Vietnam's Real Estate just COLLAPSED! (goes Terribly WRONG)
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- čas přidán 30. 06. 2024
- Vietnam's Real Estate just COLLAPSED! Find out more in today's episode of Real Estate in Vietnam. Attorney Ken Duong shares in detail about what he thinks about the rapid decline of Vietnam's real estate market, from what to led to the real estate collapse to bank loans and current business climate in Vietnam. Learn about the reasons behind Vietnam's real estate collapsed and get Attorney Ken's take as a real estate investor who has been living in Vietnam more than 10 years. Finally, he will discuss whether you should invest in Vietnam and buy real estate this year as a foreigner.
00:00 Intro
01:36 Timeline of Vietnam's Real Estate Collapse
02:00 Real Estate Market Prices
02:50 What is happening?
03:36 First reason for Real Estate Collapse
04:35 Robert Walters' Survey
05:05 Second reason for Market Decline
06:47 Attorney Ken Duong's opinion
09:36 Consequences of Real Estate Market Drop in District 1, Ho Chi Minh City
10:37 Should you invest and buy real estate in Vietnam right now?
11:08 Prediction
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This is good. The entire worlds real estate market needs to crash. Prices went up way too much and made real estate unaffordable. What’s the point of building an apartment if nobody can afford to use it?
They built houses for the rich and the corrupted to purchase not for the normal working citizens. I would say let them rots.
To make money in administration fees.
@@Em3rgencydentist the condominium association/homeowners association exists solely to maintain and upgrade the property. The reason people can’t buy is because both the real estate market and interest rates are high along with median salaries failing to increase quickly enough to match current market rates thus lenders aren’t approving mortgage applicants.
hell yeah right! this what everyone expected so for long!
crazy how goods have ceiling prices but not real state
The real estate story sold by agents in Vietnam is all about long term profit in the short term. Buyers beware of buying off the plan. It’s much better to wait until construction is complete and you can see the keys in your hand. A pink book certificate of ownership is essential, or don’t buy.
Whether it's bad news or good news this channel won't sugar coat it. Good job.
I was there last year. Spoke to a friend who owned a coffee shop selling 1usd coffees. He said the coffee shop property was valued at 5m usd! Absolutely mental. How many cups of coffee does he need to sell? It’s not difficult maths to know that I would rather sell the property than coffee.
I prefer a fresh coffee not a usd coffee
he meant coffee cost $1@@user-er1on9yi9e
@@user-er1on9yi9e lol
He is spinning you a 5 m story. Not worth that
Lol it's not about the coffee revenue. That's just a side cash stream while the property sitting there. They bought it as an investment expecting capital gain. That's where most of the money is made.
The housing prices in Vietnam's major cities are highly volatile, often surpassing even those in the US. Therefore, even with a 80% price drop, they would still remain considerably high.
YOu can say that again, it need to drop another 50% from where they are now and people still wont buy it.
That's true. The Vietnamese housing market's bubble burst is exaggerated. Real estate's price in the VN
's big cites as of now, is still overvalued, higher than some parts of Thailand and even the States. Buyers who are willing to jump into the pool right now, 'd better reconsider every factors, rather than believing in the hype.
And that’s relative to the population and land differences. So, it’s extreme.
Vì dân số việt nam đông hơn thái lan, diện tích nhỏ nên nó rất đắt là điều bình thường.
Very well explained. You are doing a great job! Keep it up ✌🏻
Thanks a lot 😊
Thanks for making this video Ken. It was as well delivered as it was informative.
It’s not collapsed. It’s pumped 200% for 12 months and now it’s came down50%. It’s still significantly up %150
You might need to learn how to count ...
Học lại toán đi cha
By most people’s terms anything more than 15%-20% is a crash… 50% is a collapse. Too many assets that are overvalued will be assessed in the current value due to rates.
@@zenfuri89they don’t like to use words ( collapse) 😊. Use less profitable words okay 👍
I would never invest into HCMC real estate. In Thu Thiem, apartments are 3x overpriced and the pressure on the owners will grow with the completion of each new project in direct neighborhood. The market must come down at least 70%. If not, keep your money on the bank for interest rates above 10%.
100% Extremely overvalued! It needs to collapse!
Never say never. Am waiting for a 90% fire sale and then will pick off prime locations around the river. Imagine buying apartments in Singapore for cheap 30 years ago.
real estate prices in Vietnam is ridiculous.
