WHAT HAS BEEN DRIVING THE PROPERTY MARKET SINCE 2003? •Limited capital markets •An emerging condo market in Hanoi and HCMC • Conspicuous consumption • Ability to borrow from local banks at 10-11% per annum • Consistently rising GDP and FDI • China + 1, APRC, the Stock Market and entry to WTO has put Vietnam on the radar screen, coupled with the ML report in Feb and the Euro Money Conference in Mar 2006 • Saturation in other South East Asian markets