BUYING APARTMENT IN HCM

Hi guys,

Just to check, is this a good time to buy apartment now?

Any input will be much appreciated. =)

-noah

Off course it is the best time to buy apartment in VN. The real-estate market is recovering from the end of 2014 with a lot of offer and choice. The vietnamese law allows foreigns to possess house/appartment from 1st July 2015. Pls contact me if you want to have more info.

thuynguyen1983 :

Off course it is the best time to buy apartment in VN. The real-estate market is recovering from the end of 2014 with a lot of offer and choice. The vietnamese law allows foreigns to possess house/appartment from 1st July 2015. Pls contact me if you want to have more info.

Welcome to the forum.

I trust you are not a real estate agent, work for one or are looking to sell an apartment you have. The place to advertise real estate for sale is in the housing section, in the green banner at the top of this page.

As this forum is all about sharing and exchanging information or advice, could you please post any information you may have regarding the subject of this thread which is ' buying apartment in hcm' 

I would suggest that you perhaps post more information about yourself here too so that others can make an informed decision about contacting you

Thank you

I'm only familiar with HCMC. So what I'm saying is only applicable to HCMC. The cost of buying an apartment in HCMC is less than the downpayment of an apartment in Singapore - so I was tempted to buy a unit myself.

If you are buying a place to stay - I guess there is no real bad time to buy a house.

If you are thinking of an investment - currently rental yields are about 4 to 5%. Given that the VND devalues at about 4 to 5% a year, its really not making any money at all.  Also if you are looking to rent a place in high end housing like Saigon Pearl, City Garden, etc - I don't really see the units being rented at a quick rate - so your house could be sitting empty for a few months between tenants. The law about foreigners buying houses to rent is also a bit fuzzy. Income tax is 20% here - so your rental yields would be tiny, unless you don't want to pay tax (then it gets complicated, and any number of people can come fleece you for money if you aren't well informed/connected).

About capital appreciation? That's a possibility, given that the country is supposed to grow. BUT many developers have slowed down their construction due to poor market conditions (mostly you can see one tower built out of 3 that were planned). So there is a glut of housing ready to come on line. This should keep housing prices low - until the supply and demand match up. So you have to wait for some time.

My 2 cents - don't jump into the market without carefully studying it. This is the general market - but I think there are some developments that could have a nice upside due to their low price/unique location/etc.

You forgot one thing Simon in relation to buying a place,dealing with the locals mentality. I have seen places here for sale for 3 years and the price never dropped. It will be interesting to see if Ha Noi sticks to its so called new decree for foreigners,if they do it may stimulate the market a little. If it does, than thats good for VN, also the tradies and home renovation supply buisnesses.

Guys this is an interesting/imp thread and we should carry this on esp with comments from seniors with long years in Saigon. Acc to my knowledge the info posted by Stumpy that rental returns are low is incorrect. In fact  among developing economies rentals in Saigon are good. For ex an apt priced around USD 80000 in D7 fetches a net rental of USD 500. Yes there's a lot of Grey area reg getiing rent in cash/bank tfr, taxation of rental income of expats, repatriation of sale proceeds, esp when they are allowing foreigners with just visas to buy apartments  from 1st July . but still I think if someone's got cash its a place to look at?

Hi guys,

Thanks for the inputs.

Well, my intention of buying apartment is for my family to stay.

I am thinking of D4, D5, D10 or Phan Xi Long. 

Personally, i find that D7 is kinda of out of the way.

Noah

Well those areas are quite expensive.

colinoscapee :

Well those areas are quite expensive.

Hmm, so where will you recommend? =)

btw what is the estimated price range?

noah

The point would be how much do you want to spend.

colinoscapee :

The point would be how much do you want to spend.

Hmm around 100,000 - 120,000???

Thanks Colinoscapee

noah

New or older apartment. If you have a good VN friend, they can help you find buy looking on VN websites. I would look at Binh Thanh its close the city area.

