Booming Vietnam

Amid booming economy, Vietnam is experiencing crunch in residential properties, office space, hotel rooms, etc. The Asian Development Bank projects Vietnam's economy to grow by 8.3% this year and 8.5% in 2008.

High-end home prices average about US$177 psf in Hanoi, and US$270 psf in Ho Chi Minh City. The Lancaster in Ho Chi Minh City was launched 3yrs ago at average of US$185.8 psf, but recently broke a record of US$464.5 psf. Foreigners, however, are not allowed to buy properties in Vietnam, unless they are residents and even then, they can only buy leasehold.

Vietnam's population is at 86 million and the average age is 24. They are spending money and this generates a growing consumer market.