05 Oct '11, 2am

Vietnam's once-hot property market cools

Vietnam's once-hot property market cools

HO CHI MINH CITY: Four years after a real estate boom that saw investors camp out on the streets waiting to pay cash for unbuilt apartments, Vietnam's once-hot property market has caught a chill. High inflation and interest rates along with a government-imposed credit squeeze have led to a fall in prices and other incentives to entice residential buyers, while office tenants benefit from a glut of space, experts say. "The market is really, really, really tough," said Brad Gee, director of property management at the 68-storey Bitexco Financial Tower in Ho Chi Minh City. The skyscraper opened late last year and now has tenants in more than 40 percent of its office space. "Obviously we have to drive hard bargains" on rents, but so does everyone else in the market, Gee said. Monthly rents for top-quality office space in Ho Chi Minh City have dropped to less than half the rough...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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