With that money, you can find some apartments in D2.
Try to find here: - chungcuquan2.com

If I had money, I would buy an apartment in D2; if I don't want to stay there, I can use it for rent.
Just saw some ads in that website:
- Cantavil, 96m2, 3 bedrooms ==> 2.3 bilions.
- And read another, with Cantavil apartment, to rent one, we have to pay 600$ for 80m2

Hi Noah,

It is a good time to buy an apartment in HCM. The new laws will take effect on 1 July. If you need legal assistance, please contact me at ****

Best regards

Rudy Bui

Moderated by Maximilien 3 years ago
Reason : avoid posting your personal contact info on the forum for security measures.

Hi Noah - I have been here about 2 years and don't see any price movement upwards or downwards. I live in the Vista in D2 and what I have heard through many conversations that Condo's built by Singaporean companies - who are cash rich - have not reduced at all. A 2 bed condo here is approx. USD 240,000 - 260,000 depending on the view. Not worth buying considering they rent out at 1,000/month (20 years of renting is fine with me). Although with the raised tram line coming past us soon I am hearing that this will impact prices for new and rentals in the area.

I love Nha Trang but not the Russian take over or the airport distance and poor international connectivity. I have viewed several really good apartments in Vung Tau for 40,000 to 70,000. Another good option to get close to the sea and stay close to HCMC.

Good luck.

Yes. Now is the right time.

Nguyen Dinh Khanh :

Yes. Now is the right time.

wondering what market dynamics and data you base your recommendation on ? what are you seeing happening in the market that's different now versus 6 or 12 months ago ?

cheers.

Pls. note that this morning HKBAV hold seminar Vietnam's New Housing Law @11:30am at Eastin Grand Hotel Saigon, please join

That's really a good time to buy apartment in HCM city, cause the price of these apartments now has some signals to raise a little. Many many foreigners are trying to own some properties here in HCM city because from July 1st, 2015, Viet Nam will practice the law which allows foreigners own properties in Vietnam much more easily, only with the visa. Therefore, many predictions seem that the price of any kind of real estate will raise significantly in the next few years.

agree with Ann Lee 277

Ann Lee 277 :

That's really a good time to buy apartment in HCM city, cause the price of these apartments now has some signals to raise a little. Many many foreigners are trying to own some properties here in HCM city because from July 1st, 2015, Viet Nam will practice the law which allows foreigners own properties in Vietnam much more easily, only with the visa. Therefore, many predictions seem that the price of any kind of real estate will raise significantly in the next few years.

I have expat friends who bought properties so the 1-July date I am hearing seems like an exaggeration to be honest. I was with a friend yesterday who's lawyer told her to wait until after 1-July. I don't understand why......my friends who own here don't seem to have had any problems. Can you explain the big revelation on what I am missing ?

There are quite a few differences. You have been able to buy apartments for quite a few years,but you had to meet a certain criteria. The laws will now allow you to buy land,houses and apartments in your own name as long as you have a valid visa. Before you were not allowed to own more than one or rent it out, the new laws allow you to use it as an investment and you can buy multiple properties as long as it doesnt exceed the percentage rates set by the goverment. From what I have read it will be more friendly towards foreigners owning property here and its about time.

colinoscapee Today 13:25:37
There are quite a few differences. You have been able to buy apartments for quite a few years,but you had to meet a certain criteria. The laws will now allow you to buy land,houses and apartments in your own name as long as you have a valid visa. Before you were not allowed to own more than one or rent it out, the new laws allow you to use it as an investment and you can buy multiple properties as long as it doesnt exceed the percentage rates set by the goverment. From what I have read it will be more friendly towards foreigners owning property here and its about time.
Thanks for clear explaination

colinoscapee :

There are quite a few differences. You have been able to buy apartments for quite a few years,but you had to meet a certain criteria. The laws will now allow you to buy land,houses and apartments in your own name as long as you have a valid visa. Before you were not allowed to own more than one or rent it out, the new laws allow you to use it as an investment and you can buy multiple properties as long as it doesnt exceed the percentage rates set by the goverment. From what I have read it will be more friendly towards foreigners owning property here and its about time.

excellent summary and many thanks for the clarification on the differences. That's exactly what I was missing in the many discussions.

Cheers.

