I bought a condo in Vietnam under my wife’s name and now they say if you want to sell you need a marriage license. We have a foreign license that the government doesn’t recognize what a joke . They change the laws all the time here and I don’t know what the agent was saying about the pink book it made no sense . It is my understanding the pink book is proof of ownership like a deed how could you sell a property without it ? when Ken asked how do you know the apartment can be sold to a foreigner her answer made no sense you would never trust anything a sales agent says they just want to make a sale . People have bought before only to find out they aren’t allowed to own there and they don’t get their pink book . There should be some kind of real estate lawyer that you pay and who are liable if the transaction is not legal . The laws in Vietnam are not clear and something that should be simple like buying a condo is complicated with changing rules with nothing clear at all . Another thing is the condos look nice when new but after 5 years they get run into the ground and they won’t fix . The condos will be run by your Vietnamese neighbours and they don’t like to spend money and in fact if anything needs to be fixed and owners must vote to fix and many don’t want to spend money .So your investment will go down so I would not recommend people buying.
You cannot sell this unit as its under your wifes name..... more details needed.. You foreigner license, you can get this convert to vn license. Go to your embassy and get some advises or go to the people committee to get guidelines The laws are very clear.
you are right, any socialist system is dangerous, we manufacture here and its all we will do, China is the same, bring money in and send out crap that ends up on the tip [very smart commies] haha
Price is pretty crazy but it's a small country and there's not a lot of land left in city center areas hence the high prices. If u move further out it's more affordable. I have 2 condos in vietnam. There will be bumps in the future but the next 2 decades will be bright for vn.
@ME-qu4gi I don't share your optimism for vietnam real estate. I do love Da Nang , but I will not pay more than 3 times the price in Thailand. I own 4 condos and 2 single family homes in Chiangmai. We spend the burning season in Vietnam. I will only rent in Communist Vietnam 🇻🇳, best of luck to you. Obtw our properties have been full occupied turning a 6% return on investment, after all fees taxes and maintenance expenses. Over 8 years and recently sold one home without any problems. I've hurd nightmares about resale in Communist Vietnam. Again best of luck ❤
@@DavidWilliams-qr5yj Are you comparing Chiang Mai with Da Nang or with HCMC? I can assure you that Bangkok is a LOT more expensive than HCMC. I've been living in BKK for the last 1.5yr. Big cities are always more expensive. One of the reasons the prices are so high in VN is they don't have annual property tax. The gov assess the land prices very high to take the tax at the beginning. I am not sure how long you've been coming to Asia, but I've been coming to Vn and Th for the last 21 years. The changes that I've seen in Th has been dramatic. That is a country that has been unaffected by wars and sanctions and had a century of development. Vn has only started in 1995 when the last sanctions were lifted.
@DavidWilliams-qr5yj to each their own. Thailand is def not all happy and fun politically. It gets pretty dicey there. I do love going to Thailand though.
I have lived here for 6 years and the pink book is crucial. There are many stories here in Da Nang where residents cant sell their apartments because they dont have a pink book and developers have cheated them. They now beg the government to issue pink books for the apartments and its a huge mess. Dont trust what real estate agents say. Also this unit is severely over-priced because its vingroup and targeted towards foreigners and rich vietnamese who want to rent to foreigners.
This is what's called an anecdote. I've been living in Vn for 3 years, including VinHomes and never had plumbing issues. Where have I had plumbing issues in my life? A few times in the USA. So, does that means plumbing in the USA is very bad?
No freakin' way I am putting USD700k into a cheap looking so called luxury condominium. Look at the cheap furnishings and the lobby. After a few years, all these will become outdated. I have seen better places elsewhere. Sorry Vinhomes, I think I will pass this one.
If😂any agent tell you that you don’t need the red book or pink book, run, run away asap! If you want to own long term, it’s best to get the proper paperwork than just a sale contract.
Ya. Agents there make things up all the time..bunch of 25 yr old girls that don’t own any real estate themselves taught to make things up to get a sale. They’re not licensed, it’s impossible to sue them or their company if something goes wrong…That’s Vietnam for you.
I know Central Park. It's a pretty terrible area because you're stuck there. It takes quite the effort to exit the complex and you will want to leave because it's very boring. It's good for families with kids since it's away from the dangerous streets, but the price is a joke. That 4 BR unit is worth maybe $325,000 at most. Saigon has so many units for sale at crazy prices. They sit there for sale for years because the price is too high. They are really renting the units and waiting for some sucker to come along to buy or some guy who want to clean money. Condos are much higher quality and cheaper in the west. And you get free k-12 education. In Vietnam, you need to pay $30,000 or more per year for k-12 international school (local schools are terrible).
