So to understand what youre saying Ken is that...the bank/estate agent/developer/investor were all blowing up the valuation of these properties to insane level because of greed when it suited them. But now that the economic wind has changed and no one is willing to pay for these expensive concrete blocks and that the bank has stopped lending 100% loan to developers to build these concrete blocks...the banks now holds all the cards and ultimately all the debts. So,the developer have stopped building. And the investors (who borrowed from the bank to buy) now doesnt want to sell at a loss. And the bank who have lent at 100% can't reduced the price and accept the loss. So anyone who owns properties and can afford to hold on to it is trying to raise rent to keep afloat. Then its a mexican stand off which the consumer will ultimately win. And the wait for the shining amour foreigner with money to come and rescue the market is just a dream. Sometime its good to have a crash..thats the way capitalism and market forces work. And vietnamese characteristics will have to face this
Gordon Gekko greed is not good. What risk is there when you use 100% money printed from the bank to sell identical inflated price concrete boxes? Most of the excess inventories are built by big corporations / developers who borrowed the bank monies by over inflating the value of their assets. Sorry if you got caught up in the scrum and want your money back. But market will dictate the real price when the ordinary person can afford it
@@winnerwinnerchickendinner8809 the government shouldn't help out the banks or developers. They should help the ordinary working person to access a loan to buy a first time home for themselves and their family. Then its a case of waiting for mr Bankers and developers accepting a 'market' price for the excess inventory. Instead of giving money tp help the bank and developers
Your interpretation of what Ken said is correct. The problem is that what ken said is not really correct. Most of the rent increases have been for commercial use buildings and shop houses which are paid off. Also, based on your interpretation of Ken's wrong info, you think consumers will win but you don't understand that Vietnam is not a market-based economy. Consumers actually won't win. Corruption rules in Vietnam. Most people with big properties got it from corruption and illegal activities.
It took me 6 hours of being with a Vietnam "realtor" to understand the corruption and root problem in Vietnam regarding real estate. The problem is you can't find actual REAL sale prices of properties in Vietnam. So, real estate agents and sellers can literally lie about what properties sold for in order to jack up commissions and prices of surrounding lands/houses. Neighbors go along with it because the fake elevated property prices benefit them. In the states, you can't do this. Land records are public knowledge here. This is what happened to me visiting Vietnam in 2021: -I wanted to buy a piece of land near my wife's (who is Vietnamese) house for 40K usd in 2019. I passed. -It sold and eventually the new owners wanted to sell it two years later for 150K, 3x more than asking price two years prior. -The Vietnam realtor I was with in 2021 told me it actually sold for 150k usd back in 2019. Wow, how interesting. So it was for sale for 40K but somehow sold for 150K a few months after I left?? I told him to SHOW ME THE PROOF. There was none. I couldn't find this information from the government, realtors, or sellers. So it begs the question, how much bullshit are the general Vietnamese people believing from these people? A lot, from what I can see. When I asked about other properties in this area, the Vietnamese people seem to actually believe the realtors and fake prices. I couldn't believe it. There was some commercial property across the road from the coffee shop I was at. The people told me it sold for 12 billion more than two years ago. Wow, how interesting. When I asked them "How do you know?" to which the regular Vietnamese people explained it was what the neighbors and realtors told them. All a lie. So then the whole area thinks all this overvalued junk is worth 3-7x more than it was 2-3 years ago. Unreal. I flew back and explained to my wife how the house of cards will come crashing down very soon. Here we are. EDIT: I’m just scratching the surface, folks. Here are other important details to know regarding the corrupted Vietnam real estate market. -The Vietnamese government doesn’t do much to help. While they know the actual sold prices of these properties, they will hide this knowledge for their own gain and use it to essentially perform the American version of Eminent Domain, except, of course, there’s more corruption. So, while you overpaid 10x for a property due to advice from your trusty native Vietnamese neighbor, the Vietnamese government will take your land away at will and give you very little for it. There’s no recourse or way out of it. You have basically no protection if the government wants to use your land