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Vietnam Realty Investment Market and Housing Law for foreign investors.
Housing Law that took effect on July 1 in Vietnam with the following infomation :
" Foreigners can buy, sell houses only through banks .Foreigners buying or selling houses in Vietnam are required to carry out the transactions through banks in Viet Nam,and not in cash, the central bank has decreed.Foreigners are required to buy or sell houses in Vietnam via local banks.They can get mortgages if they meet banks' requirements.The State Bank of Viet Nam (SBV) said further in a document it has issued to guide the buying and selling of houses by foreign individuals and organisations.The tenor of the loans cannot exceed the time they live and work in Viet Nam,while for organisations and other legal entities,it will not exceed their licence period . Amendments to the Housing Law that took effect on July 1 permit foreigners and overseas Vietnamese to buy housing if they have a visa to enter the country,They can buy, lease out, gift, and inherit property."
A provision contained in the Housing Law two months ago allowed foreigners to buy houses in Vietnam,but most real estate developers still only have few foreign clients.There are a few restrictions, one of which is that combined foreign ownership should not exceed 30 percent of an apartment project.
after July current laws , the first foreign buyer of a house can own the property for 50 years.
However, it is unclear how many years the following buyers is foreigner can own it.
Meanwhile, the foreign ownership time limit will also determine the value of the houses.
quoted follow the news:
The chair of the HCM City Real Estate Association,Mr Le Hoang Chau, said that : foreigners were not buying houses , because of the complicated procedures and unclear regulations.Current survey showed real estate market situation after promulgating the law really still not yet attracted foreign investors .
General news from vietnamnet / vir by Adam Koo