Want to be in the loop?
subscribe to
our notification
Business News
FOREIGNERS PURCHASED ABOUT 16,000 REAL ESTATES IN VIETNAM
- Foreigners have bought some 16,000 housing properties across the country since they were allowed to do so in 2015, according to the Ho Chi Minh City Real Estate Association (HoREA).
- Foreigners have bought some 16,000 housing properties across the country since they were allowed to do so in 2015, according to the Ho Chi Minh City Real Estate Association (HoREA).
Their number is increasing, especially of those buying in HCM City, with most buyers coming from mainland China, Japan, Singapore, and the Republic of Korea.
Vingroup, Novaland, Phu My Hung, CBRE, and Hung Thinh sold around 10,571 of the units. HCM City has accounted for about 80 percent of all their purchases.
Many apartments in major projects in HCM City like the luxury Centennial Bason, The Grand Manhattan and Alpha City in District 1, where prices range between 6,000 USD and 10,000 USD per square metre, have been bought by foreigners.
Developers need to work with foreign real estate agencies to look for foreign buyers and investors, experts said.
Companies like Khang Dien, Novaland, Vingroup, and Him Lam Land work with TVC Communication Company (Singapore) to sell apartments they build to foreign buyers.
Such cooperation is especially useful to sell in the high-end and luxury apartment segments, which attract foreign buyers, especially Chinese, HoREA said.
Some luxury projects in HCM City have even sold the maximum allowed 30 percent of their units to foreigners.
Thus, at projects such as Gateway Thao Dien, Nassim and Thao Dien Pearl in District 2 foreigners have to instead sign 50-year rental contracts.
In the case of townhouse projects, foreigners can buy up to 10 percent or 250 units.
HoREA believes that this limit is low and inappropriate, for some places with a large concentration of foreigners, such as Phu My Hung New Urban Area in District 7 with about 20,000 permanent foreigners.
To promote foreigners’ trading of real estate products on the local market, Vietnam should increase the portion of property products available for foreigners in each project, experts said.
Source: Vietnamplus
Related News
STATE CAPITAL DIVESTMENT GAINS MOMENTUM IN VN WITH HIGH-PROFILE DEALS IN FOCUS
The State Capital Investment and Trading Corporation (SCIC) recently unveiled its second-phase divestment list for 2024, which includes prominent businesses like FPT Corporation, Becamex IDC and Tiền Phong Plastic. The announcement generated excitement in the market.
FIVE-MONTH PUBLIC INVESTMENT DISBURSEMENT REACHES NEARLY 27 PER CENT OF TARGET
The disbursement of public investment from the State budget in the first five months of this year was estimated to reach VNĐ190.6 trillion (US$7.44 billion), equal to 26.6 per cent of the yearly target and 5 per cent higher than the same period last year, according to the General Statistics Office (GSO).
CREDIT INSTITUTIONS URGED TO CUT LENDING RATES BY 1-2%
The State Bank of Viet Nam (SBV) asked all credit institutions including foreign bank branches to reduce lending annual interest rate by 1-2 percent in a bid to facilitate credit access and spur growth. The central bank called on credit institutions to channel capital into traditional growth drivers, emerging industries, green transformation, circular economy, and social housing.
INFOGRAPHIC SOCIAL-ECONOMIC SITUATION IN THE MAY AND FIVE MONTHS OF 2024
The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.
POTENTIAL ROADMAP FOR VIETNAM TO ACHIEVE NET ZERO BY 2050
In its National Strategy on Climate Change, Vietnam has set targets for emissions reduction. The country aims to cut greenhouse gas emissions by 43.5% by 2030, with practical and effective support from the international community. Additionally, Vietnam has established sector-specific emissions targets for both 2030 and 2050, along with qualitative proposals to achieve these goals.
MARKETS SET TO SLIDE AS FOREIGN INVESTORS INCREASE SELLING PRESSURE
Liquidity on the HoSE for the week reached VNĐ109.5 trillion, a significant drop of 20.8 per cent compared to the previous week, remaining above average. This indicates a strong market divergence and balance after a sharp decline over the previous week. Many stocks and group stocks, have been rotating in and out of recovery, with demand increasing at the support level of 1,250 points and improving notably in medium and small-cap stocks.