So lease outside the large cities.
True😂
The paradox is that rent is very cheap compared to the purchase prices. It's like renting a Mercedes-Benz S-class for $300/month vs. buying it for $100,000+.
This is great, thanks for doing this!
Very concise explanation and info thanks
VN’s real estate is roughly 30 times its income per capita - the second largest bubble in the world, second only to CN. Coincidence?
Yes! I agree!
Try Philippines 😂😂😂
I have tried to justify Asian property prices for decades and can’t do it. Even Hawaii (significantly Asian) is super inflated considering other parts of the world. I don’t think $38k price drop is enough unless the property value is $72k.
@@TomBTerrific real estate prices this days based only on how much you can borrow. If tomorrow all banks stop real estate landing it's going to collapse to down payment prices
@@TomBTerrific a major difference in many Asian real estate markets is most owners pay cash for their properties instead of financed through the banks, which allows them to avoid negative equity, foreclosure or similar problems during a crash. Investment opportunities for VN is severely limited so buying real estate is basically the only option with their savings. Buying real estate is alto a popular option for those that need to hide their money.
Never seen anyone that explained the situation in detail as well as you.
Excellent. Thankyou for good updates ..
🤔👍
Thanks for sharing Ken
Thanks for watching
Great, concise but in-depth and logical analysis.
Ken, would be great to see comparisons between beach towns like Mui Ne, Nha Trang & Da Nang and the 2 major cities for those of us who love beach life. There must be even bigger bargains in those towns.
interesting video. I did notice the prices of real estate seemed really high the last couple of years here in Saigon... I guess there's some market correction going on now
I'm so glad to have discovered your channel .... thank you for sharing your knowledge about VN from a more business perspective.
Welcome!!
I was a real estate investor in the USA for over 20 years. The real estate collapse in Vietnam is not uncommon. We've seen this movie many times around the world most recently in China. People are greedy. They inflate the market so they can leverage debt to make more money. The crash is always going to happen because as the price goes up, demand will eventually drop. This a natural market correction. However, because the leverage is so high, they can not absorb the correction. Like a balloon, their run on overinflated prices pops, and the market crashes.
The Vietnamese real estate market never made sense to me. The tell-tell sign is the gross rent multiplier, which is the selling price divided by the annual sum of gross rent a property would get. A good gross rent multiplier is 4 to 7. For example, a property that can rent for $1,000 USD per month shouldn't be purchased for more than $84,000 USD (1,000 x 12 months x 7 grm).
Currently, in the United States, real estate prices are averaging a gross rent multiplier of 14. So, my $1,000 rent example would command a price of $12,000 × 14 = $168,000.
In Vietnam, I see real estate priced 20-30+ times the rental value. That is telling you the property is highly overpriced.
Many real estate buyers have no clue about the GRM because they are purchasing the home to live in. However, the gross rent multiplier is one of the easiest guages of supply and demand. High gross rent multipliers tell you the rental market is weak and/or the real estate prices are inflated, but inventory is high.
I see this in Thailand all the time. People buy the new condominium for several hundred thousand US dollars and then can't sell anywhere close to their purchase price several years on the market. They lose money in the rental market because there is plenty of inventory at low prices that don't cover all the expenses. A person is lucky to break even renting their home in Thailand. I expect it is even worse in Vietnam trying to sell your home even at a loss.
The low rental prices are attracting young people to countries like Vietnam and Thailand. I will never buy as long as rents are cheap. I can invest my money in other sectors and get a higher return on my investment without the headache of owning. I maintain my freedom to move to other cities and countries, and my money is liquid.
Very interesting video. Thanks!
Glad it was helpful!
Great video👍👏
It's tough for foreigners to buy property in a foreign land. The locals can barely afford it. There's a huge surplus of properties in Vietnam due to large number of construction projects. Think of the ghost towns of Phu Quoc Island. It's a huge risk for foreigners to own any property in a foreign country - which could end up like the Forest City Project in JB.
Protectionism, the Govt does not want to let too many foreigners have control of their land… which is not a bad thing considering what’s happening in Hong Kong and more lately Singapore.
Great video
Great information, Thanks
Thank you very much!
Something happening here in Pattaya Thailand also i have never seen so many houses/condos/apartments up for sale
Still collapsing?or already in the bottom
Want to buy small and nice studio in pattaya
Subscribed never seen fair and honest review from a middle man before 🎉
We appreciate that.