Thank you very much , Ken and Cherry !......Very Professional Presentation , I learned a lot !.....In the future , the rules will be more clear and consistant concerning R/E ownership...
I’ve stayed in that development in an Airbnb a few years back. No way would I ever pay $700k for any units there, quality of build was terrible. And US$3,000/month in rent? What is she smoking because I want some of that.
@@duongglobalbusinessconsultingYes she didn’t make up the price the owners of the apartment did. I would like to have some of the stuff the owners are smoking
@@duongglobalbusinessconsulting Well you and I both know all these investors are hurting right now trying to flip the condos they bought at inflated prices with no buyers . They end up renting out at much lower prices then they would have got had they just put in the bank at 5% The market isn’t like it was 4 years ago when there was a demand. It is like China where so many condos are bought by people as investments with no intention to actually live in them . The buildings will become worthless if nobody lives in them they become ghost cities Look at the new Masteri Luminier it is 100 % sold and 100% completed yet not many people are living there . Owners are trying to sell but can’t get what they paid for and some are renting out again not breaking even and some are renting as AirBNB . Perhaps had there been no pandemic the market would be different but it is not good right now
Thanks for asking the hard questions and transparency. Its would only be smart to offer these pricing if the retirement visa is available. Without it you have countries like Malaysia, Thailand and Cambodia dominating the foreigner real estate market. Real estate agents need to rethink their strategy cause there's really nothing attractive to reel investors in. Along with the recent scandals, vietnam's real estate market is gonna continue to spiral south and investors going to the other SEA countries with better visa options.
Yes Thailand has amazing deals for real estate and you can actually get legal status in the country Only way to get legal status in Vietnam is to marry a local something that comes with a lot of other risks
I would recommend not to invest into real estate in VN for the time being as a Vietnamese who've been in the industry since 2010, witnessing different cycles of the booming market. Right now, the price is madness, overpriced due to what we call double ballooning. The market went into a hype up phase during 2016-2019 due to a projection for future infrastructure development, and before it should have gone into a corrective phase, Covid hit and made the market have another ballooning phase within a ballooning phase. In other words, what you're paying right now for a real estate is a future projection of a future projection. But in reality, after years of promises and development delay, infra is nowhere near where it should be. The asking price went up due to stuck investors accounted for their cost of delay over the years, and for bought into an already overpriced real estates. The government has lost in their effort to encourage local retail investors continue to dump money into the market and thus, trying to find new policies to attract foreign investors, but beware there are many laws that prevent foreigner to actually owning a real estate here in Vietnam for now.
I'm sure I saw a documentary stating that corporate investors had been buying en mass and having questionable valuations done to loan off the back of. Hence causing these excessive valuations. Possibly I saw that on this channel. Surely the corrective phase is incoming what with the interest rates now and lack of overall demand.
@@richeeee6669 one of many underlying issues for sure, accompanied by hyped up infra planning, these excessive valuation had more fuel to pump up the price speculation and in turn, created probably the biggest real estate balloon in the country history. I think we probably going to see sthing similar to Chinese real estate crisis if not worse but that's a different story. I was the one recommended my foreigner friends buying into real estate a few years back, but also asked them to exit the market when shit started to smell so bad. Tbh, you could get a better deal buying an Akiya in Japan and turn them into an guest house. Buying real estates in VN right now just not making any sense even for the local investor like me. You basically paying sthing similar to say Shanghai, Hong Kong, but the infra is way worse and the law is... well, fked! 😅
@@richeeee6669 on of many underlying issues yes. It was accompanied by fraud who tried to put a high valuation to attract foreign investors while required legal papers left undone or still in dispute, unethical so called agents who hyped up the project with future "on paper" infra development, and the list goes on. Tbh, it was nice, back in the day investing in real estate, but now, even among my investor networks, we all say it's not worth it. Like in the video you can see, 700k for a 142 m2 condo in Vietnam is absolutely a nut case. I bought a townhouse with a nice garden in suburb Melbourne a few years back with the same price, where we got a nice park, clean street, close to all sort of services. It's sad to see, but It's really really awful now
This is the most expensive area in Vietnam, so you can assume that this is the ceiling of the their apartment/condo pricing already. Everywhere else should be lower priced.
