Vietnam catches real estate fever


FE Team | Published: November 12, 2007 00:00:00 | Updated: February 01, 2018 00:00:00


HANOI, Nov 11 (AFP): There's a real estate boom happening in communist Vietnam, where prices are soaring on properties yet to be built and investors are camping in the streets to get first chance to buy.
Western-style suburbs and apartment blocks are sprouting up, driven by more than eight per cent annual economic growth and a stock market that has given investors ready cash to spend.
Realtors say the pace is so hot that supply cannot match demand, which is sending prices zooming off the charts-no mean feat in a country where per capita GDP is under 1,000 dollars.
"Prices have doubled in 12 months, nearly tripled in some cases over the past 18 months," said Brett Ashton, managing director of Savills Vietnam, a property services firm.

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