Published on 10 March 2007 at 11:45 am
Filed in Property News for Vietnam » Strong Investment Inward Flowing into Property in Vietnam
2007 is lining up to be a very positive year for the property market in Vietnam with the government already having made significant changes to real estate investment laws in 2006 and having offered certain ownership concessions to Vietnamese citizens living abroad for example.
In addition to these factors, local affordability is increasing, overseas investment is escalating, ongoing effort is being made to improve the transparency of the property buying and ownership processes and as a direct result of all of these positive factors, strong investment is inward flowing into property in Vietnam.
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The laws relating to the direct foreign ownership of property in Vietnam are currently under review by the Vietnamese government – the law as it stands does not permit foreign ownership of real estate anywhere in Vietnam.
A new draft law was submitted to the National Assembly in 2005 and it is due to be ratified sometime in 2006; under the terms of the draft law the real estate market will become more accessible to foreign investors.
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Many believe that Vietnam will become the next Thailand in terms of its tourist and second home appeal. Currently Vietnam is around 20 years behind Thailand in terms of its development, the number of tourists it attracts and also the prices charged for real estate but the rate of development by which Vietnam is improving is incredibly rapid.
Vietnam shares great natural attraction and appeal with Thailand and yet currently it offers a real estate investor far greater and broader potential for profit and long term investment success. Therefore while one can compare Vietnam to Thailand in terms of its beauty and charm, one cannot tie Vietnam’s potential to that of Thailand’s because Vietnam is beginning to emerge as an incredibly attractive real estate investment hotspot on many unique levels.
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Real estate investors can consider Vietnam to present them with the same opportunities as Thailand did some twenty years ago. It is a stunning country with a very young, well educated, hard working and literate population and it’s a destination of wide appeal to both holiday makers and those seeking a unique second home location.
Politically and economically speaking Vietnam is in transition and improving, developing and stabilizing. While land law is still evolving and certain domestic issues can cause problems for property developers in Vietnam, the real estate investor should have confidence about the long term profitability of any investment made into the property sector country wide.
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