for their endeavors. You will get some money for the land, but not much. -There doesn’t seem to be reliable title companies to process a real estate deal. In America, this ensures the person selling the land ACTUALLY OWNS THE DAMN THING. In Vietnam, you will have a stupid cousin trying to sell their Grandma’s land, and he actually doesn’t have the legal right to do so. Doesn’t matter, he has a buddy realtor who will help him with the scam. They use what’s essentially the American version of a quit claim deed. They will just transfer the names on the red book without any guidance. You never want to use this process to sell property because it’s easy to make up scams. So you paid 100K for a piece of land in Vietnam? Guess what, you don’t actually own it. Grandma’s cousin has long ago run away with your money by the time you realize it, and you won’t find him (or her). Good luck getting help from the government. They were probably bribed in the process. This happens all the time in Phu Quoc Island. A story a cab driver once told me is how a guy sold the same one piece of land to two different people (not related) at the same time, making 50K each for a total of 100k. It was one of the buyer’s life savings, now gone. Why was he able to screw the buyers over? Well, no title check or due process, of course. But it turned out bad for the seller. One of the buyers actually hired a hitman to kill the him. And yes, the hitman actually killed the seller. At least it's good to see there's some poetic justice in Vietnam. -Regarding Phu Quoc, it’s total chaos there because officials have been bribed to allow builds of houses on illegal, non-residential land. Then there's the gangsters from the north terrorizing the locals and making fake land plots. Hanoi is cracking down on the nonsense, but it won’t change too much. Another problem with Vietnam is the huge bribing culture. For example, a police officer or government official doesn’t make much money doing actual work, they make it by using their POWER. You have to bribe them to get what you want. In America, you need to be a multimillionaire or billionaire to bribe politicians for big corporate deals and law changes. In Vietnam, you need to bribe for every stupid little thing. Whether it’s $50 to get your luggage back or bribing a Phu Quoc official to accept building a single family home on illegal Phu Quoc land. It’s a complete mess. Want to have a career being a cop? Well, you probably have to bribe some person with 20K and hopefully they don’t run off with it. -Don’t trust photos of lot lines from Realtors. It’s likely fake (especially if it’s from Phu Quoc), and the lot is probably directly on the road - but the photos were faked and won’t show it. So, you’ll pay 100K for a lot of land that’s actually not buildable….because it’s literally and directly ON A ROAD. You were scammed. The only way to get money back is having the government buy it back….I think? Guess how much you’ll get? Probably almost nothing. -Overall, the native Vietnamese have very different mindsets in business when compared to America. They seem to deal with problems reactively, whereas Americans deal with problems proactively. Mix this with total unregulation, and you will have massive chaos. They don’t seem to question enough variables in a situation and will make poor business decisions based on emotion. In Vietnam, they will seek a quick deal/rich scheme and deal with the problems later. Yes, this happens in America too, but in Vietnam it’s far more dramatic. Again, In Vietnam, they make more decisions with emotion. American businessmen make decisions based on logic. Yes there are exceptions, but this is just what I see. I often find Vietnamese way too gullible in the lies told to them. All in all, buying/selling/investing in real estate can be a psychotic nightmare even in America where we have some certain regulations. Imagine doing this in Vietnam where there basically aren’t any. Even if you do get land legitimately, you have to 100% be certain the government won’t rezone and take it from your hands in the upcoming years. I love Vietnam and will likely retire there because it ironically has a sense of freedom (if you have money) and very cheap to live. I'm not bashing the country because stuff like this happens in every developing country, but it's important to know specifics. Just discussing the things I’ve noticed but of course everyone has their own views.
Yep amen, always the neighbor, the person at the coffee shop. The 'real estate agent' that is not an agent just a for sales on commission only sales person with no training that's a real estate agent usually owned by one person who knows how to do the paperwork.
Rents are going up because all those people that over paid for the real estate need to get something out of it so it's everybody's asking for the most ridiculous price and it's the same thing at the coffee shop. They heard that somebody got 20 million so they're all holding onto this hope that they'll get 20 million for their over priced place.
