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Foreigners can own homes in Vietnam starting 1st July 2015
>>> Hanoi housing
Vietnamese lawmakers approved a law allowing broad foreign ownership of property, as the government seeks to boost an ailing real-estate market and accelerate economic growth.
Foreigners with a valid visa as well as foreign companies and international organizations operating in Vietnam now will be permitted to purchase houses and apartments.
Foreigners are able to buy apartments and separate houses, excluding those in the areas of defense security following government's regulations, according to the amended law.
Foreigners' housing ownership in Vietnam is not exceeding 50 years since the date of ownership certificate issuance, but the duration can be extended under government's regulations.
Foreigners are also allowed to buy or own less than 30 percent of the apartments in a condominium building, and less than 250 villas and separate houses in an area with a population equal to that of a ward-level administrative unit in Vietnam, according to the law.
Earlier in discussion, many lawmakers worried that if all foreigners who are allowed to enter Vietnam are able to buy houses, then the range is too large for management.
However, the approval of the law is expected to warm up the domestic real estate market, which has been in difficult situation for years.
Vietnamese property inventories dropped about 13 percent to 82.3 trillion dong ($3.85 billion) as of Aug. 20 from a year earlier, according to the construction ministry.
The number of unsold apartments was about 17,000 units nationwide. Via Xinhua.
Vietnam real estate attracts more foreign investors
>>> Hanoi housing
Foreign investors are eyeing more projects in the Vietnamese property sector as the market increasingly becomes more open to overseas investment opportunities.
Singaporean firm SLP Group is considering residential, commercial and industrial developments in Vietnam, where the real estate market is as saturated as Singapore’s, according to CEO Tricia Teo.
She said that housing prices in the country is especially attractive and “balanced with investment capital”, which lures foreign investors to expand operations there, Vietnamese publication Business Times reported.
Vietnam Real Estate Association deputy general secretary Tran Ngoc Quang echoed the same sentiment. “The Vietnamese market is developing and all market forecasts confirm that this is a market with great potential,” he said.
UAE-based Investment Corporation of Dubai recently sent a team to the northern province of Quang Ninh to review the investment potential of the Van Don special economic zone.
Hanoi and Ho Chi Minh City, two of Vietnam’s largest cities, have also showed signs of rapid growth potential in the next two decades, and both are seen to drive the return of the country’s property sector, Peter Ryder, CEO of IndoChina Land, told Vietnam News Brief Service.
Investors from South Korea and Japan are also showing strong interest in the Vietnamese real estate industry, according to Neil MacGregor, managing director of Savills Vietnam.
Vietnam was recently named by US-based Association of Foreign Investors in Real Estate as the fourth emerging market in the world for property investments.
A proposed law to allow foreign ownership of real estate is carefully being studied by the Vietnamese government in order to further boost the local property market.
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GREEN STARS APARTMENT PROJECT - 234 PHAM VAN DONG STREET
General Information of Green Stars Apartment
- Developer: An Binh Star Joint Stock Company
- Address: 234 Pham Van Dong Street, Co Nhue Commune, Tu Liem, Hanoi, Vietnam
- Architecture consultancy: CPG Cooperation
- Constructor: Bauer Vietname Ltd
- Development: High-end Apartment
- Construction completion (expected): 2014
- Investment: 5,000 billion VND
Location of Green Stars Green Stars Apartment
- Located at the Northwest gateway of Hanoi Capital, 20 kilometers far from Noi Bai International Airport.
- Green Stars is located in the crowded residential area of the city, on Pham Hung Street and extended Hoang Quoc Viet Street, the main route to Noi Bai Airport – the biggest airport in the North.
Project details of Green Stars Apartment
- Project area: 34,636 m2
- Construction completion: 2014
- Total floor area: 262,546 m2
- Project scale: 7 blocks of 21 – 27 floors, 2 basements
- Number of units: 930 units
- Apartment size: 125,2 – 300 m2, 2 – 4 bedrooms and at least 2 logia.
- Modern and high-speed elevator system, security 24/24 with modern security system
- Parking: 2 levels of basement, secure 01 car parking space/ apartment.
- Panorama view to the lake and large artificial pool to maximize visibility for the apartments as well as rhythmic combination with the landscape to create a green axis for the whole construction.
- Facilities: cultural park, sport, schools, supermarket, medical services... and green parks 15 ha located in Exchange City
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