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| Property firm predicts brighter market |
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| Property services firm CB Richard Ellis Vietnam predicts that more investors will be able to capitalise on opportunities in Hanoi's real estate market this year, as last year's tough market conditions ease. |
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"For
some people, companies and individuals, 2012 will be a year when
Vietnam finally becomes a reality," said CBRE Vietnam managing director
Marc Townsend at the firm's fifth annual "Fearless Forecast"
presentation in Hanoi on Thursday.
"If you've been listening to
me and CBRE's research, you know that certain sectors have seen prices
declining," Townsend said. "Some sectors have seen prices declining for
over three years. There has been pain in the market, with cash flows
being challenged as restrictions on capital flows came into place and
buyer appetite faded."
But he noted that rising auto sales suggested that Vietnamese consumers had money to spend.
"Mirroring
the growth in sales of entry-level cars, we expect more
affordably-priced residential sectors, targeted at the growing middle
class, to perform strongest," he said. "While the rate of home sales in Hanoi
has been significantly lower than in previous years due to large new
supply, the actual number of units sold was not below the historical
average, suggesting demand potential."
Meanwhile, Townsend said, Hanoi's
infrastructure was on its way to the next level. In the next four
years, different areas of the city would be conveniently connected by
new elevated highways, metro lines, and additional bridges. By then, the
psychological barrier of traveling to the other bank of the river, or
to certain suburban districts, would be lifted, bringing people and
buildings closer.
He predicted that price levels in the Hanoi residential sector would start leveling off, following the trend in HCM City over the last few years.
"In
regards to the property market, people are simply sitting on the
sidelines. The price of gold is at an all-time high, and when that
starts to fall, people will move out of gold and capitalise on their
profit by going into real estate," he said.
As for the commercial
property sector, Townsend noted that shopping centres outside of the
central business district faced fierce competition. Further new supply
in 2012 would mean more competition and more vacant retail space.
He
also predicted that local hoteliers would continue to be active in the
mergers and aquisations market, while international hoteliers maintained
a long-term interest in the Hanoi market.
"The past 12 months have seen the growth of the institutional investment deal in Vietnam,
with notable transactions occurring for foreign investors. We believe
that these deals will pave the way for further activity in the years
ahead, with 2012 being no exception."
With developers facing cash
flow problems and many properties already viewed as distressed, he said
the current market offered an opportunity for foreign investors. |
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(Source:
Hanoitimes) |
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