Singapore - South-East Asian property markets are expected to sustain the buoyant growth seen in 2007, DTZ Debenham Tie Leung said on Friday. Residential markets in the region are forecast to be driven "by steady economic expansion, increasing affluence and increasingly attractive projects as developers strive to refine concepts," the DTZ report said.
Demand for properties in Vietnam has been bolstered by recent relaxation in rules for housing ownership, allowing foreign land ownership terms to increase from 50 to 70 years, DTZ said.
The residential market in Thailand is expected to recover as the political situation improves and developers are encouraged to launch projects which have been withheld.
The market is good for high-end condominiums in Kuala Lumpur, bolstered by the relaxation of rules for foreigners to buy residential properties, DTZ noted.
DTZ said demand for office space in Vietnam is expected to continue to be underpinned by limited potential supply.
Increasing demand was also expected for the office market in Kuala Lumpur, particularly by the services, oil, information technology and financial sectors.
DTZ said the subdued Bangkok office market last year was due to a less favourable operating environment which affected investors' confidence.
