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A Systematic Approach to Market & Project Selection
We focus on major cities in emerging markets with strong fundamental factors that ensure long-term property value appreciation.
Interactive Market Attractiveness Matrix
Rapid income growth and a shortage of modern housing against a backdrop of still-affordable prices create long-term conditions for capital appreciation
↗ Click on a city marker for details
* Expected GDI growth 2026 (Asia Development Bank, World Bank, SBER CIB). ** Avg. price/sqm (Numbeo, 2025). *** Modern housing share (NAIC, VNARP, national registries).
How Five Filters Protect Investor Capital
Each of the five criteria addresses a specific risk. Together they form a system that filters out markets with attractive packaging but weak fundamentals.
GDP & Income Growth → Rising Demand
When population income grows 10–15% per year, purchasing power doubles in five years. This creates organic housing demand independent of speculative capital. This is exactly what happened in Singapore in the 1990s, Shanghai in the 2000s, and Moscow in 2005–2008.
Housing Deficit → Downside Protection
When 60–80% of housing stock is outdated and new construction can't keep pace with demand, prices cannot fall significantly even during a crisis. Deficit is built-in insurance. In Ho Chi Minh City, the current deficit is estimated at 1.5 million units — years of construction.
Low Price Base → Room for Growth
At $2–3K per sqm, the market is 5–7x below developed peers ($10–20K in Singapore, Hong Kong, Shanghai). The goal is to enter while the market is still affordable and capture exponential growth as living standards converge. We look for cities where today's $2K can become $5–8K in 7–10 years.
Secondary Market Liquidity → Ability to Exit
An investment without an exit strategy is not an investment. We operate only in cities with 3M+ population and an active secondary market with hundreds of thousands of annual transactions. This guarantees the asset can be sold within a reasonable timeframe at market price.
Currency & Legal Framework → Capital Preservation
Turkey illustrates the risk: even with local-currency price growth, an investor can lose 50%+ due to lira devaluation. We require: confirmed central bank currency stabilization policies, transparent foreign ownership mechanisms, and steady FDI inflows as a confidence indicator.
How We Vet Every Project Before Investing
Market selection is the first filter. But real returns are determined by the specific project. Of 100+ projects on each market, only 3–5 make our portfolio. Each undergoes seven areas of analysis.
Legal Verification & Permits
Full verification of the project's legal status: land certificates (pink books in Vietnam), construction permits, sales licenses. Analysis of the developer's ownership structure to exclude corporate risks. Foreign ownership framework assessment — leasehold / freehold / SPA.
Developer Financial Stability
Financial statement analysis: balance sheet, cash flow, debt load. Bank guarantees and escrow mechanisms for buyer fund protection. Presence of major institutional shareholders or partners. Credit ratings and litigation history.
Track Record & Project History
Evaluation of all developer's completed projects: were there delays? Does quality match promises? Price dynamics post-completion. Number and scale of current projects — assessing ability to complete construction.
Location & Infrastructure
Transport accessibility: distance to metro, major highways, city center. Social infrastructure: schools, hospitals, shopping centers within 2 km radius. Development prospects: planned infrastructure projects (new metro lines, business hubs). Environmental factors: proximity to industrial zones, flood risk.
Price Analysis & Growth Potential
Comparing project pricing with the secondary market in the same area. Pricing gap analysis: if secondary is 20–30% higher, this provides a safety margin for the investor. Benchmarking against competing projects in the same segment. Price growth forecast based on macro trends.
Liquidity Assessment & Exit Strategy
Primary market sales volume and velocity. Secondary market analysis: time on market, average discount. Buyer profile: local vs foreign. Rental potential as Plan B in case of delayed exit.