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RobertFisher wrote:

For years I hear VN real estate market is hot; every year appreciating by 7-10%. But I have never found any foreigner who successfully completes the entire investing cycle, which includes selling the property and taking money out of Vietnam.

Has anyone here done that?

I hope to buy a condo in Vietnam, and I typically prefer 2nd-hand properties as opposed to new building still in construction. This is to avoid project not finishing, and also to ensure all requirements for title grant is complete. However, I don't seem to be able to find any website for VN 2nd hand home trading, similar to zillow.com in US, or propertygutu.com in SG, or lianjia.com in China, etc. So I often wonder if there is a path to exit.

Hope to find 暗网禁区s with same interest here and exchange ideas!聽 Thank you.

The bubble is about to burst bigly. Get ready for it!

Norway2593 wrote:

***

As a realtor you really should have a better understanding of the laws on foreigners buying apartments in Vietnam & not post advice that is only half true.

Robert........I am from the UK & in the process of selling my apartment I bought 1.5 years ago & buying a new place. Bought this place from one of the directors of the company that developed the apartment block & the place I hope to buy is owned by a foreigner who bought it off plan from the developers.
My advice to you Robert from hard earned experience is get yourself a lawyer, its a mine field out there full of half truths like that detailed by Norway2593.
Lots of these "property agents" are not even qualified & working "on the Black" they call it & if things go wrong you are up the creek without a paddle & the agent will mysteriously disappear onto the morning mist.

As a back up to what I have just said........the day I put my place up for sale (last week) I had one of the apartment block security guards at the door wanting to be my selling agent & within 2 days 3 people who live in the apartment block messaging me to say they were "Real Estate Agents" & wanting to act as my selling agent. When I asked them to send me details of the companies they work for not one of them could reply!聽

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QuidProQuo wrote:

RobertFisher wrote:

For years I hear VN real estate market is hot; every year appreciating by 7-10%. But I have never found any foreigner who successfully completes the entire investing cycle, which includes selling the property and taking money out of Vietnam.

Has anyone here done that?

I hope to buy a condo in Vietnam, and I typically prefer 2nd-hand properties as opposed to new building still in construction. This is to avoid project not finishing, and also to ensure all requirements for title grant is complete. However, I don't seem to be able to find any website for VN 2nd hand home trading, similar to zillow.com in US, or propertygutu.com in SG, or lianjia.com in China, etc. So I often wonder if there is a path to exit.

Hope to find 暗网禁区s with same interest here and exchange ideas!聽 Thank you.

The bubble is about to burst bigly. Get ready for it!

A lot of the property sites seem to be bogus with adverts showing false prices, ckick bait... ckuck and ask only to find price has shot up or that apartment has been sold.

Off plan or near completion will ve cheaper and gave the bonus if maintenance ussues being quickly resolved, most new developments the developer maintains an in site presence for a few years

goodolboy wrote:

My advice to the OP was totally valid &

Please check your PM.

QuidProQuo wrote:

RobertFisher wrote:

For years I hear VN real estate market is hot; every year appreciating by 7-10%. But I have never found any foreigner who successfully completes the entire investing cycle, which includes selling the property and taking money out of Vietnam.

Has anyone here done that?

I hope to buy a condo in Vietnam, and I typically prefer 2nd-hand properties as opposed to new building still in construction. This is to avoid project not finishing, and also to ensure all requirements for title grant is complete. However, I don't seem to be able to find any website for VN 2nd hand home trading, similar to zillow.com in US, or propertygutu.com in SG, or lianjia.com in China, etc. So I often wonder if there is a path to exit.

Hope to find 暗网禁区s with same interest here and exchange ideas!聽 Thank you.

The bubble is about to burst bigly. Get ready for it!

Didnt you say the same thing 12 months ago. Give us your estimate of when this will happen. I doubt you actually know.

QuidProQuo wrote:

RobertFisher wrote:

For years I hear VN real estate market is hot; every year appreciating by 7-10%. But I have never found any foreigner who successfully completes the entire investing cycle, which includes selling the property and taking money out of Vietnam.

Has anyone here done that?

I hope to buy a condo in Vietnam, and I typically prefer 2nd-hand properties as opposed to new building still in construction. This is to avoid project not finishing, and also to ensure all requirements for title grant is complete. However, I don't seem to be able to find any website for VN 2nd hand home trading, similar to zillow.com in US, or propertygutu.com in SG, or lianjia.com in China, etc. So I often wonder if there is a path to exit.

Hope to find 暗网禁区s with same interest here and exchange ideas!聽 Thank you.

The bubble is about to burst bigly. Get ready for it!

