Just within three months, from December 2007 to February 2008, the real estate price increased by 300%, and even 500% in some localities. A lot of real estate developers earned fat money from the thirst of the market.
The market was so hot that people had to jostle and scramble to get the right to buy apartments. Those who got the option to buy apartments at that time could pocket VND50mil at least if they re-sold an option to buy apartments.
The lucrative real estate market prompted people to inject money in real estate. People firmly believed that house prices would skyrocket further as Viet Kieu had been allowed to buy houses in Vietnam.
Thursday, December 25, 2008
Sunday, December 21, 2008
Sotheby’s International Realty Affiliates LLC, the US-based luxury real estate network, has opened its first office in Vietnam
Vietnam Sotheby’s International Realty will sell and lease luxury residential properties in Vietnam and around the world.
Michael R. Good, President and CEO of Sotheby’s International Realty said Vietnam was “a very important market” for the company.
The country is “an emerging international tourist destination with rapid urbanization,” Good said in a statement issued on Monday.
The office, located at 6 Thai Van Lung Sreet in Ho Chi Minh City’s District 1, is owned by Indochina Land, a real estate subsidiary of Indochina Capital, according to the press release.
Sotheby’s International Realty and Indochina Land signed an exclusive 25-year licensing agreement for Vietnam in January.
Michael R. Good, President and CEO of Sotheby’s International Realty said Vietnam was “a very important market” for the company.
The country is “an emerging international tourist destination with rapid urbanization,” Good said in a statement issued on Monday.
The office, located at 6 Thai Van Lung Sreet in Ho Chi Minh City’s District 1, is owned by Indochina Land, a real estate subsidiary of Indochina Capital, according to the press release.
Sotheby’s International Realty and Indochina Land signed an exclusive 25-year licensing agreement for Vietnam in January.
Wednesday, December 17, 2008
Vietnam govt package aimed at boosting property market in 2009
The Vietnamese government is to introduce a $1 billion stimulus package aimed at boosting the country's property market in 2009.
At the heart of the package will be investment in low cost housing and infrastructure to help the construction industry which has been hit hard by the global economic downturn.
Pham Sy Lien, vice chairman of the Construction Association, said recent cuts in both deposit and lending interest rates will also help the struggling property sector.
'Like other countries in the world, real estate is a thermometer of the economy. It's warm when the economy is growing, it's cool when the economy is slowing,' he said.
He added that although economic growth rates are falling, they remain above zero as inflation is also falling thanks to Government efforts.
At the heart of the package will be investment in low cost housing and infrastructure to help the construction industry which has been hit hard by the global economic downturn.
Pham Sy Lien, vice chairman of the Construction Association, said recent cuts in both deposit and lending interest rates will also help the struggling property sector.
'Like other countries in the world, real estate is a thermometer of the economy. It's warm when the economy is growing, it's cool when the economy is slowing,' he said.
He added that although economic growth rates are falling, they remain above zero as inflation is also falling thanks to Government efforts.
Sunday, December 14, 2008
Westin's first Vietnam property
Cam Ranh Bay is a protected inlet off the South China Sea situated between Phan Rang and Nha Trang, approximately 290 kilometers northeast of Ho Chi Minh City. It is well-known for its white sandy beaches and pristine turquoise waters. The site features an extensive beach frontage of 550 meters. The Westin resort is approximately a 10-minute drive from Cam Ranh airport and a 40-minute drive to the Nha Trang city center, the capital of Khanh Hoa Province.
In terms of amenities and such, we can expect eight (yes, eight) food and beverage outlets, a health club, swimming pools, a spa, Westin Kid’s Club, business center and a retail shop.
Also worth noting because it's Friday: the name of the real estate development corporation working with Starwood on this property is called "Phat Dat Real Estate." Dat's phat.
In terms of amenities and such, we can expect eight (yes, eight) food and beverage outlets, a health club, swimming pools, a spa, Westin Kid’s Club, business center and a retail shop.
Also worth noting because it's Friday: the name of the real estate development corporation working with Starwood on this property is called "Phat Dat Real Estate." Dat's phat.
Wednesday, December 10, 2008
Real estate shines at MIPIM Asia 2008 conference
2,077 delegates from 929 companies and 46 countries packed the third edition of MIPIM Asia, consolidating the event's status as the international market reference for real estate professionals in the Asia-Pacific region.
Hong Kong's Secretary for Development, Carrie Lam Cheng Yuet-Ngor, JP, congratulated MIPIM Asia for establishing itself as "an exclusive platform for key players in the property market to interact and to exchange ideas on coming up with even more wonderful projects" at MIPIM Asia's opening ceremony.
