Remittances revive real estate

Property developers are eyeing the remittances overseas Vietnamese traditionally send before Tet (the Lunar New Year).

Banks and remittance companies have launched promotion campaigns targeted at the increasing remittances. "Many people, especially those who have yet to buy a house, would like to buy by the end of the year so that they can enjoy Tet in their own house," Hoang Anh Tuan, director of real estate company Tac Dat Tac Vang, said.

According to the Phu My Hung Development Co Ltd, when it announced the first phase of sales of the Nam Vien Villas project on 19 January, 44 of the 48 villas were snapped up immediately, mostly by families of overseas Vietnamese. Some customers even bought two of three.

A corner of Phu My Hung villas complex in HCM City. the remittances sent by overseas Vietnamese at the end of the lunar year have helped revive the property market, especially projects expected to be completed soon.

Similarly, 29 villas in the Him Lam Riverside project in District 7 were bought on 26 November, the opening day of sales. Ha Noi property market too is showing signs of stirring.

A report from the Ministry of Construction said the G5 trading floor has seen many successful trades of houses in property projects. A representative of the trading floor said in the first two weeks of December 70 apartments were sold at the Thang Long Number One project for VND27.9 million per square metre and 170 at the Golden West Residence for VND22-24 million.

According to property services provider CBRE Viet Nam, the remittances sent by overseas Vietnamese at the end of the lunar year have helped revive the property market, especially projects expected to be completed soon. Analysts expect the market to "warm up" later in 2014.

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