Real Estate In Saigon - Ho Chi Minh City Vietnam

Ho Chi Minh City is not only the economic capital of Vietnam, it also has the highest population and in terms of food, fun, work and tour sapa từ hà nội living it is like the New York City of South East Asia.
This situation and the booming economy have attracted expats and foreign residents from all over the world. While renting real estate in Saigon (HCMC) is very reasonable, the laws with regard to foreign ownership of land are still under review by the government, at the time of publishing this article, March 2014, foreigners can only purchase land-use rights of a period of 50 years, this of course is not the same as the ownership we are accustomed too and this legal condition has seriously hindered the expansion of the real estate market in Vietnam.


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Renting

For locals it is far easier to rent than foreigners, which is why it helps to have Vietnamese friends who can help with the language and in negotiations.

Irrespective of whether you are from Vietnam itself or a foreigner certain key points to keep in mind are that if you're on a budget, opting for renting a single room as opposed to an entire apartment is far cheaper. You can take advantage of different Facebook ("Expats in Saigon", etc.) or Google groups ("An Phu neighbours", etc.) to look for potential candidates with which to share an apartment or a house with in Saigon. Additionally, fully furnished apartments are far more expensive than unfurnished ones; the latter is worth looking in to.



Buying

In 2007 there was over 5 billion U.S dollars invested into Vietnamese property but since then there were up's and downs in the market which saw big investors backing out, while middle class investors were taking more risks.
In 2013 the government passed a law stating that foreign investors rather than buying the land in Ho Chi Minh, could rent it from the people of Vietnam for a 50 years lease period. As a result the big 2012 real estate slump in Vietnam is slowly improving and the real estate market is still sluggish in 2014.



Condos

Thanks to a unanimous investment by all the local banks in Ho Chi Minh in 2005 there are now over 300,000 condos in Vietnam. As a result of the law mentioned earlier foreigners can now buy and own condos in Ho Chi Minh, while many Vietnamese owners are renting them out.
Both parties however must meet certain criterions and tour sapa giá rẻ have the necessary documentation in order to do this. Foreigner however, will not be allowed to own more than one property at a time unless it is for business purposes and the maximum period of ownership remains 50 years.



Houses- Selling and Renovating

Many Vietnamese investors had bought land in Ho Chi Minh, in the hope that they could sell it to foreign investors when the laws were changed; as a result of the 50 year land lease this is now possible but this law is certainly not appealing to foreign buyers.
These Vietnamese investors were obtaining huge profits before a definite burst of the bubble occurred in 2012 bringing down all speculators hopes of getting rich overnight, those caught with property on their hands were in for a long waiting period to cut their losses.



Verdict

As real estate in Saigon (HCMC) is reasonably priced it is obvious why Vietnam is such a lucrative market. Whether you are Vietnamese, a foreigner looking for a change of pace or an international business chain looking to invest, the rules are definitely changing and the market is now open for buyers and sellers with a positive outlook on foreign ownership laws in the future.

There is no doubt that while development is taking place Vietnam specifically Ho Chi Minh still has a long way to go but it seems much more likely now that it did between 2007- 2012. Investing now when prices are still reasonable would be a smart decision as in a few years' time the cost of land will be much higher and far more lucrative.

Jonathan has been living and working in Saigon for 5 years so he knows quite well about [ ] .

Hopefully with his suggestions about houses and apartments for rent in Saigon, people will find their dream ones.