Hoi An property – top tips
Here are ten insider tips for figuring out the Hoi An property industry.
- Hoi An is mostly low-lying and should there be a significant rise in global sea levels in coming years then the city, like much of the south of the country, would be in danger of severe flooding.
- Hoi An’s key areas of interest are the old town section that runs in part along the De Vong river and the exceptional Cua Dai Beach. Another part of the city which is proving popular of late is Cam An, where property prices are climbing as high as US$448 per square metre; nearly 10 times the price of less than a decade ago.
- Hoi An is served by Danang airport which at 40km from the centre of Hoi An, is a considerable distance away.
- Hoi An is enjoying a massive increase in the number of people visiting up by 40 per cent per annum by some estimates.
- The profile of those visiting Hoi An is also changing as shown by the proportion of visitors now opting to stay in higher grade hotels.
- Vietnam has already attracted more than $15 billion in foreign investment for 2008; a figure over double the amount the country lured between January and May of last year. Such a healthy FDI rate, coupled with the proposed relaxation of foreign property laws, indicate that property market woes at the start of 2008 are very much temporary.
- Property laws are due to be relaxed across Vietnam as and from 1 January 2008. Although the changes will initially only relate to condominium ownership, it is expected that a further loosening of property laws will be forthcoming afterwards.
- One project to look out for is VinaCapital Hoi An Tourism Co’s recently introduced the Hoi An Royal Bay high-class resort. The US$16 million development will include a luxury resort area, modern hotel, 100 small villas together with an international standard entertainment area.
- Despite the negatives, Vietnam (along with China) has the biggest potential for capital growth in residential and commercial property over the next two years new research which surveyed a range of property experts has claimed. Hong Kong, Singapore and Thailand follow were beaten into third, fourth and fifth positions.
- Financing a unit is set to become easier from the start of 2009 local banks will be permitted to give mortgages to those who qualify for condominium ownership. So, if gathering the cash for your apartment is an issue, Vietnam may be able to provide both the condo unit and the means to finance it.
Hoi An real estate advice
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Hoi An house and land buying guide
Guide to real estate in Hoi An