Great Video
Thanks!
Wow, I am amazed that they sent execs to jail for malfeasance. I love the accountability!
You know, in a communist country when businessmen are sent to prison, it's usually because they refused to give money to even more corrupt communist party members. Look everything is going well for the communist party members who stole the people's money which was to be used to build the HCM subway. With all the money that was stolen there would be enough to build 2 subways and everything should be finished for 5 years!!!
All the elite communist members got bribe money and all the execs, founders will never go to jail. They got connection to the TOP communist leaders...Only little guys got hurt...
Sending a few small fries to jail, yes, small fries, won't help with this issue. Those executives were more like sacrificial lambs. Like, even the central bank was shaken to its core.
I am trying my best to not think about anything negative....
Keeping it real, Bro!😀
Very good and clear explanation.
Glad you liked it
Thank you amazing information sir I appreciate it
It was my first time to enjoy your style. Great reporting, sir! Sorry, I missed your name.
Welcome aboard!
good job and thankyou for your video watch from Canada 🇨🇦 👍..
Thanks for watching!
I love your content! I just subscribed. Thanks you! Do you have other videos that explains RE tax laws / benefits as a foreign investor?
Thanks a lot. Please watch our real estate playlist here : czcams.com/play/PL5AO8T9wDGtvqCkmirADetqcxXDtg5V-7.html
Also you may browse our channel to find more as we have many videos.
Thank you!
Great analysis of the real estate situation in Vietnam. Please keep us posted of the current situation. :) Thanks for continuing provide values to the community with your posts.
Also, if you have access to the foreclosure listings from the banks. It would be nice to see what's available especially for the condo market...
Agreed. I'd like to see what is on fire sale.
I still remember in college. I know some guy who borrow loans for college but using the loans to make business. lol Imagine these guys fail in business and demand forgiveness in loans in hundred of billions of dollars. man.
Sadly he could be talking about western nations .
Vietnam properties are over-priced by 200%.
@@AnhNguyen-hn9vj And the college loans can’t be discharged through bankruptcy. Wow, what idiots!!
Thank You Ken for Your Expertise and Hard Work, great video. Seems like Thailand Real Estate will suffer the Same Fate. Global Rates are now high, chinese and japanese economies are cratering / deteriorating which is now contageous.
“NCSWIC”
Very good analysis about Real estate of VN currently.
It is a really good analysis of the Vietnamese real estate market. There is always a silver lining as the bubble would create opportunity.
Very good video I loved it. What's the average prices now in Ho Chi Min city?
Thanks Mr. Duong
Great news.
thumbs up for your quick update video. Great work Ken. Hope viewers subscribe, Thank you for sharing the info
really good
Wow, I had no idea. I'm sorry to see Vietnam go through this hard time.
This problem is worldwide with shady financing practices and ridiculously inflated prices. The US still hasn't learned its lessons from previous financial disasters.
Yes it has
oh please don't sorry, this is awesome, price goes down, poor people will be able to afford what they want, inflated food prices mean farmer can earn more! The ones will go down is businessmen and office worker, which has profited a lot over the last decade. Thing just works as it should be, there is no problem whatsoever!
@@tamtrinh3154 totally wrong bro, poor people will suffer the most, they can't aford for their food
@@phanviet65 bullshit, poor people produce food, they got the first access to food, who get more food than them?
don't trust what the media tell you@@phanviet65
I was interested in Apt in Veit after retired. Comparing the price, i have decided buy one in South Korea. Apts Outside of seoul and proximity are dirty cheap. I found 500 sqft apt by the south sea for $50,000 including all transaction fee. It is 20 yrs old but been remodeled recently.
In Singapore, a 500sqft private condo near city area easily exceeds S$900,000. A 700sqft public housing way outside of city area transacts at over S$700k. Both public and private residential prices in Sg just keep increasing despite the uptrend in mortgage interest rates. The residential property demand and supply curve in Singapore defies the science of economics. I wonder where is the common sense in these people who are in one of the most educated societies.
Good to see price correction
AWESOME Clip
I'm sorry for the investors that have lost money. Hopefully it wasn't criminal. Good luck.
Fools
We need a longer visa timeline. It's frustrating to own a home there, but I'm not allowed to stay in the home for longer than a few months (it was only 30 days for awhile). The rest of the time, the house sits empty. We really need a retirement visa for VN.
