Price of property takes a tumble in Vietnam


Property prices have dived as much as 40% in Vietnam, according to Colliers International.

The cost of buying a luxury apartment in Vietnam plummeted by 40% in the first three months of this year, compared to the previous year.

But far from being just the top end of the market that has been hit by a fall in prices, low- and mid-end property prices have also dropped significantly.

Mid-end property suffered a 30% fall in average selling prices in the first quarter of 2012, compared to 2011, while low-end flats fell by 27% on average.

Plummeting property prices are occurring even in the most desirable regions of the country, which is sparking considerable concern.

General Director of DTZ Vietnam, KP Singh, said the outlook is “bleak” for the rest of the year.

“Purchasers continue to wait for both finance rates and prices to fall further,” he added.

Indeed, statistics released by Colliers International reveal that nearly 60,000 unsold properties are sitting empty in Hanoi and Ho Chi – two of Vietnam’s major cities – as foreign buyers wait for house prices to reach an all-time low.

Property price tags have been in decline for three years now, which opens up exciting opportunities for international investors.

Vietnam cannot fail to pique the fancy of overseas investors: with emerald-green mountains, spectacular national parks and fascinating reefs and coves ready to be explored, the country really does have it all.

From vibrant cities to tribal villages, Vietnam is a country of contrasts, and has attracted some big shot property investors over the years.

Transferring money to Vietnam

Are you ready to invest in Vietnam? Before making any big decisions, it could prove beneficial to carefully consider exactly how you will go about sending money there.

It can be advantageous to review your options and compare the market before buying your overseas currency, to ensure you find the cheapest way to send money worldwide.

For example, it is worth bearing in mind that foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

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