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Buy real estate: Experts
Experts say people with idle capital should invest in the real estate market, especially the second home sector.
"The economic realities facing Viet Nam leave few attractive stable investment opportunities," said Richard Leech, Managing Director for property services firm CB Richard Ellis. He cited difficulties in gold, foreign currency as well as the stock market.
Tightened Government control over gold and foreign currency trading has left the local markets very quiet. This was highlighted by last week's hike in world prices not having a significant impact in Viet Nam. The difference in exchange rates between official and unofficial markets has narrowed down considerably. Meanwhile, price and liquidity in the stock market has been declining. Furthermore, many companies plan share issues this year, which means supply is likely to further exceed demand.
Richard said investors can have weekend getaways at established tourism location and earn profit through timeshare programme.
Coastal localities like Da Nang, Nha Trang, Phan Thiet, Vung Tau and Con Dao Island have great potential in this market, he said.
Meanwhile developers have been offering potential customers a wide range of choices.
Ocean Hospitality launched sales last Thursday for its Condotel StarCity Nha Trang property. This four-star project on Tran Phu Street along the longest beach in the city is now under development and scheduled for completion in 2014.
The complex will have more than 200 hotel rooms and 66 apartments with a minimum area of 33sq.m for sale at prices starting from VND33 million per square metre.
Buyers will also be able to join a timeshare programme that will give them 45 days of free accommodation per year. For the remaining 320 days, the apartment will be leased out, earning profits for the owners for the whole year. During the launch, potential investors showed strong interest in the programme, posing very detailed questions.
The Cotec Housing and Investment joint stock Company (Cotecland) recently began sales of almost 400 apartments on its beachfront Blue Sapphire Project in Vung Tau and attracted buyers for around 20 per cent.
In Da Nang, Indochina Land, the property arm of Indochina Capital has begun selling villas in its golf course project Montgomerie Links Viet Nam and condominiums at the Hyatt Regency Da Nang Resort and Spa.
The CBRE managing director said more developers will launch sales over the coming weeks.
Dr. Le Tham Duong, head of the business management department at HCM City Banking University, cited factors that favour purchases of residential properties: developers having been lowering prices even as the price of building materials go up and many transport infrastructure projects are being carried out. However, he noted that this should be seen as a long term investment.
Thuy Anh
vietnamnews
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