I mean if you walk around the new buildings in Thu Thiem like the Metropole.. most of them are empty with 'for rent' stickers on the glass.. and if you go online, they're looking for 2-3k usd rent per month... so none of them were bought by families to live in but by investors to rent out.. also if you walk in the neighbourhood on the old navy shipyard grounds.. probably half of the 3 story homes that were built are empty.. and some already falling apart..
Right, if they can afford to buy and yet hold back for higher rentals they probably don't need the money anyhow. These could be developers who had built the buildings very cheaply for rent purposes. These are the ones who are also pushing up the property prices in Vietnam. What the Government should and must do is to levy incremental taxes on these people/corporations who own multiple properties. Regardless of whether they manage to rent them out or not, they have to pay for property taxes. Only then will they stop hoarding properties and stop speculating on them. And property prices will go down to reasonable levels.
Yes true, if you live in HCM, prices are all over the place; it's all about location , location , location , but keep in mind Vietnam is the size of England with a 3000+ km coastline, and I've seen zero increase in rental prizes in my area smack on the ocean, nor have my friends in Nha Trang or Da Nang, quite the contrary. My base is in Vietnam, and has been for years, but the visa situation here sucks to put it bluntly, and that I've found over the years, is tied directly to prices of the rental properties. With a shaky visa situation for most expats, there's no sense of feeling secure about staying beyond the initial 3 months on a tourist visa, and now btw that can't even be extended w/o leaving Vietnam and staying outside the country for a minimum of 5 days while applying for a new tourist visa, and there's no guarantee that it even will be granted. And above all, even though some of us can buy properties, few are ignorant enough to do so. Even with all the selling that's being done on this site, and convincing us about how awesome an opportunity it is to invest in real estate in VN...😮 DON'T... it's a long term lease, foreigners can't own land outright, and when that lease runs out you (or your spouse) may not even be able to extend, could be a complete loss/write off. Smart investors know all this of course, but unfortunately many newbies fall into the 'it's so cheap compared to the US etc'. Yes that might be, but there's also a mountain of issues owning land/houses in VN, so RENT just RENT. It leaves you free to move on when the crap starts to fall apart, and it will, trust me, plus sometimes a change of scenery is not a bad thing...😅 But again, this guy is talking about HCM, which seems to be his specialty, and you couldn't pay me to live in that hothouse inhabited by 9M+ people, but to each his own. Vietnam is a beautiful country, with many awesome places to see and live, but HCM/Saigon isn't one of them imho. Cheers 🥂
You dont own the land, the govt does, it's actually written in the Deed. Govt can decide to pay you cents on the dollar for your land if they want to build something there
Finally, some people speaking the truth about Vietnam real estate, which is a complete scam. Now I'm waiting for you people to tell the truth about Vietnam's terrible pollution, dangerous road hazards, and overall public safety nightmare due to no regard for human life. There is a good reason why Vietnam does not attract westerners for long term and there is a reason why only 5% of tourists return to Vietnam. The pollution will take years off your life as will the dangerous road traffic.
By the way, if you think real estate is cheap in Saigon compared to the west you don't know Saigon. There is a 2-story, 210 sm building (about 2200 sf) selling for $12 million USD with no land aside from what the building is on. That's over $55,000 per square meter. This is the norm in the central part of district 1.
The market is way over priced. A crappy little townhouse over 20 years old on a thin slice of land with zero garden in a crappy area will cost you the same as a suburban house in Australia. It's ridiculous.
Exactly. Vn is way overpriced. I have a townhouse and when we bought the land its was a bargain. Now, it's the same price as developed countries lol. But the ppl aren't up to social speed. So no thankyou.
@@genghis1417not exactly. I used to live in HCM, rental prices were crazy and actually life isn't that cheap unless you eat everyday banh mi or live far away from the central District 😮.. thus I moved to Malaysia, conditions of living are way better! 😅 .. prices are much cheaper compare to vietnam!. You can find a very good condo in the heart of KL much more affordable than in HCM!.
