越南房地产市场分析.pptVIP

Vietnam Real Estate Scene : A market in the making Margaret Brooke, FRICS FHKIS CEO, Professional Property Services 10 April 2007 Renaissance of Economy Large population of 83 million One of the highest real GDP growth rates in Asia – 8.4% in 2005 and 8.2% in 2006 with HCMC at about 11% Low labour costs – two thirds of Mainland China 70% of population below 35 Highly motivated work ethic Strong entrepreneurial spirit Strong and Consistent Growth Positive Fundamentals Young, motivated workforce Positive drivers Cultural factors are positive ….. Highly motivated labour force with strong work ethic More than 106,000 SME’s registered since 2000 Culturally and socially quite “European” and open Many speak English Minimal ethnic or religious divisions Labour force more motivated than militant Ho Chi Minh City Hanoi Origins of Real Estate Market Pre – 1990 Communist system – all land owned by the State Virtually no real estate market as no laws regulating the use and private control of property Housing distributed by State 1986 “Doi Moi” and slow movement towards a more open and market economy First land and property laws 1990 – 1998 First land laws introduced concept of private “ownership” Widespread speculation, land prices soared Foreign developers flocked to Hanoi and HCMC - numerous commercial and luxury developments Development of Real Estate Market 1998 – 2004 Revised Land Laws to prevent speculation Asian financial crisis – many projects collapsed Small local developers emerged No new major projects Little or no interest from foreign investors 2004 Changes 2004 Increasing incomes – emerging mortgage market Shortage in all sectors Still difficult for local developers to find finance New Land Law to attract increased foreign investment and enhance real estate funding options More Recent Improvements 2004 - Land use rights to be auctioned when State sells land Improvements in mortgage lending up to 15 years and 70% JV developers permi