It's almost $5K per sq. meter, which is way higher than the normal condo prices in the city, which also has the highest real estate in the whole country. Hanoi, the capital city, offers better value.
The area is high end but for the price and the condo unit shown in the video, frankly does not look luxury. The building and the lobby doesn’t look impressive. Condo in Bangkok and KL looks much luxurious for the price mentioned in the video.The view eg in KL, luxury condo like this will get the view of Petronas Twin Towers and nice night sky line. I m just sharing my views as I travel a lot in South East Asia. I m a Korean.
Yes very true for that price you get a gorgeous condo in Bangkok or KL . Thing is that is what people are asking all the owners are basically speculating and just cause they think the unit is worth that doesn’t mean any would pay that price . So many new condos in Saigon like Masteri , Vinhomes were sold to locals that had no intention of living in them but to just flip them when they were completed . Problem is the market has tanked and there just aren’t enough well off expats to rent these tiny luxury condos that the locals would not live in . But even if they were worth the money remember the condo board running the building will run the building into the ground after a few years . This type of condo living is fairly new in Vietnam and they just can’t run the buildings
Vietnamese developers or contractors like to put in cheap quality stuff when building a property. Take for example their drainage pipes, it smaller than average pipes you find in other countries like KL or Bangkok.
Good video. However I’ve heard for foreigners they really “inflate” the price like crazy. This real estate agent says you pay a 5% premium, hmmmm I’ve heard 25% premium. Moreover as a foreigner they will quote you an inflated price which already includes the 25% premium. I’ve always have itchy fingers and want to buy a property in South East Asia but I think renting is the safest option for me. Buy yes! Great video and Cherry looks knowledgeable and professional too. Peace!!!!
We stayed in landmark 3 and 6 last month and I would definitely buy in this area. Nice park, restaurants and shopping all in one area. Very clean here too. Very good information thanks!
The quality speaks of it self...Shat!! lol. My buddy has a penthouse here and the lobby is no better than purpose rental building in the hood of Jane/Finch. Also the building are built so close to each other, you can smell someone's cooking from the other building.
$1 million usd for 1 br…that’s about the same rate for a coop in nyc….i bet 99% of the local Vietnamese won’t ever be able to afford this property in Vietnam
What a joke, I just laugh out load when he said " helping foreigners buy apartments and house". Like 90% or more still cant afford a slum pig cage and even foreigners cant afford a cheap low quality apartment in VN. How many foreigners, especially in USA even have savings of just $1000? Probably none. VN realesate is in a HUGE bubble. Realestate " laws" if any is like a jungle. Lucky Vietnamese still is traditionally family orientated and look after each others or else most will be on the streets in tent cities like USA.
It is a sign of an overpriced purchase price when the rent ratio to the purchase price is not even 0.5%. For those that are beginners, the ideal rent to purchase price ratio is 1%. It means that unless you’re trying to live here, it’s not a very good investment
uhh what is up that price? I was living in Vinhomes Ocean Park a few months ago in a 2 bedroom fully furnished place and the rent was $300 pm, this lady is saying it's more than double the price for a 1 bedroom place here? Crazy
Not sure when you rented but earlier this year we couldn't find a 2 bedroom for less than 1200 and a 1 bed for less than 800. Edit: oops I see it's vinhomes ocean park. Yeah much cheaper. I was talking about vinhomes central park.
should never buy real estate in in any foreign country that you don't own the property or you don't own out right the construction is below standers the plumbing is not vented small pipes are to small i have been a contractor for over 50 years all property in nom is owned by government
Man you act like the West is the only place with modern construction and infrastructure. There are poor and rich ppl everywhere in the world. No one is going to build a multimillion or multibillion project and not have international construction standards, design, amenities, property management, and maintenance. Developers and investors are not going to risk their $$$ by not being competitive. Everyone takes on a certain level of risk: developers, investors, buyers. Ppl in the West take out 30 year mortgage loans that they can barely afford and one paycheck from losing their homes. In Asia ppl buy cash. Credit cards are almost nonexistent and ppl are not drowning in debt. For those that own things they own outright- no debt. Travel more and not be so close minded.
Yes I wouldn’t rely on her opinion if you can legally buy a condo . You would need to go to people’s committee basically city hall to see who owns the condo and if it is designated as part of the 30 % foreigner quota Only thing is it’s all in Vietnamese and the people don’t speak English . Laws are vague and change all the time I really don’t understand how foreign companies can do business here the way the rules and laws are made up .