Ha ha, and make all their properties super expensive and food and cost of living expensive like what happened to Bali?
@@nasdin94 Didn't you watch the video? Real estate in VN is already expensive. Food n living costs are still fairly cheap, but it's not for the reason you think. It's all about geopolitics.
Vietnam is a net exporter of food, so their food prices are not tied to the whims of international markets. Bali (and Indonesia in general) is a net importer for almost all of its staple foods, especially rice.
With the Ukraine/Russia war, where the two major wheat exporters are no longer exporting wheat, and with India curtailing the exportation of rice, Indonesia (Bali) is staring down the barrel at major food deficiencies.
who is "we"? and what value do pensioners bring to vn?
the country's not hard up for cash, there's endless fdi and the economy's consistently one of the fastest growing on earth. malaysia purged all the cheap charlies, and thailand's about to enact sweeping visa changes in the upcoming months.
3 month visa is more than enough just make a border run and you have 6 months. Why you need to live in VN live in your country just come on long vacation to VN that is the best solution !!
@@sheiladikshit5110yes I agree. Most westerners don't want to admit that they simply want to escape their dying western civilization 😅
Really good reporting there Ken thank you. So if the real estates there is currently going under the rug, how am i going to make money if i invest in condos, who can i rent it to if there ‘s no one interested to rent or buy from me? The same for Cambodia. Lets hope things will turn around in the next 2 years eh.
Selling prices are going down while rentals remain identical. The best fortunes are made during crisis!
Like any asset market..., it will get worst before it gets better. Once the market hits bottom, it will stay there until the consumer feels confident enough to start buying again. Which could take years...
This is actually good, the rapid rise of property in any city is always unsustainable when there isnt real business happening. Its just a speculative action base on euphoric future prices and thats very bad. A solid correction is good for the long run. Hope some lessons are learned
Is the same thing happening with commercial real estate ? A friend of mine was recently offered free rent at a popular 5 star hotel in HCMC in exchange for a percentage of their monthly revenue. Is this an example of commercial weakness ?
Great video, if you could do part 2 on Vietnam interest rates in detail that would be interesting. Where they were and what they are doing now in comparison to the rest of the world.
You can easily find that info online.
I know bnaks were offering 6.7% on deposits in July last year. I'd assume that mortgages would have to be at least 250 basis points above that, so 9.5-10% would be realistic.
Thank you for your professionality.
This is music to my ears...
It usually takes 2 years from the start of rates hikes until the drop in RE prices. I suspect we're going to see a global RE price correction over the next year or two. It's like any other asset, it went into a bubble, but the correction will be painful. I might buy a few condos in Vietnam if the prices are good in 2024-2025.
Good pitch
Recently realized that I still have the old (1974) Vietnamese passport so I contacted the VN embassy in Washington DC about the renewal. They wanted $700! I said “pass”. Not like I want to open a business or anything like that but just the possibility of living out my retirement in VN. Better off with my current 5 year visa.
700 USD for a passport? WTF?
You considered going to Vietnam and making a passport there? You might have to stay a few months or have relatives there pick it up for you. My wife, she's a Viet Kieu, thinking about doing the same since the embassy in the US charges that much and additional 500 if you want it process quicker.
I paid 200$ for mine, you got ripped
I surrendered paid 300+👎🏿🐷
Nothing like a white american leaving their family behind to spend retirement like a cheapskate in the third world.
Hello, it might become interesting to buy in vietnam to make an investment now ? I am thinking about residence like vinhomes grand park d9... what do you think of this moove ?
Tell me specifically which properties have dropped 30 or more %? I am interested in buying. Thanks
I feel like the local market is dropping hard and outer areas, but Thu Theim for example for foreigners is resilient. I have been going to sales releases in Thu Theim and it's been a free for all bloodbath still. Just know the market and most foreigners have to be cash buyers so interest rates in Vietnam don't really affect the high end so much
The majority of people pour money, borrow from friends, families and get loan to buy real estate hoping to earn a huge fortune. They would rather take out loans than putting it in the bank to buy land. Land price is sky high with the majority of ordinary Vietnamese can’t afford to buy land let alone a house even if they work and save their whole life. It is ridiculous because the government has no real policy to control it.
