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Published on November 14, 2007

CB Richard Ellis said that was about triple the rate for Bangkok's office rentals.

The latest price for a good-quality condominium in Ho Chi Minh City is $3,500 a square metre, which is similar to the average price of grade-A condominiums in Bangkok, the international property consultant said.

CB Richard Ellis is very positive about the prospects for the Vietnamese property market. Participation by international developers will result in the construction of world-class developments and bring in modern construction management and building technology.

Backing up its positive view was the government's decision in May to issue Decree 84, which stated that foreign investors could now lease land for 70 years, with extensions available at no extra cost. Previously, the longest lease period was 50 years.

With this decision, Vietnam now has one of the most open property markets in Asia. China offers only a maximum 70-year lease to foreign investors.

"The effect of this has been a massive increase in interest from foreign developers," said Marc Townsend, managing director of CB Richard Ellis in Vietnam. "We are meeting developers from Hong Kong, Singapore, South Korea, Japan and Thailand on a daily basis."

Vietnam has not only opened up its property markets, but also made significant moves in other sectors. On January 1, 2009, Vietnam will open up its retail markets to international retailers, in accordance with its commitment to the World Trade Organisation.

 The Nation