 |
Daily Real Estate News | June 5, 2008 |
Investors Drive Up Vietnamese Real Estate
When Vietnamese native Cindy Nguyen, president of San Jose, Calif.’s Lakami Professional Realty, returned to Vietnam for the first time in 23 years, she was stunned by the profits to be made in the real estate market.
''I saw the cha-ching, cha-ching. Your return on investment is at least 200 percent in one year,'' says Nguyen, who now sells real estate in both Ho Chi Minh City and in Silicon Valley.
Thanks to multinational corporations pouring investment dollars into the Vietnamese economy, real estate prices are skyrocketing.
Home buyers who are able to snap up $150,000 villas in Ho Chi Minh City's upscale Saigon South can immediately sell them for $300,000, says Paul Hoang, managing partner of Milpitas-based Donnelley LT Group, which sells Saigon South units to overseas Vietnamese.
Hoang believes the bubble will eventually burst. ''The majority of the population is very poor,'' he says. ''Assembly-line workers probably make $70 a month; the white-collar people, probably $150 a month. … Not too many can afford to buy real estate.”
Source: San Jose Mercury News, John Boudreau (05/30/2008)
Browse all of today's news
| |
|
RSS Feed