The difference between renting Saigon and countryside such as the Area around Can Tho or even Vung Tau, is pretty significant. I can rent a really nice house for 300-400USD in the South. Me as a foreigner I would choose countryside over Saigon anytime!
Maybe a few buildings catering to foreigners like the Saigon Pearl, Manor and so on, but the rest either commercial or residential rental is very much dead. Real estate in Vietnam is not an investment- it's really just trading with much less liquidity.
It’s hard to find a decent place to live in HCMC for $400/month in near-central areas (even Tan Binh or Phu Nhuan). On another hand, there is Bangkok where you can rent a nice condofor $200-$300/month near a sky train in areas like Bangchak or On Nut (comparable to Tan Binh/Go Vap in HCMC). Rental price in VN is crazy.
I had a condo on Onnut at a place called origin onnut code $240 a month. Was a great little spot with nice accommodations, was very happy there. This was in 2023
prices of new builds in Vietnam is one big scam, all they do is build the shell and nothing else, i see homes costing close to £400k for a shell and with that price you can build a house just as big with everything i.e, kitchen and liveable rooms. in Vietnam you get none of this. it's so dumb.
They don't know what a finished standard is either. The builds are shit. Throw it up, make a mess, someone else will clear up my mess. Pretty much Vietnamese culture actually.
Visited last summer and loved it. Thought about investing but it looked way overbuilt. I saw tons of new developments, especially in tourist areas like Phu Quoc and halong bay. I kind of figured they had to collapse as I didn’t picture many of the developments surviving since there were tons and they were all empty. I’m not sure how it will play out but after seeing the other comments about corruption I’d be nervous to buy there
There's strong headwinds facing the real estate market. Chinese investors are getting hammered by a stock market & real estate crash, and those may be just the first dominoes to fall. Korea's great rise to affluence looks about to last one generation. European economies are also in bad shape, look at France, UK, Italy, Germany, etc., with no signs ahead for improvement and also an ongoing war. U.S. economic inflation is eating into how much buyers can purchase and how much Vietnam manufactures. I'd imagine Vietnamese investors are also cash-strapped after many tough years during COVID and this is putting additional strain on sellers
The big question is, where's all the cash? Hoarded up as "National Reserves" by some government? No-one seems to have enough cash for anything these days...
Wow as someone looking to buy it sure doesn't feel that way. Everything we are looking at is still inflated at absurd prices. Nobody even wants to negotiate a little bit. Also I think those rental rates listed are way way under what ive seen. Can't find anything under 800 usd at landmark and anything under 1100-1200 at golden river. At least that's been my experience. Maybe they inflate rents for foreigners.
@@coastcity7029 Bargaining is very typical here I agree but from my experience we havent been able to bargain much at all especially 20-30%. We are basically told if you dont want it then leave lol.
I don’t think anyone is surprised. Vietnam went from poverty to property prices rivalling London and NYC in 15 years. Most obvious bubble in the world.
My friend, A 35 year old college grad in Hanoi currently makes about 700 USD/month. His annual salary is 8.4K USD. 90K is a little over 10 times. That is not too crazy. Of course, a rural farmer might make a fraction of his 700 USD/month, but why would a farmer buy a house in the city?
@@Birdylockso exactly, your friend is a earning a graduate salary, and even then it's x10. I think x10 is crazy, but possibly obtainable if they're really thrifty. For a factory worker, or xe om driver, it's more like 30 times, which makes property effectively unobtainable.
@@bodazephyr6629 True, but it hasn't stopped people pushing the real estate prices to 29x like in Hong Kong. When it comes to real estate prices, rationality goes out of the window. Then the crash comes, hopefully.
Although i'm not a property investor, i am subscribed to yr channel. Thank you for doing these videos which are INFORMATIVE and UNBIASED - 2 Very important points! I like yr style of reporting too.When I want to keeo current about whats happening (will happen) in Vietnam, your channel is where i go. Great advice\tips too. Vietnam's real estate sector is getting crazy....BUT its also a fact that THE BEST PRICE you can get for an asset is......WHEN NO ONE WANTS IT!! ie., do the exact OPPOSITE of what the herd is doing. Hold. Prosper.
