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Covid-19 continues to impact Lao real estate businesses

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The renting and sale of real estate property across Laos, especially in Vientiane, still faces challenges due to the continued impact of the Covid-19 pandemic. Xinhua News Agency

Covid-19 continues to impact Lao real estate businesses

The renting and sale of real estate property across Laos, especially in Vientiane, still faces challenges due to the continued impact of the Covid-19 pandemic.

Target groups of tenants and buyers for condominiums and apartment mainly consist of expatriates from China and other countries.

Following the launch of large investments projects by Chinese investors, there had been a boom in the construction of apartment blocks in recent years, before the coronavirus outbreak.

RentsBuy.com managing director Houmphan Saiyalath told Vientiane Times on January 6 that the renting and sales of apartments and condominiums in Vientiane continues to suffer after the exit of expatriates.

“However, land and housing projects are still going on due to the affordable prices,” he said, adding that the buyers are mainly local residents from different provinces who wish to move to Vientiane.

He said most buyers wishing to acquire a plot of land or a housing project can make monthly payments to landlords or project developers within a certain period of signing an agreement.

‘Plenty of options’

Observers have said many land developers in Vientiane tend to offer affordable prices to their clients, and this enables people to acquire a plot of land and to have a permanent house in the capital.

A former tenant said: “To own a plot of land in Vientiane, buyers have plenty of options for payments. For instance, they may make a down payment of 10 per cent or 20 per cent of the total price, and then they can start building a house and continue to make monthly payments in accordance with the agreement signed by both sides.”

Prior to the Covid-19 crisis, Laos witnessed rapid economic growth and a surge in foreign investments in 12 special economic zones. The business sector is now hoping that the arrival of Covid-19 vaccines will help end the economic disruption and the regional and global economies will recover.

VIENTIANE TIMES/ASIA NEWS NETWORK

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