No doubt a harsh statement but talking to property firms and developers the Vietnam property sector continues to flounder at rock bottom.
Hard hit by the GFC, currency devaluation, and hyper-inflation has plagued the country for a sustained period of time.
Bank lending rates have pushed up close to an average of 20%; and there is considerable exposure by institutions to defaults.
Stressed property developers have resorted to repeatedly slashing prices which have plunged values.
Vietnam's long journey into a broader free market economy looks to face many challenges pricing simply outpaced demand and speculation drove the market to unsound levels.
Reading this you might ask is this the right time to buy? Hard to say, but certainly there is value given overall the situation. Though on a broad basis any market recovery could be years in the making.
This saga provides a great case study for another boomtown called Myanmar.
Phuket's holiday season is set to feature the Smart Property & Lifestyle Expo at Royal Phuket Marina next week.
From December 27th to 30th 11 am to 6 pm a real estate exhibition, seminars, and display of luxury yachts and cars will be on hand.
One highlight will be helicopter tours of the isand and costal areas at THB3,650 a person.
On Thursday the 27th at 1:00 pm Bill Barnett will be moderating an interview with leading Thai developer Songkran Issara who is behind the Sri Panwa luxury hotel and villa estate.
Attendance is open to the public and according to the organizer's a wide range of exhibitors are lined up.
For more details <link>http://www.smartexpos.com/smartexpo2012/hktdec/expo_highlights.htm*CLICK</link>
An unexpected 16 day ban on private jets that came into effect last week at Phuket international Airport is already drawing criticism from the luxury villa sector.
The AoT has cited the need to close three apron slots in order to continue work on the airport expansion until January 3rd the Bangkok Post reported.
Given high levels of holiday traffic with commercial and charter flights, it's unfortunate that private aircraft have found themselves on the short end of the stick.
While Phuket has continued to attract luxury hotel guests who say in private villas and hotels, the current lapse in the island's infrastructure projects is set to dampen the mood.
It's hard to understand why the long delayed AoT airport upgrading program has been so poorly planned and executed which has resulted in relative chaos at PIA during this high season.
As Phuket's marina's are already full to the brim, nearby Krabi is benefiting from the lift-off of widespread yachting activates in Phang Nga Bay.
In just one year after opening the Krabi Boat Lagoon is already looking at full occupancy by 2014.
Comments made to the Phuket Gazette by the developers say the facility which has 80 berths and 100 hardstands is already averaging 50 boats.
Expect more pressure to further expand both existing and new marinas in Greater Phuket given its step up in the maturation cycle and ability to continue to grow demand.
While Asia's prolonged real estate winning streak spirals upwards, one sure sign of maturity is the drift into specialty products.
According to a Reuters news report Hong Kong property players are buying up car parking spaces at a frenzied pace.
In some facilities spaces go for upwards of USD400,000 and rental yields are robust. Fears of a bubble are now being voice out within the industry.
Hong Kong's government recently took a series of measures to cool down its red-hot residential market and now anxious investors have developed an appetite for alternative places to park their money.
An ongoing dispute between a large block of condo owners at the Nexus Residence in Malaysia's Kota Kinabalu is being played out on the press.
The owners are alleging that lease back rental guarantees are over a year overdue.
Legal issues are now coming into play given that the developer reportedly has bank mortgage issues and has yet to provide unit owners with titles.
A group of owners who are based in Hong Kong has formed into a formal property owners association.
As mixed-use investment schemes are flourishing across the region, expect to see more instances of similar disputes given the current trend of developers increasing return schemes in order to speed up sales.
Many of these are being promoted on illogical levels of expected returns.
Boat Avenue's next phase of development has the new "b mall" featuring 16 retail shops and a much anticipated Villa Market.
The complex is located at the intersection leading into Laguna Phuket.
Retail leasing is open to the public starting from January 17th at the DD Property Show, Central Festival.
Villa is expected to open in April.
One of Europe's real estate basket cases remains Spain. Pancakes might be flat, but the Spanish sector remains below sea level in broad terms.
Now a new initiative is being tabled to offer residency permits for non-E.U. country buyers.
High profile targets remains Russians and Asians (i.e. mainly Chinese).
A threshold for the entitlement has been reported to be EUR160,000
Leading Phuket developer Laguna Phuket has put 10 new properties into the market.
A new look has been given to the products which will be 4 Residences starting at USD1,096,000 and 6 Deluxe Townhouses from USD803,000.
The expansion is located just in back of the Laguna Service Company and construction expected to take 18 months.