Detroit in Michigan has better pricing. Your $300k can scoop up 3 homes over there instead of just 1 in sacramento. But you might not be able to see tomorrow after you go to sleep at night.
@vdang2402 Holy crap lol I mean that sounds pretty tempting but idk if I wanna run thay risk 😅 maybe with the 3 houses I can do my best to make it a little more challenging?? Lol
According to this trend, the Vietnamese government must make changes to the law on housing and land because there are many corrupt officials and the Truong My Lan case has not been resolved and the current difficult economic situation is There will be no foreign companies jumping in to invest
Great video Ken and Cherry. Re the amenities I saw a picture of a golf driving range. I have a flat in VHCP but never seen a driving range only a pitch a putting facility ? Also re Marriott and Masterise has the development been fully completed yet ?
Please enlightening us how foreigner can get money back out of Vietnam when the property is sold. It's a 1-way street when invest in Vietnam. Money easy to flow in but difficult to flow out.
Good question for sure you want to have proof that you wired the money into Vietnam so you can repatriate back to your home country. But if you have capital gains don’t know if you can take out . Best not to buy it is risky as the laws change everyday
At that price you won’t even be able to cover your mortgage plus association/management fee renting it out. Thailand is much better. Even places like the Philippines and Cambodia are having crazy prices. Who are buying these condos? Definitely not the locals earning less than $300 monthly.
As we said, not all locals are on one bowl of pho per day! Population is nearly 100 million and there are people who can afford those places. No developers would invest if there was not a market for it.
i wonder how many can afford $3000 monthly rent. i understand a newly unit in Phuc Quoc is only 700-800 , just as nice , with an Ocean View! I would also like to ask Ms CEO about the Building Management and its track record. I have heard from a few that in Asia, the track record of the Building Mgmt is poor after a few years, they would leave the major repairs unattended and the building would slowly run down.
I was booked to spend a couple weeks at the Paris Deli Hotel in Da Nang after staying there last year.the frustration of waiting for the visa which came at 4 pm the day before our flight (applied 2 weeks before) made me apply 1 month early. Only to get a letter that they needed the exact address of the Paris Deli hotel. I replied forget it and we had a great time in Thailand and Malaysia. We loved Da Nang,
As a soon to be retiree, I would opt for Dalat or Vung Tao over HCMC 4 or 5 locations are good for me 30 minutes outside of Hanoi Long Bien near Danang Dalat or Vung Tao I will never sell Dont care about rental yield can make 100% from stocks like KOLD or GUSH. My trading volume is 50x my real estate holdings Dont need ROI or capital gains from real estate
I was looking at various websites promoting the use of AI in learning another language. Seems like an efficient and economical approach. Have not found website to recommend though. Cherry embodies young people in VN today: bright, positive and ambitious. Good luck to her and all the others!
Hi Ken Would you please share your experiences about the health care system in Vietnam around HCMC as well as other cities such as Da Nang? We were thinking of buying real estate in VN for retirement, but we don't have much information about how well the healthcare system works such as going to see doctors, specialists, hospital stays, second opinions, etc just as the healthcare system in US system. Thank you.
The tallest building in Asia is the Burj Khalifa (Dubai, UAE), and the tallest building in Southeast Asia is Merdeka 118 (Kuala Lumpur, Malaysia). Besides this, some of the replies answered from the real estate agent does not make any logical sense.
I am wandering what the average income of the target buyers of these apartments. I lookedup the median monthly net income per person in Ho Chi Min city, its only US $480.
I'm not sure I would fund the escrow account, if I was told No Title transferred just sale contract, ha ha! no wonder it'll take another 20 years for the laws to be clear.
Hey Duong Global Business Consulting, I just watched your video and I must say that it was really informative and well-made. I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel
My friend has a problem with a company and she needs a lawyer. She made a capital investment contract where she specified that in 6 months the company would return the capital invested . The owner of the company received the money and said in 6 months he would pay .. It's been 1 year and he always says next month I'll pay you next week etc. Can any lawyer help?
