Articles worth reading
Image : Vietnamese breeder sells long-tailed chickens for $2,800 a pair

Vietnamese breeder sells long-tailed chickens for $2,800 a pair

person Orange Themes access_time Dec 25,2016

Of course, the Lamborghini of poultry doesn't come cheap.

Image : Premier League: Ranieri turns back the clock to make Leicester champions

Premier League: Ranieri turns back the clock to make Leicester champions

person Orange Themes access_time May 03,2016

Harking back to a previous era and ripping up a text book full of received wisdom, Leicester City's …

Image : Clinton, Trump deploy big guns as race focuses on must-win states

Clinton, Trump deploy big guns as race focuses on must-win states

person Orange Themes access_time Nov 04,2016

Hillary Clinton unleashed top surrogates including campaigner-in-chief President Barack Obama to bolster her case Thursday in the election's homestretch, as rival Donald Trump deployed wife Melania to soften his image in crucial battleground states.

Latest blog articles

Luxury property market in Vietnam keeps humming along

access_time Mar 19,2017 chat_bubble_outline 32 views

Prices of luxury and high-end real estate in Vietnam are still attractive to foreigners when compared with other Southeast Asian regional markets, said the chair of the Vietnam National Real Estate Association, Nguyen Tran Nam, in a recent interview.


Luxury property market in Vietnam keeps humming along

Mr Nam told reporters that the prices of prime real estate in Ho Chi Minh City are the highest in the country at just under US$5,000 per square metre, well below the going rate in Jakarta or Bangkok.

Since the laws related to foreign ownership were changed in 2016, foreign purchases have increased but there hasn’t been anything close to what could be described as a buying frenzy.

In fact, the Ho Chi Minh Real Estate Association reports the number of foreigners buying property is only a tiny fraction of the number of the estimated 45,000 foreigners residing in the city.

Matthew Koziora, director of transactions at VinaCapital Real Estate said they have experienced a small bump in sales since the ownership rules were loosened, primarily by wealthy foreigners buying vacation homes and second residences.

A luxury four or five bedroom home on an 800- to 1,000-square-metre-plot in the coastal regions of Danang, Hoi An, Phuc Quoc and Nha Trang runs about US$1 million to US$2 million, which is relatively inexpensive compared to other regional markets.

Most of the buyers come from Hong Kong, Taiwan, the Republic of Korea, Japan or Singapore, said Koziora.

High mortgage rates have kept sales in check and less than they otherwise might have been if rates were lower.

Currently rates are running around 9-10% compounded monthly, which means the effective annual rate is higher. Most foreign buyers don’t bother to get one, and instead collateralize their existing homes to secure more amenable financing in their native country.

Or in some cases they just pay cash and buy the property straight out.

The lack of transparent guidance on how the money from a future sale of the property can leave the country is also a sticking point holding back sales to foreigners, noted Koziora.

In other words, Koziora is saying that there needs to be clear laws and regulations passed and put in operation that clarify specifically how the proceeds from the sale of property in Vietnam owned by a foreigner can be repatriated to the foreigner’s native county upon its sale.

There is a considerable amount of contradictory (and in many cases just plain wrong) advice being tossed about between government officials, lawyers and real estate professionals, he added, which isn’t beneficial to the market.

The new rules limit foreigners to owning no more than 30% of the units in a building and no more than 10% of total units within any one specific project, Koziora pointed out.

This means that if a building has 10 units and three of them are already owned separately by unrelated foreigners, then a fourth foreigner would be precluded from purchasing a unit in that building.

He said the only project he was aware of that touched the limit in Ho Chi Minh City was Nassim, a 238- unit luxury condo project that won’t be completed until the end of 2017. The project is a joint venture between Vietnamese based Son Kim Land and Hongkong Land.

So, to be clear, the 30% limit applies to all foreign ownership in a building and the rules are applied at the aggregate level and not on foreigners on an individual by individual basis.

The real estate market in southeast Asian and Vietnam is high risk, just like it is most places around the world, said Koziora. Asia is an anything can happen kind of place, but in his view, the market is humming along on a sound and sustainable footing for now.

VOV

Migrant crisis: Germany to start temporary border controls

Thomas de Maiziere said refugees could "not choose" their host countries and called on other EU states to do more. Trains between Germany and Austria have been suspended for 12 hours. Germany's vice-chancellor has said the country is "at the limit of its capabilities" as more than 13,000 migrants arrived in Munich on Saturday. Germany expects 800,000 migrants to arrive this year. "Germany is temporarily introducing border controls again along [the EU's] internal borders. The focus will be… chat_bubble_outline Read More...

Pa Sy waterfall ecotourism area delights tourists

VietNamNet Bridge – The name Mang Den may not be familiar to those of you who love traveling in Viet Nam. But if I tell you it’s the “second Da Lat” in the Central Highlands, I’m sure you’ll want to visit it. Group consciousness: Tourists visit a Vietnamese rong house, a traditional communal house of the Central Highlands.— VNS Photo Bach Lien Mang Den is famous for it’s primeval pine forests, lakes, waterfalls, and villas nestled in the morning dew. At 1,200 metres above sea level, and about… chat_bubble_outline Read More...

VN could become an upper-middle income nation: WB

Viet Nam could reach upper-middle income status (US$22,000 purchasing power parity per capita) by 2035 by growing with sustainability, equity and social inclusion, and being a capable and accountable State, a World Bank official has said. Goods are unloaded at the Hai Phong Port. Vietnam could reach upper-middle income status (US$22,000 purchasing power parity per capita) by 2035.Victoria Kwakwa, vice president for WB's East Asia and Pacific Region, cited the key opportunities outlined in the… chat_bubble_outline Read More...

AP PHOTOS: Merkel opens weekly cabinet meetings colorfully

BERLIN (AP) — Each Wednesday since German Chancellor Angela Merkel took office in November 2005, the ritual has been the same.Federal ministers, starting just after 9 a.m., arrive one by one at a 6th floor conference room at the chancellery in Berlin. They take a seat at the central table or stop to chat with their colleagues. Lower-ranked officials arrive, sit at desks in the corner and wait for the weekly meeting of the German Federal Cabinet to begin.The Federal Cabinet is the chief… chat_bubble_outline Read More...

Free trade between Vietnam and Eurasian economies to open on October 5

The free trade agreement (FTA) between Vietnam and the Eurasian Economic Union will go into effect on October 5, 2016, Vietnam's Government Portal reported August 19. Vietnam is the first partner to sign an FTA with the Eurasian Economic Union, opening the door for Vietnamese goods to enter a market of 175 million people with an estimated GDP of $2.5 trillion and stable growth. Under the agreement, tariffs applied to many Vietnamese goods will be reduced, liberalizing multilateral trade. The… chat_bubble_outline Read More...

folder_open Assigned tags

Comments

Loading...

Trends in Singapore

Trends in Indonesia

Trends in Philippin