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Foreign Vietnamese are spending big on apartments and land in Vietnam

Harry Nguyen, currently living in Australia, said he bought a 100 square meter apartment in Da Nang last month for 3 billion VND (about 122,000 USD), which he said was a "significant investment".

“For the same apartment I have to pay about 1.5 million USD in Hong Kong, 400,000 USD in Australia and 300,000 USD in the Philippines,” he said, adding that with it I can completely use it to live or rent it monthly for a reasonable price. about 30 million VND.

Hung Trinh, currently living in Singapore, said he and many Vietnamese people he knows in Singapore are very interested in Vietnam's real estate market, especially recently when real estate prices have decreased. in Vietnam is showing signs of decreasing.

“People like me, in middle age, need to think seriously about where to retire. Therefore, I chose Nha Trang as my destination and am currently investing in a property there,”  he said, referring to the famous coastal city in Central Vietnam.

Harry and Hung are two of more than 4 million foreigners and Vietnamese people abroad who are looking to buy real estate in Vietnam for both residential and investment purposes, information from the Ministry of Construction said. .

A recent survey by CBRE shows that Vietnam's real estate market ranks second only to India in terms of attractiveness in the Asia Pacific region.

Many foreigners want to buy discounted properties, thereby showing that they have a long-term vision about the potential of the Vietnamese economy and the recovery of the real estate market in the next stages, according to Nguyen Pham Anh Duy, Investment Consulting Director at CBRE Vietnam.

Duan Nguyen, a freelance real estate broker, said that in recent years, there have been many Vietnamese people abroad looking to buy houses and villas in the high-end segment.

“Many foreigners with families in Vietnam have asked their families to buy for them. Among them, villas priced from 15 billion VND or more are popular."

He estimates that about 15% of his customers are overseas Vietnamese. Because villa prices have decreased by about 20% compared to the previous peak, they are sought after by many foreigners.

“They often look for high-end segments for investment purposes. Even if they can't resell it, they can still use it as an ideal place to retire for themselves.”

Mr. Alvin Ong, CEO of Huttons VN, a real estate brokerage company based in Singapore, said that every time a new project opens for sale, about 20-30% of his customers are Vietnamese living abroad. . Many of them are concerned about projects in Vietnam recently as prices continue to fall, he added.

In Singapore, taxes can be up to 65% of home value, which is why many Vietnamese people abroad look for investment opportunities in other countries and among them, the most typical is in Vietnam with very low prices. low, he said.

There are about 5.5 million Vietnamese people abroad, and many want to spend their last years in Vietnam, which means they are helping to create demand for real estate here, according to Peter Hong. Vice Chairman of the Overseas Vietnamese Business Association.

A survey by the Ho Chi Minh City Real Estate Club shows that there are 3 million Vietnamese people abroad who want to own property in Vietnam when they return, and most of the places they want to go are the City. Ho Chi Minh."

Ngo Thanh Huan, CEO of asset management and consulting company FIDT, said that when foreigners spend the money they earn abroad on Vietnamese real estate, the economy here will benefit greatly. big.