It is apparent that Vietnam Real Estate Market is fast recovering. Investors are purchasing properties for possible project development in main areas of Vietnam. Skyscrapers are also evidently rising by the floors. The memory of real estate collapse four years ago is but a bad memory for ordinary citizens and brokers alike.
BWorld Online reports that construction has started for two skyscrapers in Ho Chi Minh City. These skyscrapers are said to become the tallest in the world which shows that Vietnam Real Estate Market fast recovering. Investors are scurrying to purchase strategic properties for projects. The Vietnam government has made the necessary moves to create a more stable sector in terms of banking. Requirements were a lot stricter when it came to financial capability of property developers. At the same time they eased up on the foreign firms, Viet Kieu and foreign buyers when it came to rules and regulations last July 1. Acting as a springboard is the $1.4 billion dole out by the government last 2013 in the real estate department.
Going into figures and statistics, Vingroup, a property firm, held two sales events, one in Ho Chi Minh City and another in Hanoi. It was exclusively for Viet Kieu and foreigners only and in just two hours they had deposits for 112 apartments. Another condominium area sold 70% of their units to foreigners and firms for their foreign employees working at Saigon Hi-Tech Park from May to July. With 4.2 million overseas Vietnamese and 30,000 foreign executives based in Vietnam on a long term basis, it is the overseas cash flow that shows great promise.
RealtyBizNews states that the Government of Vietnam hopes to avoid the property bubble burst years ago now that Vietnam Real Estate Market has been recovering fast. Banks went bankrupt and couldn't grant credit to businesses that where crashing because buyers and developers failed to pay their loans. A future demand will most likely come from the population growth for the middle class in Asia. It was noted that the first half of this year, the economy increased to 6.28%. this is considerably the fastest rate since 2008.
The Vietnam Real Estate Market is banking more on the overseas Vietnamese and foreign investors. The property bubble burst four years ago is slowly becoming a thing of the past.
