VietNamNet Bridge – Experts firmly believe that unprofessional real estate brokers will be eliminated from the market in the time to come due to the fierce competition on the market.
Real estate brokerage is believed to have a lot of opportunities for development and play a very big role in helping make the real estate market healthy. However, experts have pointed out that there exist a lot of problems with real estate brokerage.
A lot of real estate brokerage offices have been established recently. In order to set up brokerage offices, one should only have to hire a small business premises and advertise the office.
However, most of the offices, which were set up spontaneously, have been operating on a small-scale, and their employees are not professional. The offices do not have much information about land and houses that are offered for sale or purchase. In most cases, the brokers get information from personal relations rather than official channels. In other cases, they get the information from ad columns in newspapers, and then arrange trading deals with the information for commission.
Sunday, March 29, 2009
Wednesday, March 25, 2009
Property sector looking positive for Vietnam's first international real estate
The real estate sector is showing signs of expanding in Vietnam as buyer interest increases and new projects begin construction.
The country's first international real estate brokerage conference in Ho Chi Minh City at the end of the month will hear that the future for the industry is looking brighter than in many other parts of the region.
The Ministry of National Resource and Environment, which is sponsoring the two day meeting which starts on March 27, says it is expected to attract domestic and international property investors and brokers.
Vietnam's property brokers will have the chance to discuss property brokerage with representatives from the Natural Resources and Environment, Construction and Finance Ministries as well the Taxation Office and the International Real Estate Federation.
The country's first international real estate brokerage conference in Ho Chi Minh City at the end of the month will hear that the future for the industry is looking brighter than in many other parts of the region.
The Ministry of National Resource and Environment, which is sponsoring the two day meeting which starts on March 27, says it is expected to attract domestic and international property investors and brokers.
Vietnam's property brokers will have the chance to discuss property brokerage with representatives from the Natural Resources and Environment, Construction and Finance Ministries as well the Taxation Office and the International Real Estate Federation.
Monday, March 23, 2009
Lai Chau Construction Private Enterprise
Construction on the building started last month and is expected to finish by the end of 2010. The investor says buyers will not be allowed to sell their houses for a certain period in order to prevent speculative transactions.
Son said his company plans to start building three 34-storied apartment buildings at Xa La next month and sell the flats two months later.
Nguyen Thang of the Housing and Urban Development Corporation said his firm is preparing to build an apartment building for medium and low income earners in Hanoi’s Me Linh District.
Hanoi Construction Corporation and Vietnam Construction and Import Export Corporation have also announced plans to build a series of low-income apartment buildings soon.
Son said his company plans to start building three 34-storied apartment buildings at Xa La next month and sell the flats two months later.
Nguyen Thang of the Housing and Urban Development Corporation said his firm is preparing to build an apartment building for medium and low income earners in Hanoi’s Me Linh District.
Hanoi Construction Corporation and Vietnam Construction and Import Export Corporation have also announced plans to build a series of low-income apartment buildings soon.
Saturday, March 21, 2009
Frankfurt to Hanoi
It takes 12 hours to fly from Frankfurt to Hanoi, and Bernhard Franken is getting to know the route very well. Franken has a half-dozen projects in Vietnam. If his struggling Frankfurt practice has an angel looking out for it, she comes from the East. With startling speed, the German economy has turned sluggish and dyspeptic. Architects from Berlin to Bonn say small practices are shutting down or on life support. Larger ones are shedding staff, and Foster + Partners just closed its Berlin office.
“We can’t survive by working in Germany alone,” Franken says. “Practices have to be more specialized and globalized at the same time.” A chance meeting through a friend led Franken to a pitch his firm’s services to a Vietnamese real-estate concern working on a large, multiuse project called Tan Lab Green City in the coastal city of Nhâ Trân. Winning that project led to four others in Vietnam last year, and Franken soon opened a Hanoi office.
“We can’t survive by working in Germany alone,” Franken says. “Practices have to be more specialized and globalized at the same time.” A chance meeting through a friend led Franken to a pitch his firm’s services to a Vietnamese real-estate concern working on a large, multiuse project called Tan Lab Green City in the coastal city of Nhâ Trân. Winning that project led to four others in Vietnam last year, and Franken soon opened a Hanoi office.
Tuesday, March 17, 2009
Vietnam property market shows signs of recovery
The real estate market is confident that prices will recover after a long cycle of decline in both HCM City and Hanoi. In the capital city, nearly 400 not-yet-built apartments in Keangnam Tower were sold not long after construction on the building started.
Lots in the Van Phu Urban Area and Xa La high-class apartment projects in Hanoi s newly-merged Ha Dong city have also been magnetic to investors, and prices have gone up nearly 20 per cent since Tet. Last year, investors paid little attention to these and other projects, as land prices were on a
heavy decline.
Moreover, property around these projects has also been selling like hot cakes.
One of Hanoi´s hottest realty projects is the Van Khe Urban Area, located next to the popular traditional silk craft village of Van Phuc, Ha Dong.
Lots in the Van Phu Urban Area and Xa La high-class apartment projects in Hanoi s newly-merged Ha Dong city have also been magnetic to investors, and prices have gone up nearly 20 per cent since Tet. Last year, investors paid little attention to these and other projects, as land prices were on a
heavy decline.
Moreover, property around these projects has also been selling like hot cakes.
One of Hanoi´s hottest realty projects is the Van Khe Urban Area, located next to the popular traditional silk craft village of Van Phuc, Ha Dong.
Friday, March 13, 2009
The demand for accommodations is on the increase while construction material prices have been decreasing.
Minh Viet Company has recently kicked off Tricon Tower, one of the first projects in Bac Anh Khanh urban areas. This is expected to be a complex of three 45-story towers designed as high-grade offices and apartments. The project has the total investment capital of $145mil.
