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Real estate market in the region
Profitable investment in real estate abroad is one of the most reliable and efficient ways to increase savings. Commercial and residential real estate located in Southeast Asia enjoys popularity particularly among foreign investors: its availability and high liquidity, as well as stability are key factors for those who want to invest money profitably.
Nowadays, the investment property market in Southeast Asia shows excellent results and arouses the interest of foreign investors. Investing in real estate in the countries of Southeast Asia is not just a profitable investment, but also a profitable business.
Real estate in Singapore
Currently, Singapore is one of the few countries in Southeast Asia that has remained attractive in the eyes of potential property buyers over the past few decades. In the case of investing in real estate, you can be sure of a rather quick return on your money.
5 reasons to buy property in Singapore:
- unique residential complexes (huge swimming pools, tennis and squash courts, water attractions for children and 24/7 security);
- rank of the second country for security in the world;
- stable economic and political situation;
- warm climate;
- plenty of greenery and parks.
Analysts predict a steady rise in real estate prices in this country due to the following reasons:
- stable economic growth: if the local economy grows, real estate prices also go up;
- limited development area: Singapore is the island with the highest population density in the world, so the prices for square meters will inevitably increase;
- low unemployment: the higher the unemployment rate in the country, the fewer people want to rent or buy housing.
According to the Residential Property Act of 1973, there are serious restrictions on the purchase and ownership of private residential real estate by foreigners. Restrictions apply to the following types of real estate:
- vacant land;
- bungalows, townhouses and all other types of houses with land;
- HDB public apartments.
To purchase these types of real estate, you need to obtain permission from the Land Management of Singapore.
Without special permission, foreigners can buy:
- apartments in small residential complexes;
- some other objects without land (Sentosa Island is the exception).
Real estate in Vietnam
Nowadays, Vietnam is rapidly developing, demonstrating new horizons of economic growth. As of 2015, GDP growth was 6.5%, which is 0.3% more than the official government forecast. High rates of economic growth are accompanied by an increase in construction throughout the country that offers tremendous opportunities not only for comfortable rest, but also for living. Coastal areas of the country are built up with apartment complexes and villas while major cities have modern residential areas and a transport infrastructure that is constantly being improved.
Real estate in Vietnam has been steadily growing in price for several years. The attractiveness of real estate there is explained by relatively low prices and the opportunity to choose real estate in various parts of the country.
On July 1, 2015, the real estate market was opened to foreign residents. The Vietnamese government made substantial amendments to the housing legislation, allowing all foreigners who are granted entry into Vietnam and all foreign investment funds, banks, Vietnamese branches and representative offices of foreign companies to purchase property in Vietnam. Previously, it was necessary to live in Vietnam for at least a year to purchase real estate.
In recent years, Vietnam’s economy has flourished. The country is experiencing an investment boom, and the real estate market has experienced a boom since 2014. The number of foreigners who want to invest in Vietnamese real estate is growing.
In addition, they are allowed to buy not only apartments, but also land plots (villas and townhouses), and their rights to own real estate have been greatly expanded.
Real estate in Thailand
Purchasing property in Thailand has recently become very popular among foreigners. Low prices on real estate, pleasant climate, sea and a visa-free regime make houses and apartments in the resort areas of Thailand, such as Pattaya, Phuket, Samui and others, to be a profitable investment.
Real estate can be purchased in 2 ways.
- A foreigner can purchase real estate in a condominium under a foreign quota and become a full owner. As the construction is completed, a developer informs the owner that he / she can arrive in Thailand and receive a certificate of ownership. The government charges up to 6.3% of the price of property to register the ownership of a foreigner.
- A foreigner gets real estate in the long-term lease for 90 years. This option is suitable for people who cannot own real estate abroad (for example, civil servants, or people who do not want to pay property tax in their country, etc.). Moreover, this option is a bit cheaper, since there is no fee for ownership registration.
The first two options apply to individuals. If we are talking about acquiring a whole hotel, then it will be necessary to open a Thai company where a foreigner will act as a shareholder.
Land plots can be purchased only by a Thai company or leased for 90 years.
The good news is that there is no property tax in Thailand.