photo credit: bernardoh
The real estate bubble is rumored to have popped in the United States, but maybe it has actually bounced over to Vietnam. Hanoi is currently experiencing a revival like the region has never seen before. Retail space value is rising, the skyline is also on the rise and urban sprawl has spread into the former rice fields.
The economy has been on the rise almost since the turn of the decade and investors have taken note. Laws have recently changed, allowing non-natives to purchase land and property on the same level as native Vietnamese, which is encouraging further growth.
For those who are familiar with the city, the beautiful cultural contrasts of Hanoi, the idea of drastic and modern change may sting a bit. The government has also felt this and has taken steps to preserve some cultural heritage. Unfortunately, the very culturally strong French Quarter isn’t faring as well as new developers are not holding to traditional aesthetic values.
If you’re interested in purchasing investment real estate broaden your horizons and cross the American border. With the U.S. in a housing slump it might just be time to explore other cultures that are currently thriving. Hanoi is a perfect example of a city on the move and a great opportunity for investment, just try to maintain some of the cultural history and beauty.