JLL observes that there are hundreds of million dollars waiting to be poured into the market in most segments of real estate.
While the real estate market is going through momentary growth pains, Michael Piro, chief operating officer of Indochina Capital, discusses with Ngoc Huong how the domestic market recognises excellence, and which road the developer, real estate advisor, buyer, and seller will take.
In the fourth quarter (Q4) of 2019, Ha Noi saw fierce competition in the serviced apartment segment, according to Savills Vietnam.
Vietnam is seen as one of Southeast Asia’s most attractive real estate markets for foreign investors, so local property developers can easily seek partners through merger and acquisition (M&A) deals, experts told a press briefing held on January 16 to introduce the Vietnam Real Estate M&A Conference (VINA - M&A).
The supply of homes plummeted on the local market in 2019, as inspections of construction, investments and land use at some property projects left a chilling effect on investors, said Nguyen Van Dinh, vice chairman of the Vietnam Association of Real Estate Brokers.
According to a survey announced by many consultancies, the Hanoi real estate market in the last months of 2019 and the beginning of 2020 shows upbeat prospects, with a blooming apartment segment.
High-end and luxury apartment projects in Vietnam’s major cities such as Hanoi and Ho Chi Minh City have been indeed attractive to foreigners in recent years.
The common but illegal practice of underreporting revenues from property sales is helping property sellers in Vietnam dodge heavy taxes, but authorities say they have begun cracking down on such schemes.
With strong demands for real estate especially in urban areas, Vietnam’s golden demographics and a positive economic outlook will drive the mid-end and affordable housing segment in the country’s residential market beyond 2020 forward.
Land prices in HCMC in the 2020-2024 period will be kept stable, with the highest price listed at VND162 million per square meter and the lowest, VND1.5 million, helping stabilize market prices.