sun Wah Group has a more than 40 percent stake in a multi-million dollar project to build an apartment building complex in HCMC’s Binh Thanh District. The group is currently the owner of the Sun Wah Tower in HCMC, and the developer of the $400 million Saigon Pearl residential-commercial … [Read more...] about Vietnam’s property market generates new foreign interest
Under an agreement with local property developer Phuc Khang earlier this month, Singapore-based investor Genesis Global Capital will bring in the contracted money over six years. Phuc Khang will receive $50 million a year to build international standard apartments. The fund targets foreign businesspeople, investors and overseas Vietnamese who want to buy or rent housing in the country. Ng Chuan Kai, the managing director of Genesis Global Capital, said Vietnam is on the fund’s radar after the US, Germany, and Brazil. With its large population, policy changes allowing greater foreign ownership of property, and deeper international integration that would encourage more foreign investors and experts to come for business, demand for housing in Vietnam is set to increase, and it is a good opportunity for investment, Ng said. Genesis Global Capital is one of many foreign companies to invest in the residential property market, which is recovering from a multiple-year slump. In July … [Read more...] about Foreign developers make beeline for region’s best residential property market, Vietnam
The Hanoitimes - A number of real estate companies and experts were quoted by New York Times as saying that Viet Nam’s beleaguered property market is bottoming out just as macroeconomic indicators stabilize and the ruling Party makes new pledges to reform a struggling and corruption-riddled banking sector. Dinh Thien Thien’s barbecue business bloomed just as Viet Nam’s property market wilted. It was not a coincidence. In 2010, Mr. Thien said he rented an empty lot downtown here, where construction had largely stopped, and installed a grill. He added some homemade wooden furniture intended to conjure the image of a saloon — a motif inspired by his love of American westerns. Word of his movable feasts began to spread on Facebook, and within months he was renting 15 lots for the equivalent of US$ 1,000 -5,000 a month. But as construction picks up again, Mr. Thien, 32, is down to five locations. Some of his former grill sites are dotted with cranes or cement … [Read more...] about Experts optimize about Vietnam’s property market