Vietnam opens to foreign buyers

Under new Government property laws, foreign buyers will be able to buy and own property in Vietnam from 1st January 2009, a positive step forward to keep the property market strong...

According to reports foreign investment in Vietnamese property topped £3.4 billion in 2007 and even £15.3 billion in the first eight months of 2008. As a result of this the cost of land has increased rapidly.

This, coupled with cheap labour and a stable political system is making it a popular investment destination.

Reported to have the second biggest potential for capital growth (after China) in both the residential and commercial property market in Asia, Vietnam is the new kid on the block, and La Perla International Living are developing Bai Tram Hideaway Resort, in Phu Yen province, to capitalise on this boom.

The first phase of Bai Tram, which will officially be launched in February 2009, will consist of seven beautiful villas, has been completed and already sold out, and serves as a five-star deluxe boutique hotel. Prices start from approx £300,465.

London-listed Aseana Properties Ltd is also moving in with seven projects equalling a combined value of £1.4 billion scheduled for construction.

According to the People's Committee of Long An Province in Ho Chi Minh City, Vietnam is attracting record levels of foreign direct investment (FDI) as the Government streamlines procedures for private individuals and corporations to invest in the country.

Source: www.homesoverseas.co.uk/news