Of the 929 companies represented at MIPIM Asia this year, 319 were from Hong Kong, compared to 250 in 2007. Other countries which sent large delegations included China, Singapore, United Kingdom, Japan, USA, France, South Korea, Australia and Vietnam. Over 500 leading international real estate investors from 28 countries converged on the Hong Kong Convention and Exhibition Centre.
Hong Kong's Secretary for Development, Carrie Lam Cheng Yuet-Ngor, JP, congratulated MIPIM Asia for establishing itself as "an exclusive platform for key players in the property market to interact and to exchange ideas on coming up with even more wonderful projects" at MIPIM Asia's opening ceremony.
Of the 929 companies represented at MIPIM Asia this year, 319 were from Hong Kong, compared to 250 in 2007. Other countries which sent large delegations included China, Singapore, United Kingdom, Japan, USA, France, South Korea, Australia and Vietnam. Over 500 leading international real estate investors from 28 countries converged on the Hong Kong Convention and Exhibition Centre.
Monday, December 8, 2008
Vietnam pledges $1 bln to spur investment, consumption
The country battled runaway inflation and a widening trade deficit for much of the year by tightening monetary policy and curbing lending, but officials have become increasingly worried that the global credit crisis could drag down growth.
The investment plan, outlined in a report about a cabinet meeting, came one day after the government revealed what will be the central bank's fourth benchmark interest rate cut in six weeks, to take effect on Friday.
'The focus is now on immediate measures to prevent an economic slowdown and a stagnant production and business environment,' the government report quoted Minister of the Government Office Nguyen Xuan Phuc as saying.
The investment plan, outlined in a report about a cabinet meeting, came one day after the government revealed what will be the central bank's fourth benchmark interest rate cut in six weeks, to take effect on Friday.
'The focus is now on immediate measures to prevent an economic slowdown and a stagnant production and business environment,' the government report quoted Minister of the Government Office Nguyen Xuan Phuc as saying.
Friday, December 5, 2008
Vietnam’s housing boom
Reported to have the second biggest potential for capital growth after China in both the residential and commercial property market in Asia, Vietnamese properties last year was piping hot and the total capital injected into the real estate market reached £3.37 billion.
Most of this cash came from foreign direct investment (FDI) and overseas remittance. More than eighty-five per cent of the FDI capital that entered Vietnam’s capital, Ho Chi Minh City, last year was pumped into real estate.
Thousands of local and foreign investors rushed to snap up apartments and prices in certain districts in Ho Chi Minh rose by more than 100 per cent, which was far more than industry experts had predicted.
Brett Ashton, Managing Director of Savills Vietnam, said, “The real estate price saw a two-fold increase over the last 12 months and three times over the last 18 months.”
As the market was on such an upward curve, experts predicted that it would continue growing this year, by as much as 30 per cent. PricewaterhouseCoopers even went so far as to list Ho Chi Minh City as one of the top ten most promising Asian markets.
Most of this cash came from foreign direct investment (FDI) and overseas remittance. More than eighty-five per cent of the FDI capital that entered Vietnam’s capital, Ho Chi Minh City, last year was pumped into real estate.
Thousands of local and foreign investors rushed to snap up apartments and prices in certain districts in Ho Chi Minh rose by more than 100 per cent, which was far more than industry experts had predicted.
Brett Ashton, Managing Director of Savills Vietnam, said, “The real estate price saw a two-fold increase over the last 12 months and three times over the last 18 months.”
As the market was on such an upward curve, experts predicted that it would continue growing this year, by as much as 30 per cent. PricewaterhouseCoopers even went so far as to list Ho Chi Minh City as one of the top ten most promising Asian markets.
Wednesday, December 3, 2008
Real estate market: the time of recovery remains unclear
However, 70% of experts said that they cannot say anything exactly about the moment of market recovery, adding that the market development depends on many factors which make it difficult to make forecasts.
The result of the survey has been released after VietRees considered the opinions of 33 leading real estate experts who are working for state management agencies, high ranking leaders of big real estate groups, and companies.
The survey aims to define the confidence by people in the potentials of market development in the future.
In fact, some experts still believed that the real estate market does not have any major problems, and that in the time to come, the market’s performance will depend on the stability of the financial market and the national economy.
The result of the survey has been released after VietRees considered the opinions of 33 leading real estate experts who are working for state management agencies, high ranking leaders of big real estate groups, and companies.
The survey aims to define the confidence by people in the potentials of market development in the future.
In fact, some experts still believed that the real estate market does not have any major problems, and that in the time to come, the market’s performance will depend on the stability of the financial market and the national economy.
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