Buying property in Vietnam is one thing and the now not-so-new legislation was a very progressive step and extremely well received. However, when it comes to cashing in — selling and renting out your new property — there are a few things you need to know that the developer won’t tell you.
As property developers offer attractive payment terms, banks providing affordable mortgage rates and increased talk allowing expatriates to take out mortgages, more and more local and foreign Vietnamese property investors have begun building a nest egg. And while you begin to shift your investment dollar away from gold and green back to bricks and mortar, make sure you consider the following steps before you start:
Vietnamese have long been accustomed to considering their doorsteps and streets as a natural extension of their homes. With ground floor shops overflowing onto the street and homes open to the passer-by’s view, what will happen to the Vietnamese daily soap opera that is life, as the urban landscape changes?
A question I get asked by investors both local and foreign is why multinational retailers are more than ever piling into what some observers are (for better or for worse) referring to as the “next China”. The demand for retail property in prime locations is higher than ever. The answer? People and policy.
Tough, difficult, unrealistic or plain old mean landlords are common. It should go without saying, if you have a difficult or bizarre landlord who keeps a close eye on you or has obnoxious requests, the best thing you can do is try to be a good tenant for them. The key to dealing with conflict is to try to absolutely avoid it at all costs. Much easier said than done, but here are a few pointers to keep in mind from someone who has been on both sides of the fence.
When Vietnam’s National Assembly passed on Nov. 25, 2014, the long-awaited amended Housing Law that finally addressed the issue on foreign ownership of property, we in the real estate industry had no idea what to expect.