Laos: Property market sees big changes
The real estate in Laos has seen changes in recent years as more investors have been engaging in building apartments and houses for rent.
Skyline of Vientiane capital, Laos (Source : youtube)The move is to meet the rising rental demand by foreign businesspeople, who, as under Laos’s law, are not allowed to purchase a property.
The establishment of the ASEAN Community in December, 2015 sparked a strong flow of ASEAN investors coming to seek business in Laos, according to Houmphan Sayalath, CEO of the real estate firm RentsBuy Co Ltd.
This led to a strong demand for rental accommodation, he said.
Investors from China and the Republic of Korea have grasped the opportunity pouring investments in building apartments in Laos in the last few years. However, supply has not met the demand .
Currently, 80 percent of the rental accommodation market is in hands of Lao people and foreigners hold the remaining 20 percent.
According to the latest statistics of the Lao National Economic Research Institute (NERI), the country’s economic growth for the fiscal 2015-2016 year is expected to reach 7.7 percent compared to the last fiscal year’s figure of 7.6 percent.-VNA
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