Vietnam's property market 'showing potential'

29-Mar-2007

In news which may be of interest to first time home buyers looking to invest abroad, Vietnam's property sector is showing signs of promise, an expert has claimed.

According to Marsha Lu of Property Frontiers, although a degree of caution is needed within the Vietnamese property market, investors - which may include first time home buyers - could generate a profit as bigger Asian developers are now moving into the market.

However, Ms Lu did note that because of Vietnam's current financial climate, purchases are more likely to require a cash investment.

"At the moment the downside is really [that] the financial sector in Vietnam has not opened up yet, which means that getting finance or housing loans could prove to be very difficult," said Ms Lu.

Additionally, Vietnamese developments are currently of a lower quality than UK investors would normally expect as local construction firms currently lack the skills required for high-quality developments.

Although the Socialist Republic of Vietnam is formally a communist country, free-market reforms were initiated in 1986.

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