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Overseas Vietnamese rush to pour money into real estate

VietNamNet Bridge - The real estate buying power of Viet Kieu (overseas Vietnamese) increased rapidly as soon as the new policy on allowing Viet Kieu and foreigners to buy houses in Vietnam took effect.
VietNamNet Bridge - The real estate buying power of Viet Kieu (overseas Vietnamese) increased rapidly as soon as the new policy on allowing Viet Kieu and foreigners to buy houses in Vietnam took effect.




Hoang, who lives and works in the UK, has returned to Vietnam to buy a beachfront villa worth VND5 billion in Ba Ria – Vung Tau province. 

“I decided to inject money into resort real estate projects in Vietnam after some thoughts. If I deposit my idle money in the UK at the interest rate of 1.2 percent per annum (the real deposit interest rate is 1.5 percent, but she would have to pay 20 percent in tax), the profit would be very modest,” she explained.

“Meanwhile, I have been told that a beachfront villa in Vietnam can have the profitability level of 8 percent. The expected profit in Vietnam is clearly more attractive,” Hoang said.

VND5 billion is a ‘reasonable amount of money’ for investors like Hoang. She said in the UK, one would have to pay much more money to buy a similar house while the expected profit would be lower.

Hoang went on to say that she feels confident about buying housing in Vietnam because the law now allows foreigners to buy real estate. If she cannot prove her Vietnamese origin, she still has ownership rights like other foreigners.

Analysts said that they can see a rising movement of Viet Kieu pouring money into real estate projects in Vietnam. 

Thuong, representing a group of Viet Kieu in Eastern European countries, after a visit to Phu Quoc Island in early July, registered to buy seven beachfront apartments at a resort real estate project on the island.

“On Phu Quoc, investors have high profitability levels. Phu Quoc will be a special economic zone in the future, therefore, it is really attractive,” Thuong said.

Not only are they injecting money into high-end beachfront villas, overseas Vietnamese also are investing in middle- and high-end apartments.

Trung, 40, who has been living overseas for 20 years, has decided to buy a high-end apartment at Gold View worth VND3 billion in HCM City.

Trung said the warming up of the Vietnamese real estate market and the open policy on foreign ownership prompted him to make an investment in Vietnam.

“It would be ideal if I can make a profit when I sell the apartment after several years. If not, I will lease the apartment. The profit of six percent would be okay,” he said.

According to Novaland, a real estate firm, in July, the number of transactions made by overseas Vietnamese buyers accounted for 10 percent of total sales. The sold products were mostly high-end apartments in advantageous positions.



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