New opportunity for foreigner to own house in Vietnam

New opportunity for foreigner to own house in Vietnam 7 Tháng Mười Một

Since the effective date of the Law on Housing 2014 and real applied in recent years has “awakened” the real estate market in Vietnam.

 

                                   (Hai Phat Global in Korea)

According to statistics in 2016, more than 82,000 foreigners are living and working in Vietnam and now this number has significantly increased. In particular, Hanoi and Ho Chi Minh City are the two most concentrated places of foreigners, who mainly come from Korea, Japan, China, Singapore, Russia and USA….

According to HSBC Vietnam’s report, demand of buying house of this customer group is quite high. Specifically, HSBC said that 29% of foreign experts working in Vietnam are willing to use their saving to consider buying a house in Vietnam. They are among 30% of potential buyer buying high-quality apartment, 2% of potential buyers buying luxury apartment

The opening of the legal framework for foreigner buying house in Vietnam has opened more “doors” for the domestic real estate market.

Accordingly, the Law on Housing 2014 allows foreign entity and individual to own house in Vietnam with the following main conditions:

– Foreign individual: Only allowed to enter into Vietnam

– Foreign entity: Foreign-invested enterprise, branch, representative office of foreign enterprise, foreign investment fund and branch of foreign bank, which are operating in Vietnam.

(Section 1, Article 159 of the Law on Housing 2014)

                              (Project "Roman Plaza" in Ha Noi)

In addition, regulations on the type of housing allowed to own are also extended from apartment to separate house in the project of housing construction. Duration of ownership is 50 years from the date of issue certificate, and it may be extended if the customer has demand.

                           (Project "Bea Sky" in Nguyen Xien- Ha Noi)

In fact that, when looking at the legal framework at the present time, Vietnam has been and will be a “lucrative market” for foreigner to promote investment in the real estate, especially in the field of housing trading.

In the next publication, Hai Phat Global will continue to send to readers some detailed regulations of  Vietnamese Law on “Requirements pertaining foreign entity and individual be eligible for the homeownership in Vietnam and Homeowner rights of foreign entity and individual”

 



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