Real estate ho chi minh

Apartment in hochiminh / HCM City has 300 new cars per day.

According to the city’s social-economic report of the first quarter 2013, more than 104,000 new vehicles, including over 26,000 cars, were registered during this period. On average, the city had nearly 300 newly-registered cars per day.

The number of newly-registered vehicles in this period grew nearly 16 percent over the same period of 2012, with the highest rate for cars. The number of new cars registered in the first quarter 2013 is higher than the entire number registered in 2012.

With the dramatic increase in the number of vehicles, by the end of March 2013, the total number of motored vehicles in HCM City surpassed six million units, including nearly 547,000 cars and nearly 5.519 million motorcycles.

According to a report on the program for reducing traffic congestion in the first quarter 2013, the city did not have any case of congestion that is over 30 minutes long. However, the local authorities acknowledged the result is unsustainable because the number of personal vehicles and especially cars has increased too quickly, causing further overload to the urban transport system.

Statistics of the HCM City Road Traffic Police Department show that in just 10 years (2000-2010), the number of motored vehicles in the city increased almost three folds, from 1.7 million units in early 2000 to more than 4.8 million units in early 2010.

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By the end of 2011, the total number of vehicles in the city was nearly 5.524 million vehicles, of which there were more than 494,000 cars. By the end of November 2012, the number reached over 5.899 million units, with nearly 515,000 cars. And by the end of March 2013, it officially surpassed six million units.

Motorcycles or cars should be restricted?

The pressure from rapid growth of vehicles is a huge burden

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urban infrastructure of HCM City. Many experts have warned of serious congestion in the city in the time to come, caused by private cars, the vehicle that occupies large space on the road but is very limited in the number of people transported.

This warning is reasonable as most roads in HCM City are small ones, which are unsuitable for cars. Cars use the space that is 3-5 times more than the motorcycle. Also, in HCM City, the growth rate of cars is much higher than that of motorcycles.

Prof. Dr. Pham Xuan Mai, from the Institute for Transport Development Strategy, conducted a survey in HCM City, with up to 60 percent of the respondents supporting restriction of private cars in five major cities (Hanoi, HCM City, Hai Phong, Da Nang, Can Tho). Some 51 percent of the respondents said that cars should be limited first and only 25 percent recommended limiting motorcycles first.

[Apartment for rent in Vietnam - blessingproperties

“Purchasers anticipate further price reductions,” the company said. “Those who have real living demand prefer renting a house and putting their money in banks to leverage the current high interest rate.”

However, Savills said there are great signs for a reduction in interest rates, which will “likely improve the performance of the property market.”

In Hanoi, apartments offered at less than $145,500 per unit received the most attention as the majority of end users are looking for well-designed small or medium-sized units, it said.

“With more than 50 percent of the population less than 35 years old, the apartment market has great potential in the long-term,” according to the company.

Savills said around 11,000 new units are expected to be launched in Hanoi in Q4 while HCMC will have 3,400 new apartments in the next two quarters.

Retail space

According to Savills, the HCMC retail market achieved an average occupancy of 86 percent, a slight increase of one percentage point compared to Q2. The average rent remained unchanged.

“The growth rate of retail sales of goods and services in the first nine months of 2011 was much lower than the same period last year, showing that consumer spending has been strongly affected by the high inflation,” said the company. “This could lead further to a decrease in demand for retail space.”

The occupancy rate in Hanoi’s retail sector was 93 percent, up 4 percent, while rent was unchanged quarter-on-quarter. Local and international retailers expanded more outlets in the new shopping centers such as Pico Mall and Hang Da Galleria, Savills said.

The company said some projects have delayed construction due to limited financial capacity and such a trend could negatively affect future supply.

It expected some 1.6 million square meters of new retail space will enter the market in the next four years.

Vietnam mulls opening ailing real estate market to foreign buyers

Vietnam’s Ministry of Construction has proposed that foreigners residing in the country are given more chances to buy homes in Vietnam as part of efforts to reduce inventories in real estate sector.

In a report sent to Prime Minister Nguyen Tan Dung late last month, the ministry proposed that organizations like foreign investment funds, banks,

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branches and representative offices of overseas companies as well as all foreigners who have a visa to the country that is valid for at least three months, are allowed to buy homes – apartments and independent houses – in Vietnam.

Diplomatic institutions, NGOs and their employees will not be allowed to purchase homes in the country, the ministry said.

It also proposed that those foreign organizations and individuals eligible for home purchase in Vietnam are allowed to buy different types of properties, including townhouses and villas with less than 500 square meters of land to apartments. These properties can be leased if their foreign owners are not living in them.

The houses can only be sold or given to 12 months after the ownership certification is granted to the foreigners.  

The ministry put forth two options for individual purchasers. Under one, foreigners can buy any number of housing properties, and under the other, the number will be limited to one or two. The number of houses an organization can buy will depend on the number of foreign employees it has.

The proposal also contains two options for the duration of ownership of housing properties by foreigners. The first option will allow ownership for 50 years with the possibility of a 50-year extension, or 70 years with no extension.

It, however, mentioned no proposed change in ownership duration for foreign organizations. Under current regulations, organizations' ownership of their properties will last until their investment registration expires.

Under a law that took effect on January 1, 2009, foreigners are allowed