VIETNAM - New rules to lift RE market

Asia Property Report, May 28 2007

A draft regulation to allow foreigners to buy homes in Vietnam, when put into effect, is likely to drive up demand and prices on the high-end property market, according to Ngo Tri Long, deputy director of the Institute for Market and Price Research under the Ministry of Finance.

"The demand for accommodation will rise significantly among foreigners working in Vietnam, especially for luxury homes," said Long, a member of the regulations drafting team.

Do Thi Loan, general secretary of Ho Chi Minh City Real Estate Association, said that the price of a quality home in a good location and with all ownership papers in good legal order will keep rising.

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