The whole country is one big Ponzi scheme. Properties were never built to be lived in….they were purely commodities traded by speculators , buy & flip merchants. That games over now, I’ve known people earning a few hundred dollars a month borrowing 40 times their annual salary to buy & flip a property. They hope to sell before the loan payments are due .
That’s obviously driven the prices to ridiculous levels that cannot be sustained.
And most of these properties are of very low build quality,,so they’re basically dealing in junk . The worst is yet to come.
You doesn't know Viet Nam well enough bro
@@ntp1999agreed. Some tay ba lo blabbering nonsens
Non related to real estate comment but I Love the editing and recording skill from this video ❤
Thank you so much 😊
I was there just last week and got caught up on the bamboo airway fiasco. I believe this is just the beginning. Visa for Australian Vietnamese was for 6 months.
Well done Ken Duyong👍
If the bubble has burst I will definitely come and buy Ken!!
Any real estate directly or indirectly associated with China is likely to be several times higher than the actual market rate that would be sustainable if no speculation or financing by banking institutions were involved. The true market rate based on the citizenship national income levels is easily calculated without using the shenanigan and Ponzi type sales and calculations used by China. The inflation of values is always based on external forces where outside investors and wealth relocation represents the main incentive to harvest such funds, and such forces is not sustainable long term. There will always be parties and business entities that will attempt to prop up artificially high values of properties, which means those prices were never a good purchase and represented a premium that long term investors will never be able to recover.
The local property agents are part of and in cohoots in creating a unsustainable n artificial property market in every country. Look at Thailand, property value never ever drop … crazy
Taught by US uk west developers n Bank. 😂😂 All about $$$$$$.
Thank you for telling the truth news
Vietnam must have retirement visas to sell and have those new apartments filled up with renters. Average Vietnamese person is not making enough money to buy property, and foreigners cannot own properties in Vietnam. Visa policy must be relaxed and retirement visa options should be implemented soon. Also, Vietnam should come up with more favorable business policies or residential visa policies for Viet Kieu overseas to attract them coming back to Vietnam to live and contribute to its economy. Just a thought. 🙂
There are good reasons why south East Asian countries restrict foreigner to buy land & properties. Can you guess it?
Doing this will just inflate the cost of homes for the locals and make them even more unaffordable, worsening the current situation.
😂 fuck no. And make things worse like the West? China's been buying up Western real estate left and right, pricing out locals. Your solution is to give foreigners more reasons to keep prices inflated and out of the reach of locals? Wtf? You think you're helping? NO RETIREMENT VISAS - EVER!
Depends on location, developer, a range of things.
In a couple of years i will plan on buying a property in Vietnam, im a descendant born in Vietnam, so i see myself retiring in Vietnam...
There is a city in India , called Hyderabad. There is a bigger bubble there as well
the price chop's much needed. prices were similar to thailand or malaysia in many places, which was absolutely mental.
funny that the price condos,apartment still increases a lot this year despite of news about real estate. In hanoi, apartment prices continue to rise every few months
The rent to price ratio of real estate here is crazy... rent is dirt cheap, yet purchase of real estate is stupid expensive.
What about other parts of Vietnam? I am particularly interested in the Thanh Hoa province. Context of land price for a 550 m2 land and building costs for a 3 storey villa. Thanks
Have you studied about the weather condition, culture and people, etc,… in this province?
Thank you Ken! Your updates and information are very helpful. Hope to visit Saigon in October to look at real estate marketing VN😊
Very informative, thanks!
HCMC & Hanoi property prices have skyrocketed too much. Good to correct for the longer good.
Just saw this on my feed, I'm interested in overseas investments like in Real Estate, how can foreigners invest?
Apartment rental price is f ridiculous in Saigon
Depends where, there definitely is some great deals if your flexible
This is very informative.
When it hits the bottom what can we expect of the mortgage loan interest rates? If it’s acceptable I will consider putting down a mortgage on a property.
Thanks for your videos!
Good day,
I love this video. I think one of the best videos you have is the one with the owner of the GS25 stores. This was excellently put together. And gave us a legitimate example of what is possible. Would it be possible for you to interview someone like that who is and has been successful in the Real Estate niche in Vietnam. Thanks for your time in reading my comments. Looking forward to flying to Vietnam soon.