Thank you for your valuable information! Very well presented. I'm not Vietnamese or living in Vietnam, but it helps me see how the overall market is doing in SEA.
Thanks for the rental analysis. You rarely see these but very useful to many of us. (However, I think your estimates for 50m2 are a bit on the high side, e.g. for the Pearl building.)
It's just not a good idea for a foreigner to buy . Returns on real estate globally are not pertinacity good. Why would a foreigner that's more than likely at retirement stage buy. They'll never see a return on investment.
I'm 60, and as a foreigner, I bought a couple of condos a few years ago. The realtor told me that my rental income would return about 6%, but after all is said and done, it works out to be a little less than 3%. So, I think the moral of the story is that the truth is somewhere in the middle. It's never as bad as people want to make it to be, but it's never as good as you want it to be. Also, do not underestimate the desire for Asians to buy houses. 15 to 20 years from now, many will most likely kicking themselves for not buying houses cheap.
@Birdylockso I think the fact that buying property is a non liquid asset just doesn't make sense to me. ( in Asia) And like I said, as a foreigner at 60, I'm not getting into something that's " risky " There is no benefit to me in 20 years, lol.. In saying that, I love property as an investor in my home country.
@@sproket168 I would agree with you. Most Asians will buy houses to leave behind for their kids. I plan to buy houses to rent out and for capital appreciation, provided that I would be close by to deal with any issues as they come up. Fortunately, I have good agents who are taking care of the properties and collecting rents for me. Since we are at a different point in life, as well as geographical proximity to Vietnam, we would have different strategies. Best wishes.
G'day Ken, Thank you so much for doing all the hard work for us & telling us how it is no sugar coating it at all. Basically a watch & see situation for next 2 years. Happy Lunar New Year to you Ken your family & all of your staff lots of happy time ahead for all of us. Cheers Louis Kats your number 1 Fan in Melbourne, Australia 🇦🇺 🇻🇳
From what I saw in Phu Quoc I would think another year or so and there will probably be incredible opportunities. It was beyond overbuilt. In the US during the financial crises properties dropped 70-80% in some great locations. There were so many nice developments that looked 90% empty when we visited it’s hard for me to envision any outcome other than defaults and selling at huge discounts. They’ll be happy to just not own them. When prices in Vegas crashed in 2008-10 I passed up an opportunity to buy 2 condos for 15,000 each that had fallen from 150,000. They’re worth over 300,000 each now. I think the overbuilt areas are likely to see those types of moves. I wish I lived closer as I’d look to buy when timing looks right.
I live in Orange County, California. I pay $1,500.00 a month for an ADU. Still cheaper in Vietnam. Before covid, I had a serviced apartmemt in Little Japan in district 1 and I paid 9 million VND a month. I think that was in 2019. They serviced my room everyday. The rent i pay, gas prices, everything is high now in California. That is why i plan on returning to Vietnam. I am retired and a real estate agent in California.
Thanks for sharing. Yes, that is right. Saigon is Vietnam's financial capital with over 10 million inhabitants. The population density is very high while being a very small area. As a matter of fact, just California is more than 4 times bigger than Vietnam while having not even a third of Vietnam's population. That is why, there is a high disparity. You can also find affordable housing outside of Saigon.
The divergence between sales & rental prices is no paradox; a young, growing populace + fewer sales = more demand for rental apartments. People need a place to live. If they’re unable, or unwilling to buy given market uncertainty, they rent. As VN’s oversupply of new homes decreases, the divergence will turn to convergence again.
it doesn't make sense though. if people can't sell their properties, they'd obviously be renting it out in the mean time. if anything rental prices should also go down due to the increased in rental availability.
Huh really? What if people have no jobs and the building supply is a lot bigger than what you think have you been to district 7? Let alone any of the surrounding cities?
Think another problem is the low quality of the condo developments of the VN developpers, without rooftop pools, proper balconies etc.. finally Singapore developpers coming in showing how its supposed to be done....but showing the flaws of all local developpers propoperties....
