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Market bounces back
The real estate market in Hanoi has begun to gain momentum since May with areas of land in Ha Dong, My Dinh, An Khanh and Thang Long seeing a sharp increase in price.
The head of planning and foreign investment in Vietnam is predicting that the country’s tourism real estate market will see a boom in five years time and declared he has no worries about exploiting beautiful areas.
Phan Huu Thang is encouraging developers to promote property investment in real estate resorts to foreign buyers as this will be a key part of the growth of Vietnam’s property sector.
‘Investment in real estate has been increasing significantly in the last two years, responding to many changes in the land laws. Foreign investors have shown special interest in real estate projects that will serve the tourism sector,’ he said.
Participants will discuss solutions for sustainably developing the country’s real estate market.
They will hear a number of speeches on low income housing and Ho Chi Minh City’s architectural development strategy.
The conference, the first of its kind in Vietnam, is part of a national programme to promote the country’s real estate in 2009.
SINGAPORE, June 23 (Reuters) - VinaCapital, Vietnam's largest asset manager, aims to raise $350 million in a real estate private equity fund in September to tap a local sector that it thinks has bottomed, a company official said on Tuesday.
The proposed VinaCapital Vietnam Land II fund will focus on residential developments, shopping malls and business hotels, David Blackhall, deputy managing director of VinaCapital's real estate arm, told Reuters in an interview.
"Vietnam is already showing signs that it has stabilised," he said, adding the residential sector offered the greatest potential because prices had fallen sharply since the end of 2007 and the country's growing middle class could afford to buy homes.