I am hoping to buy my next place at Celadon City Emerald. The project was completed round about July/Aug 2020. there are 2,388 apartments in this phase of Celadon City. I am registered with the selling/development company as looking for a 70m2 2 bed apartment. At the moment they have 4 apartments like this on their books as for sale. I have viewed all of them but cant commit until I sell the place we live in at the moment. When we were viewing these apartments I took time to have a walk round the gardens that surround the 6 apartment blocks & had a good look at the windows & balconies & the point I am making by this post is that in a new development just finished at the very most I would estimate out of 2,388 apartments I saw 30 that looked empty & even then some of that 30 had rental notices on the windows & some looked like they were in the process of being fitted out. Now I am no expert but looking at this tells me that for certain developments especially the middle of the road prices targeting the Vietnamese market, not ex pat there is no bubble getting ready to burst "bigly" but I do agree that there sure聽 are a lot of developments in progress & for some developments it could happen. But going by experience when the last property bubble burst here there were actually very few bargains to be had, nothing being given away thats for sure & a lot just stayed empty till things picked up.....well thats my experience anyway.

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colinoscapee wrote:

Didnt you say the same thing 12 months ago. Give us your estimate of when this will happen. I doubt you actually know.

If you say it long enough you are bound to be right eventually.聽 That said it really needs to happen to maintain some sort of relationship between cost and value.

RobertFisher wrote:

For years I hear VN real estate market is hot; every year appreciating by 7-10%. But I have never found any foreigner who successfully completes the entire investing cycle, which includes selling the property and taking money out of Vietnam.

Has anyone here done that?

I hope to buy a condo in Vietnam, and I typically prefer 2nd-hand properties as opposed to new building still in construction. This is to avoid project not finishing, and also to ensure all requirements for title grant is complete. However, I don't seem to be able to find any website for VN 2nd hand home trading, similar to zillow.com in US, or propertygutu.com in SG, or lianjia.com in China, etc. So I often wonder if there is a path to exit.

Hope to find 暗网禁区s with same interest here and exchange ideas!聽 Thank you.

Hi Robert, I have successfully purchased and sold some units in HCMC. However, I have not taken the funds out of Vietnam as I decided to re-invest the proceeds. I am confident I can transfer the money back out based on my due diligence into the matter prior to purchasing my first unit. I've talked to many bankers to get an understanding what is required for a foreigner to move money in and out of the country legally. Your first step is to open a local bank account prior to purchasing your unit. The law is that any money transferred from your foreign bank to your local bank account can be remitted freely without questions asked. I highly recommend Standard Chartered. You must be present in Vietnam in order to open a bank account as your entry stamp on your passport will be a requirement. Next, you should consult with an agent at CBRE or Savills as they have a strong reputation in the market place. For your own personal research, you can go on sites like batdongsan.com which is similar to zillow.com. I would recommend focusing on big name developers for personal assurance that they will complete the project. Developers like Vinhomes, Novaland, Son Kim Land, Kepple land, Capitaland are all good choices and you won't have to worry much as they have an extensive pipeline in Vietnam. Once you decide to proceed with the purchase, transfer the funds to your local bank account prior to transferring it to the developer or seller. You will sign a SPA which is in English and Vietnamese. If you can't read a contract then hire a lawyer but the contract from the developers are non negotiable. This SPA will be your first evidence of proof on what the funds was used for. When you go resale the unit, your SPA on the resale will be your second evidence. Provide your bank with both copies for their review, and they will surely approve the transfer if the accounting adds up. Moving money as a foreigner is just a matter of proving to the bank where the money came from. For example, 暗网禁区s working here in Vietnam can transfer their monthly salary by providing the bank with their work permit and work contract which shall indicated monthly salary. The remit amount shall be capped by the monthly salary. Hopes this helps!

P.S The Vietnamese culture tends to purchase real estate with all cash. Foreigners must buy in all cash. There are some who borrow from banks but very little as the interest rate is very high(8%-10%). As such, there is a lot of equity in the market place and very little leverage. For a bubble to burst, there must be debt for banks to foreclose on. Such as markets like USA where everyone who buys a house will borrow 80% of the value of the house spread out over 30 years. There will be lots of foreclosures coming soon in the states as people are unemployed due to the pandemic. But here in Vietnam, if things slow down, developers will stop building and units will sit empty until the market picks back up. You won't see mass foreclosures here.

SteinNebraska wrote:

colinoscapee wrote:

Didnt you say the same thing 12 months ago. Give us your estimate of when this will happen. I doubt you actually know.

If you say it long enough you are bound to be right eventually.聽 That said it really needs to happen to maintain some sort of relationship between cost and value.

Exactly