Hi Duong, I was told by relatives that Ha Noi is facing a different situation. Rent is still high, of course, but the local government in Ha Noi has implemented restrictions on building addtional residential properties and has driven up housing prices. Is this truly the case?
You just had to compare the cost of living and GDP per capita in Vietnam with the multi-million USD McMansions they're been selling to notice that something didn't add up there.
Vietnam is repeating Asia Financial Crisis of 1996-1997. Could be worse this time because of global politics, economy, financial system are reorganizing. Not to mention about hot conflicts. So buckle up for the turbulence.
Thank you. Some people like to watch muted videos while commuting, for instance. And especially on platforms like Facebook. We love to make it easy for our audience and that's why we are going the extra mile.
Both the Chinese and US real estate markets are very soft with fewer transactions. As Vietnam's biggest foreign partners, this is hurting the Vietnamese property market.
Very nice video! I liked and subscribed. But... Is it possible to get a luxury rental for less? Watching RU-vid, I am under the impression that places like Da Nang or Than Hoa were just as luxe as let's say, Thailand or Malaysia but 1 bedrooms in a beautiful development with pool, etc would be $400 or $500 - ish. I'm a new retiree considering making the move. Any advice? And thanks!
Well articulated piece without putting me to sleep. Vietnam didn't follow into the trap like China by allowing so much borrowing. Also, it shows people can afford higher rent meaning the job economy is steady. This shows there are rules in place to avoid house purchases that cannot be afforded.
Good info. There's some turbulence in Vietnam's real estate, but the industrial core - and the jobs! - are still solid. Good for locals, good for foreign exporters.
@@blipblop92 Maybe so! I'm thousands of miles away without any local contacts, so all I can do is listen to what others say. I do hope things get better in Vietnam, though!
China is very similar , property slump , deflation, unemployment , bankruptcies ,negative equity , high debt , ….. it will last years ( 3-5 yrs at least )
Rental prices in big cities are totally insane. The local economy of Vietnam, the quality of the buildings and the overall conditions don't match what is offered. Also in Vietnam the concept of "furnished" is quite bizard were basic things such as Television, Sofa, cupboard or even a chair a non existent or at least one of those will certainly be missing from your "furnished rental". You would be surprised that they will try yo charge you for a poor condition studio.
That is what happens when one over inflate the price and are just in it to take money for noting it has a limit no news there. but of course one can blame other things, but if you build a house that in materials and labor costs 10000 and sell for 100000 there is a lot of expensive air in the roms ...
No one is coming there anytime soon the buy those overpriced condos in the city. Not American,not European not Australian not even Chinese. The general world economy is in a huge contradiction. Yes, there are areas of growth . Read these comments- there are no visas for us. A tourist visa. No retirement visas. Just go and rent a vacation condo at you favorite beach and walk away. If your Vietnamese wife wants to buy a place in the village, it’s her place, not yours. ❤ The real estate mess in China is just starting, and is obviously going to put a huge strain on the VN market also. The condo owners are looking for outside money to come pouring in - It’s not going to happen. The banks are looking for a new sucker- don’t let it be you and your retirement money. Just go and rent and enjoy your short stay. Something needs to change there. But highly doubt it will.
Desire of the high class quality living prices too many out of the market., even foreigners who just need a basic accommodation. The design of the newer modern buildings seem to be less realistic w added touches that aren’t as necessary and only increase the cost. The kind of minimalist VN style seems to work just fine.
Easy solution. Go to Tier 3 or Tier 4 cities Like Lao Cai, Bac Ha, etc. My entire RU-vid is dedicated to living in Vietnam as a Teacher. 3 years+ now. Natural beauty here, no pollution, nice people and plenty of work. Happy Tet
Vietnam real estate is overpriced. The majority of working class will never be able to afford it in 100 years based on wages and savings. The greedy investors are inflating prices sky high. The hope of real estate as a get rich quick strategy is a dream. The Viet Cong has no real policies to stop this, sadly.
