Right time to invest in property: expert

Right time to invest in property: expert

Having already hit bottom, the property market is now ripe for new investment, chief economist Alan Pham of Vina Capital said at a Family Day event for investors and buyers recently held in HCM City.

Alan Pham, who has 30 years of experience in working in the financial market in the US, said that property cycles often lasted about six years, with three years of decline, and then a gradual upward trend.

Speaking at the event organised by Vina Dai Phuoc, a joint venture between Vina Capital and DIC Corp, Alan Pham said the property market in the US began to decline in 2008 and then had a hard landing in 2011.

Since that time, it has seen modest improvements, he said, adding that Viet Nam would see the same cyclical movement.

He said that Viet Nam's stagnant period in the property market began in 2010 and was continuing this year.

But next year, it would pick up, he added.

With such an outlook, investors should begin seriously looking at the market, Alan Pham advised.

Besides the expected upward trend next year, the Vietnamese economy is showing signs of stability after the Government took steps to control inflation and the value of the dong, he said.

In addition, the VN Index has jumped 18-20 per cent since the beginning of the year.

Property firms, including Nam Long and Tu Liem Urban Development JS Co, have begun to see price increases on the HCM City stock market as well.

"The Government has paid a lot attention to the property sector because it has a major role in increasing the country's GDP," he said.

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