Savills Magazine, Issue 61, 2008
Orient express
Vietnam is hotly tipped to be Asia’s next tiger economy and Savills is there to advise and assist any new developers
Direct foreign investment into Vietnam increased from US $10 billion in 2006 to US $21 billion in 2007, making it the second-fastest growing Asian economy after China. Its residential property market is going from strength to strength, too, with the prices of luxury apartments tripling in the last 18 months. In June 2007, Savills bought the company Chesterton Petty, strengthening its position as the largest advisory firm in Vietnam, offering a complete range of services including research, consultancy, valuation, brokerage and property management.
Savills Vietnam Managing Director Brett Ashton comments: “The market is booming in all sectors – condos, villas, row houses – and we are now seeing a growing market for resort holiday homes.” Local buyers dominate the market, as overseas buyers must purchase long leases and have a right to reside, but Vietnam entered the World Trade Organisation last year and is committed to opening up its markets. “I believe that Savills can grow quickly, as developers rush in to capitalise on the opportunities,” says Ashton. “We’re in the right place at the right time to ride the next Asian tiger.”
Contact: Brett Ashton
+848 823 9205
bashton@savills.com.vn