Indochina Plaza Hanoi, a trade centre, office, apartment project has also been restarted after a period of interruption for many reasons. Though the real estate market remains quiet, the investors still successfully persuaded Vietcombank to give a loan worth $44mil to develop the project.
The funding of the project by a commercial bank showed that opportunities in the real estate market can be realised not only by real estate investors. Therefore, the fact that Vietcombank, which has never been thought of as a big lender in real estate, has agreed to fund the project, is really noteworthy.
Indochina Plaza Hanoi, a trade centre, office, apartment project has also been restarted after a period of interruption for many reasons. Though the real estate market remains quiet, the investors still successfully persuaded Vietcombank to give a loan worth $44mil to develop the project.
The funding of the project by a commercial bank showed that opportunities in the real estate market can be realised not only by real estate investors. Therefore, the fact that Vietcombank, which has never been thought of as a big lender in real estate, has agreed to fund the project, is really noteworthy.
Tuesday, March 10, 2009
Downturn ‘an opportunity’ for office tenants
The downturn in the real estate market has created huge opportunities for office tenants, according to real estate services provider Savills Vietnam.
As a result of rapidly diminishing demand and increasing supply, the office market is in decline and has had a significant impact on rental values.
In HCM City, at the market’s peak in 2008, grade B buildings were demanding rents of US$65-75 per square metre. They are now being marketed for $30-35, with room for further negotiation.
"An increase in supply and a decline in demand have meant that developers have had to start offering competitive rentals and large incentives to encourage new tenants and retain existing ones," Robert MacDonald, head of tenant representation and advisory services at Savills Vietnam, said.
As a result of rapidly diminishing demand and increasing supply, the office market is in decline and has had a significant impact on rental values.
In HCM City, at the market’s peak in 2008, grade B buildings were demanding rents of US$65-75 per square metre. They are now being marketed for $30-35, with room for further negotiation.
"An increase in supply and a decline in demand have meant that developers have had to start offering competitive rentals and large incentives to encourage new tenants and retain existing ones," Robert MacDonald, head of tenant representation and advisory services at Savills Vietnam, said.
Wednesday, March 4, 2009
The real estate market in Ho Chi Minh City is warming up
Looking back at Thanh Nien photos in late 2007, with people fighting in queue to buy a condo at The Vista apartment building, I couldn’t keep myself from laughing.
People had to sleep in the line all night to be at the office when the doors opened in the morning, and struggle all day to keep their place so that they could sign a contract to buy a place to live for the rest of their life.
A year further on, buyers are in a better position.
Housing investors have launched many promotions such as big price cuts; helping buyers to finish documents in half a day to borrow from banks at low interest; supporting buyers by paying 4 percent of the interest in the first year; and free refreshments while agents drive customers to inspect properties.
People had to sleep in the line all night to be at the office when the doors opened in the morning, and struggle all day to keep their place so that they could sign a contract to buy a place to live for the rest of their life.
A year further on, buyers are in a better position.
Housing investors have launched many promotions such as big price cuts; helping buyers to finish documents in half a day to borrow from banks at low interest; supporting buyers by paying 4 percent of the interest in the first year; and free refreshments while agents drive customers to inspect properties.
Tuesday, March 3, 2009
Ministry plans incentives for low income housing projects
Deputy Minister of Construction Nguyen Tran Nam said the increasingly high demand of low income housing had become a “headache” as the government lacks both the capital and human resources to ease it.
The newly proposed policies, which would be submitted to the prime minister for consideration at a later date, could exempt developers from land use tax, value added tax and even corporate tax if they build housing for low-income people, Nam said.
“Regulations will be amended so that the paperwork for affordable housing projects will be simplified,” Nam said.
The newly proposed policies, which would be submitted to the prime minister for consideration at a later date, could exempt developers from land use tax, value added tax and even corporate tax if they build housing for low-income people, Nam said.
“Regulations will be amended so that the paperwork for affordable housing projects will be simplified,” Nam said.
Monday, March 2, 2009
Thailand urged to invest in Vietnam
Vietnam encouraged Thailand to invest in the country to help ease the trade imbalance between the two countries, Foreign Minister Kasit Piromya said Thursday.
During his visit to Vietnam this week, Mr Kasit said the Vietnamese government has encouraged Thailand to invest in property, fishery and logistics there.
A more serious cooperation between the two countries will be held after the signing of Asean agreements, he added.
During his visit to Vietnam this week, Mr Kasit said the Vietnamese government has encouraged Thailand to invest in property, fishery and logistics there.
A more serious cooperation between the two countries will be held after the signing of Asean agreements, he added.
Sunday, March 1, 2009
Vietcombank agrees to fund Indochina Plaza Hanoi
Vietcombank representatives signed an agreement in Hanoi on Feb. 19, committing to the provision of $US44 million to fund the development of Indochina Plaza Hanoi, a mixed-used complex managed by Indochina Land.
The $US145 million project, which began last December, consists of two luxury residential towers, an office block and a retail podium.
Peter R. Ryder, CEO and Co-Chairman of Indochina Capital, Indochina Land´s parent company, said that the development of Indochina Plaza Hanoi, as well as a number of other Indochina Land projects across the country, reflects the sustained long-term commitment of the group to investing in Vietnam´s future.
The $US145 million project, which began last December, consists of two luxury residential towers, an office block and a retail podium.
Peter R. Ryder, CEO and Co-Chairman of Indochina Capital, Indochina Land´s parent company, said that the development of Indochina Plaza Hanoi, as well as a number of other Indochina Land projects across the country, reflects the sustained long-term commitment of the group to investing in Vietnam´s future.
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