I would buy a freehold property today but unfortunately since I am not Vietnamese and I don't want to marry, I cannot buy! I can't even get a long term visa (I'm retired).
Thank you for this video. Is the real estate crash nation-wide or just in HCMC? I live in Vinh Phuc and see a lot of new residential construction that has laid dormant for a couple years. Most of the work in the various projects is near completion and the majority of the units remain empty.
@@duongglobalbusinessconsultingExactly. It's the long-stay, Western expats that think things have rebounded in the tourism sector. But it's a perceived bias, as the Chinese market hasn't returned at all
My multimillionaire uncle got it wrong lol. His prediction was that Vietnam would lead in this sector. I guess he was too bullish on China/and china hype. Patriotism will blind you.Vietnam was always a big speculator's market. It was just a matter of time before this sector collapse.
What do you wanna know ? Empty and falling apart and dreaming that they'll get 20 million per month. For the Vietnamese money is so tight that they put everything into buying this thing in the first place and they will hold onto their last dying breath that somehow one day they'll get a 20 million per month which is the whole reason they put everything in the first place
@@coastcity7029 These 'villas' I keep seeing aren't on the beach and are actually just normal houses with a tiny pool sometimes. If I could get a 2bd on the beach I would go for it so fast.
I've been watching your channel for a while and love the content. I was wondering if you could possibly cover buying a hotel room in one of your next videos? I've been interested in purchasing one for a while now but there's not too much information out there about it
Hotel room ? Not sure there are many of them only one I know is the Panorama in Nha Trang google that and see if there are sales . It is a condotel and not sure if you get a pink book and not sure if foreigners are allowed to buy there
Can you blame investors? I mean so much corruption in vietnam and how foreigners are treated there? Scams everywhere, why would anyone want to put any $$$ into vietnam. Harsh but it's the reality. Treat your people and foreigners right ( just like thailand) this may turn the real estate market around. Step one, get the visa process fixed. Complete shit show.
It would be good if you actually visited apartment buildings and showed what is available to rent or buy from the inside of properties. That is all I'm interested in.
Hopefully the bleeding stops for property investors, and prices stabilise and then rise relatively soon. I think that it won’t happen until US and China economy recovers first, so observe what is happening there.
Don't think you can buy properties like a local with just a passport. Don't you need the National ID card and the family book registrar (same card now) ? Also it's easier for foreigners to rent and properties that foreigners can actually buy is very limited. As the new airport finishes, I think the current properties will only drop more since I see a lot of new constructions spinning off closer to the new airport. One last thing is VN properties are way too overpriced, they'll go through a market correction.
Sorry Ken but you are wrong about rent increases. First, only certain small areas have increased rent based on different factors. Many of the best buildings have problems finding renters and have gone to airbnb due to lack of long term renters. Rents are mainly increasing for commercial buildings. The main reason why rents are increasing is because owners are trying to recoup the money lost during COVID (greed). Most of the rent increases have been for commercial buildings most of which are paid off. Because the owners don't owe anything and because they are greedy, they raise rents. There isn't the long stay expats as there was before COVID. It's mostly elderly tourists.
Greetings Ken - enjoying your vlogs. Now, I know you are doing these in order to garner business. And well you should but I have a quick question that I hope you can answer. I am retired and wish to spend 6 months in Vietnam. As a Canadian I can only get 3 month evisa. Would I be able to spend 90 days then fly somewhere and apply for another 90 days. Is this legit in the eyes of immigration? Thank you.
Thanks for supporting our host. As a Canadian, there are many visas to choose from if you want to stay long term in Vietnam. But not under the tourist e-visa, as it is made for tourists only. There is no official limit, as to the number of e-visas you can apply for. However, the unofficial limit is 3 to 4 consecutive times. Having said that, as admittance to the country relies upon the immigration officer's discretion, you can be denied entry and banned under suspicion of living/working in Vietnam.
Thanks for your reply Ken. No worries about me working. Been there done that. My goal is 6 months Vietnam and 6 months canada. So it would only be 2 evisas back to back. All the best!