@@duongglobalbusinessconsulting just a thought. If you actually added the link here, instead of just writing this comment, more people would probably watch it, resulting more watch time on your videos. (Please take as Constructive feedback)
Typically for this type of Condo the monthly maintenance fee is about 1 USD per sq meter so that 4 bedroom would be about 146 USD for all the services like pool and gym with water and electricity paid separately.Water is cheap electricity is about 100 USD per month for that size of apartment so about 250 USD to carry it . That is cheap compared to the west but it is not enough to maintain the building so expect it to get run down in 10 years
Thanks for the video anh Duong. Great contents. Da Nang/Nha Trang seems like a better choice for your pennies. HMC is way hot and crowded! From the investment standpoint -I will say this 700k for 3k/month is not profitable at the current market. But who knows - maybe the future appreciation is good.
So the foreigners can buying the real state with the ownership? So how is the 5 years visa relationship with family members! Stay every 6 mounths leave the house and coming back? I and my American husband have 5 years visa but we have not yet come back! I am so confused 🤔
Surprised to hear that foreigners shouldn't get the Pink Book, because they "won't be able to sell the condos to the foreigners or the locals" later. This Pink Book issue is one mystery, hope the government figures this out to improve the conditions for FDI in real estate.
Sorry but I get bit lost with your story. You seem to throw so much stats, data and info. It's very hard to consume. Maybe highlight only critical information and tell me a story. I find that when I watch successful RU-vid economic channels, they tend to talk in a slower pace...and guide me through their story telling. Maybe break the content into sections and categories so a person like myself could compartmentalise the points you're making.
To answer your question no . Buying property has no bearing your visa or getting any kind of temporary residency There is talk probably will never happen but talk about a retirement visa and perhaps investing in homes might count but not likely But best advice do not buy a condo in Vietnam
Very informative as always. Great content. I plan to move to Vietnam from Canada in the very near future, so your videos have been helpful. Keep up the great work Ken and thank you.
@@duongglobalbusinessconsulting yes but still there is always concern wherever supply does not feel in adequation with demand. I feel there is a lot of speculation going on and investors hoping to flip for a profit. In Da Nang, Sun Group is offering 20% discount for upfront payment, or no repayment of a loan for 30 months. Luxury condos again. Difficult to see that as an investment when you can rent 45sqm for $250/month all furnished with sea view. I heard that Sun Group is also facing a problem in finishing a project if Phu Quoc. Likely not fully sold. In Da Nang, a lot of luxury projects out and they seem to rush out a few. Not sure if this is because the market is healthy, or because developers are in panic mode.
Agreed. But Da Nang is not Saigon, and there are many factors that make the market value different. Having said that, Da Nang is a great place to live.
Does it equip a fire escape? VN has jungle laws and they can change them at any time. The old Big Boss steps down and the new Big Boss will change them.
One million USD for a 1 BHK is exorbitant. It’s been quoted more than many countries. I don’t know who only can afford to buy such massive amount of units. Also, Vietnamese per capita has not grown significantly and people may end up servicing their loans for longer than they think.
Any lawyer ?My friend has a problem with a company and she needs a lawyer. She made a capital investment contract where she specified that in 6 months the company would return the capital invested . The owner of the company received the money and said in 6 months he would pay .. It's been 1 year and he always says next month I'll pay you next week etc. Can any lawyer help?
No property taxes but maintenance fees. Please watch our latest real estate video guide referenced in this video and in the description box to find out more, as we explain it all in detail.
Typical for that type of condo is around 1 USD per sq meter per month so that 4 bedroom would be around 146 USD a month that includes your pool gym security cleaning etc . It’s not a lot of money but unfortunately will not be enough to maintain the building over the years so expect after 10 years the building will be run into the ground
@patrickdoan6457, as we replied before on a similar comment, not all locals are on one bowl of pho per day! Population is nearly 100 million and there are people who can afford those places. No developers would invest if there was not a market for it. Check out our economic review video for more info.
What’s a show! He likes “what do you see from here?” Nhắc tuồng cho cô ấy 😂. I wouldn’t buy any property in Vietnam. I was thinking about that last year since my family and my children comes visit Vietnam quite often and did my research, I feel that people will try to persuade you to buy (since their income commission based) but they will left out many things that are very important in the Vietnam’s law books which will decided your true ownership of the property! Doesn’t matter the pink or red book you hold for your property. All Properties in Vietnam are belong to the government and they have the power to change the rules anytime they like!
Transfer to binance and converted to Đong and buy it. They don't verify source of income when buying real estate there. But good luck getting the money back out of Vietnam when you decide to sell the property 😂