That is just my interpretation from what I have read,when it actually starts then we will see more clearly how its going to work. In saying that, a decree passed in Ha Noi is at the mercy of the officials in each provence as to how they want to do things, not such thing as a uniformed law in Viet Nam.

colinoscapee :

There are quite a few differences. You have been able to buy apartments for quite a few years,but you had to meet a certain criteria. The laws will now allow you to buy land,houses and apartments in your own name as long as you have a valid visa. Before you were not allowed to own more than one or rent it out, the new laws allow you to use it as an investment and you can buy multiple properties as long as it doesnt exceed the percentage rates set by the goverment. From what I have read it will be more friendly towards foreigners owning property here and its about time.

If this is true, I don't see it as good but as too bad.  All this will do is increase speculation and raise the cost of housing for both expats and native Vietnamese particularly in the cities.  Percentage-wise, it could be even worse in the coastal resort cities than the big two.  My guess is that the change was put through to rescue party connected developers who are stuck with half finished projects.  If current law allows you to buy an apartment and live in it, that should be enough for any expat.  Anything else and you are playing the local economy for your personal advantage and to the disadvantage of less privileged locals.

I cant agree with you. It may increase to some degree, but the real estate market here in VN has been flat for many years, and is due for a return to increases. Property prices here in Viet Nam is out of reach for the avegage Vietnamese as it is,so nothing will change there. Viet Nam is basically coming inline with most other countries that allow foreigners to buy, so its really nothing new its been happening all over the world for many years.

This is only one side of the problem. Anyway, it is good for investors at this time. Just my idea ^^

Ann Lee 277 :

This is only one side of the problem. Anyway, it is good for investors at this time. Just my idea ^^

What problem?

Problem of creating a bigger gap between haves and have nots. Of creating a non-level playing field for locals interested to invest in real estate, more to live in.

Hello!

A journalist of Saigon Times magazine would like to ask for opinions of expats who are planning or having idea to buy property in Vietnam. Is there anyone here or anyone know someone? It doesn't matter you're staying in VN or not. Please pm me so that we could make some interview for our article. Sure we will hide your personal information if you want.

Thanks in advance!

Re: BUYING APARTMENT IN HCM
That's really a good time to buy apartment in HCM city, cause the price of these apartments now has some signals to raise a little. Many many foreigners are trying to own some properties here in HCM city because from July 1st, 2015, Viet Nam will practice the law which allows foreigners own properties in Vietnam much more easily, only with the visa. Therefore, many predictions seem that the price of any kind of real estate will raise significantly in the next few years.

Moderated by Maximilien 3 years ago
Reason : avoid posting personal details such as phone numbers pls

Hi sweetie,  your a real estate agent??  correct.

Learn about your "laws" before you go any further.

Foreigners have been able to buy Condo apartments since 2009.  But there has been NO rush to buy has there. 

The new "law" for what it's worth applies to houses. And it's only LEASEHOLD purchase.   Good luck with that.

hi all, did anyone actually go ahead and buy an apartment/house? If so, would you be willing to share your actual expereince of doing so (and the outcome)?
Cheers
G

I think personal income tax rate is 2% and corporate income tax rate is 20%. [moderated]

Rudy

Moderated by Bhavna 3 years ago
Reason : Please register in the Business directory if you are a professional. Thank you
We invite you to read the forum code of conduct

Although foreigners are now able to buy houses/apartment in Vietnam, the document procedures are still complicated and the buyers may have headache handling those.

I have friends who are very interested in this new policy but they are still renting houses for their families. During the rental period, they check if they are really comfortable with the house and discuss with the owners for purchasing.

I think this may be a good suggestion for you.

cheers!

i bought two condos in quan 7 and quan 2.  i am expat from usa.  buy buy buy

HI Vietcong (really??)
Did you buy recently?
Are you viet kieu, or have vietnamese citizenship?
Did you buy the properties in your name?
Did you get a loan, mortgage, or pay with cash?
Did you buy from a private party, or a corporation, or a friend?
Did you  hire a lawyer, or use an agent?
Were there any special conditions on the sale?

Curious because many people talk about buying but rarely do we hear from buyers. thx!

@vietcong61

Would you care to elaborate on your post and perhaps answer to questions put forward by  gobot.
That way others can make an assessment and this will give your post more credence.

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