Foreigners Buy Houses In Vietnam - Stimulus Resource For Real Estate

1/ Only purchase, hire purchase, donate, inherit and own  not more than  30% of the apartments in an apartment building; in case of the individual houses including villas, semi-detached houses,   in an area with a population equivalent to a ward-level administrative unit, foreigners can  only purchase, hire purchase, donate, inherit and owne not more than  250 houses.

2/ In case of a region with a population equivalent to a ward-level administrative unit that has many condominiums or for individual houses on a street, the Government shall  have regulations on the particular number of apartments, number of individual houses which foreign organizations and individuals  are allowed to purchase, lease, donate, inherit and own.

3/ To own houses as agreed in the contract of sale transactions, leasing, donation or inheritance  but not exceeding 50 years from date of issuance of the certificate and may be extended  under the provisions of the Government if required; housing ownership period must be specified in the certificate.

4/ In case of foreign individuals married to a citizen of Vietnam or married to a Vietnamese residing abroad can own a stable, long-term house and have the rights and obligations of house owners as citizens in Vietnam.

5/ Before the expiry of home ownership, the owner can give or sell these houses to the entities eligible to own houses in Vietnam; if exceeding the expiry of house ownership and the owners have not sold or donated the house, the house will be  owned by the state.

6/ To rent houses to be used for purposes not prohibited by law, but prior to housing rental, the owner must give written notice of the housing rental with housing authorities of the district prescribed by the Minister of Construction and has to pay tax from the operation of housing rental under the provisions by law.

 7/ Make payment for purchase, hire purchase housing through credit organizations operating in Vietnam.

What basic things should foreigners pay attention to when deciding to buy houses in Vietnam?

  Lawyer Truong Thi Hoa: Foreigners must pay attention to the legal issues related to investment projects, should choose reputable    investors in real estate market  for housing delivery deadlines, quality of construction, design and usability. Also, according to us,        foreigners should pay attention to the project site because the location is related to safe and peaceful living environment and to          convenient traffic.

  According to you, how does the legislation to allow foreigners to own property in Vietnam  have an impact on the market?

  Lawyer Truong Thi Hoa: In our opinion, the provisions of the Housing Law, Land Law ... concerning the right to buy houses,              housing ownership by foreigners create more resources for real estate stimulus so that Vietnam real estate market has  more             conditions to recover after more than 7 gloomy years. The regulation on foreigners to buy houses and the rights to own houses in       Vietnam is in line with the trend of integration of Vietnam in the region and internationally because the general trend is to allow       foreigners to purchase  and to own houses.  

  OPINIONS OF FOREIGNERS ON HOMEOWNERSHIP IN VIETNAM

  Mr. Renger Dominique – French

 I think this is a good signal for the real estate market after five years of experimental work for foreigners to buy houses. From July   1st the regulation for foreigners to buy houses in Vietnam has become easier and this will help more foreigners have conditions to   purchase houses.  Some of my friends as well as my colleagues are very concerned about this provision because they really want t   to buy houses in Vietnam. If there are explicit laws regulating property ownership, it will be very favorable to purchase houses. They   are also interested in the project's location and design. Concerning the design, they prefer large airy projects, with beautiful and reasonable design.

 Some of my friends in Hong Kong and Singapore are also interested in housings in Phu My Hung. Houses in Hongkong, Singapore are very expensive, so they want to buy houses here. High liquidity of real estate in high Phu My Hung is also a factor attracting them. They especially like the apartments that have high ceilings, airy and apartments with majestic design. I think the real estate market in the future will be more competitive because foreigners in general are quite careful when choosing accommodation or good location of the property.

Mr. Kim Jeong Hoon - Korean

I have lived and worked in HCMC for about 5 years and wish to be able to stay in Viet Nam longer. The law to allow foreigners to buy houses in Vietnam is something I'm very interested in. Currently, we only get 50 year- home ownership when buying a house in Vietnam. I do hope that, in the future, the law can be adjusted so that we can own stable property for a long time as citizens of Vietnam.

When buying a house, I pay attention to the security first, then the landscape and environment and utilities. I have bought a house in Vietnam, an apartment in Scenic Valley on the offering on June 6th by the drawing method. I like this project because it has a good visual environment, especially near the center of Phu My Hung with Crescent Mall, Saigon Exhibition & Convention Center – SECC.

Mr. Sudeep Bansal - Indian

All rented apartments give me a sense of not being at home. My concept about the house: it must be my own house, home is a place belonging to me, is a part of mine and my family and ours. To be allowed to buy any kind of property legally, to live and enjoy benefits like any resident of that country is the very warm feeling when living away from home. That is the wonderful feeling when living in a country that can give me such entitlement.

Allowing foreigners (with entry visa to Vietnam) to buy houses in Vietnam is a timely decision of the government of Vietnam and for expatriates, this is welcome. This also creates good reasons to buy a house in Vietnam. If I am allowed to own a house, I will choose Phu My Hung with one simple reason: here there is a high level living environment and opportunities for interaction between cultures.

Safe living environment with all amenities and entertainment for all ages. Wide roads, an international educational environment, advanced health care utilities. The ever- increasing added values  to the residents are the factor for me to choose Phu My Hung.