@davidbaptiste4325 where did you watch the GS25 video? Can you send the link over here? Much appreciated.
czcams.com/video/3qVbfak_2fQ/video.html
I wonder if you sir are actually reading these comments. I feel like it is a waste of time to comment. This far each time I have commented there has been zero response. I am not sure how to more forcibly impress upon you that some might be actually seeking answers and a heart emoji is not an acceptable response. If you care at all and you wish to grow your brand there absolutely needs to be a more heartfelt response. There is a reason some channels are super popular. Clearly here there is zero engagement and you don’t care enough to provide support to your viewers. I suppose they say you reap what you sow. So if you are not willing to give a little then you can’t have a lot. Good luck.
@@davidbaptiste4325 , we noted your comment and already liked it. In other words, it is not zero engagement. Let us know what we can do for you and we will answer.
Law of Supply & Demand , BIG surpluses brings down any commodity PRICES & vice versa
We own a paid off townhouse in Saigon. Love the place and I believe real state in Vietnam is a great but it's a long term play. There will be many fluctuations on the way, but overall great place to visit and invest.
How about showing us some of these great deals Ken? So previously 100,000$ condos in HCMC are down 38,000$? Pretty good, I remember when I was there before Covid those were some of the prices and I knew they were too high, they need to be more like Philippines, Thailand, Indonesia, about 50k for a small apt. in the city, more about right. Thanks.
Wow
I think the numbers have to be taken in context - the price drop was not in % terms but in $ value. This can be an important distinction as he included developments like Empire City. Empire City sells for $6000+ USD per square meter. So, a 100 square meter apartment (~1000 sqft for Americans - which is probably 2-3 bedrooms + 2 bathrooms) would still sell for $600,000 USD - a $38K drop is like a ~6% drop. Now, if a majority of the units he was referring to were in the $100,000 range to start, they this would be a great deal. However, that is not what I am seeing on the ground. If anything, the lower priced segment is the one still performing relatively well.
@@kershekfamily This makes sense, thank you for posting, I appreciate it!
Interest rates? Trade data? Sample prices in different localities? Political climate? Historical data on pricing for the last 10 years?
You can schedule a consultation with our attorney and we will be happy to answer all your questions.
This is a great news! The government did a good job to stop this volatile.
Do you also have inflation? Are interest rates increasing? Can you elaborate some if there has been an increase in interest rates. If so, one problem was the corporations were borrowing on a short-term usually variable interest rate line of credit which would be increasing expensive; while the use of funds was long-term real estate so you had a mis-match of financing.
Yes, we elaborated those in the previous video. Please watch our related video to find out more.
where i go to search/buy a property?
The United States raised its interest rates has created a money crunch around the world. The united states plans on raising rates at least one more time which will make things even worse. Once the rates are at the new highs these rates will stay elevated for approximately 6-12 months before they start to get lowered. Real estate Prices are not done plummeting yet. People will loose their jobs and prices will tumble further. If you buy real estates at current prices get ready to hold the bag for around 5-8 years before you make any decent profit. If your a foreigner don't waste your time and money investing in vietnam.
This is interesting, if only to illustrate the interconnectedness of asset markets throughout the world. Commercial real estate in the US is going to have to move a great deal lower in price.... unless the Fed decides to keep it pumped up with QE.
Commercial real estate is screwed
@christophervo8228 yeah, no question about that; but it's just interesting to see how ... in effect... the Fed & the ECB screwed things up for people all over the world.
MNC companies are planning to set up offices and factories in Vietnam. Is this the way of negotiations??
I don't consider these issues as real problems. Why? Every investment, you name it, goes up, stays about the same or goes down. Doesn't matter what it is, real estate, stocks, bonds, gold, even money due to the inflation factor. People need to realize this and be prepared. If I owned an apartment in Vietnam for say (just making this up) for say 200,000 dollars and I pay 3,000 dollars a month in mortgage, and the apartment drops to 180000 dollars it only matters if I lose my job or other income and I have to sell. It also doesn't matter if the apartment increases to 230,000 dollars. It only matters when you buy and sell.
Just visit phu quoc. Would like to know how to finance shoplots of 'venice'
Property in HCM is EXTREMELY inflated and it needed to collapse. WAY OVERVALUED!
30% of properties bought there were by Chinese. Now one can look at the also crashing real estate market in Commie China and connect the dots to understand what's happening in Commie Vietnam, its minion. The corrupt Commie Vietnamese regime has been Commie China's puppet regime for almost a century now, selling out Vietnam's territory Spratly Islands to its master even back in 1958 signed by traitorous Commie Pham Van Dong.