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Viet Kieu’s money is flowing into real estate sector
The money remitted by overseas Vietnamese (Viet Kieu) to Vietnam has been poured into the real estate sector.
The National Finance Supervision Council has estimated that 52 percent of the total 9 billion dollars remitted to Vietnam in 2011, or 4.7 billion dollars, has been used to buy real estate products, thus helping warm up the market.
The noteworthy thing is that the people from small provinces now want to buy houses for accommodations in big cities like Hanoi, HCM City or Binh Duong.
The figure shows the powerful financial capability of overseas Vietnamese. I is estimated that four million Vietnamese people, including 400,000 workers, are living, working and studying in 101 countries and territories worldwide. Vietnamese people always have the habit of “saving up for the rainy day”, while many of them plan to save enough money too buy houses in Vietnam. They want to have houses of their own, where they will live when returning to Vietnam.
In previous years, the money remitted by overseas Vietnamese to their relatives in the homeland was mainly used for the consumption purpose (70 percent), building houses (15 percent), for investment deals (7 percent) and other purposes.
Meanwhile, experts have noted the big changes in the way of using the money recently. Most of the money has been used for investments. Especially, money has been injected in the real estate sector and securities.
Huynh Huu Loc, Director of the Thang Long Real Estate Joint Stock Company (Thang Long Real), said that the company has sold 1000 landed property at two projects of Phuoc An and Dong Tang Long. At Phuoc An, the sale price is just 2.5 million dong per square meter, or 300 million dong per land plot.
Targeting Viet Kieu clients, Thang Long Real has opened for sale the products of the Nature Land project in Dong Tang Long urban area at 10 million dong per square meter.
In Hanoi, the apartments which are nearly completing are being hunted by Viet Kieu. The representatives of the real estate trading floors in Hanoi said that they have received a lot of clients from the central and the northern regions.
A broker of Dat Xanh real estate company has said that he has successfully helped a Viet Kieu buy a house at Tan Tay Do project.
He said that Viet Kieu have been interested in different market segments, from medium class apartments to high grade products. Especially, many of them have expressed the interest in the resort real estate, seeking to purchase resorts or villas in Cua Lo district of Nghe An province, Da Nang and Nha Trang Cities. He also said that with the more flexible policies which allow Viet Kieu to possess houses in Vietnam, more and more Viet Kieu’s money would flock into the market
The information that more than 50 percent of overseas remittance has been pouring into the real estate sector has excited real estate developers. A lot of new projects have been introduced to attract the overseas remittance flow.
Bui Tien Thang, Deputy General Director of Sacomreal, said that Viet Kieu can remit money at any time of the year. However, more money comes at the end of the year or the beginning of the next year.
Becamex IJC and Tac Dat Tac Vang have marketed resort project Green River Villa in Binh Duong province at 2.4 million dong per square meter. The joint venture of Gamuda Land and Sacomreal on January 7, put the products of Celadon City in Tan Phu district in HCM City at 19 million dong per square meter. Hoang Anh Saigon is offering to sell the apartments in Tan Phu district.
Hoang Huy
vietnamnet
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