An amended Housing Law draft would restrict foreign ownership to no morethan 30 percent of apartments in a building, or 250 houses in a ward.
The change is proposed in a preparatory copy of the amendmentfor a National Assembly meeting on May 20. Foreigners, excludingdiplomats, would be allowed to own houses and apartments once they getan immigration pass and a work permit in Vietnam . The ownershipwould expire in 50 years.
This is seen as a step to open the market to foreigners, and likely to revive the dull property market scenario.
At present, a foreigner is only able to buy or own property whenhe/she has a Vietnamese spouse, or makes large investments.
According to the Ministry of Construction's report, most of the nearly120 foreigners who own houses in Vietnam are married to Vietnamesecitizens.
About 130,000 Koreans live in Vietnam, and theyhave to rent homes owned by Vietnamese landlords because foreigners arenot permitted to purchase houses in the country.
However, most local landlords refrain from leasing homes to foreigners.
On the other hand, Viet Kieu (overseas Vietnamese) are allowed to buyor own property without quantity or property restrictions.
Thecurrent law allows Viet Kieu to buy only one house or apartment in whichto reside after they have remained in the country for at least sixmonths.
The changes are likely to mobilise capital resources,technology and management expertise to help the development of thecountry and the real estate market.
In another attempt to boostthe market where sales are slowing, the Ministry of Construction, theState Bank of Vietnam and the Ministry of Justice will allow lowincome buyers to mortgage their new houses or apartments to access loansfrom the 30 trillion VND (1.3 billion USD) housing stimulus package.
Previously, banks had asked home buyers to provide proof of income and to prove their ability to repay debts.
They were also asked to mortgage other assets to borrow money from the package.
Statistics from the ministry show that by February 17, the centralbank had approved lending contracts to 17 realty companies to the tuneof 1.46 trillion VND (69.5 million USD), of which 536 billion VND (25.5million USD) was disbursed to 11 enterprises.
More than 2,270home buyers are scheduled to receive loans worth a total of 821 billionVND (39 million USD), of which 505 billion VND (24 million USD) wasdisbursed to 2,261 people.-VNA
The change is proposed in a preparatory copy of the amendmentfor a National Assembly meeting on May 20. Foreigners, excludingdiplomats, would be allowed to own houses and apartments once they getan immigration pass and a work permit in Vietnam . The ownershipwould expire in 50 years.
This is seen as a step to open the market to foreigners, and likely to revive the dull property market scenario.
At present, a foreigner is only able to buy or own property whenhe/she has a Vietnamese spouse, or makes large investments.
According to the Ministry of Construction's report, most of the nearly120 foreigners who own houses in Vietnam are married to Vietnamesecitizens.
About 130,000 Koreans live in Vietnam, and theyhave to rent homes owned by Vietnamese landlords because foreigners arenot permitted to purchase houses in the country.
However, most local landlords refrain from leasing homes to foreigners.
On the other hand, Viet Kieu (overseas Vietnamese) are allowed to buyor own property without quantity or property restrictions.
Thecurrent law allows Viet Kieu to buy only one house or apartment in whichto reside after they have remained in the country for at least sixmonths.
The changes are likely to mobilise capital resources,technology and management expertise to help the development of thecountry and the real estate market.
In another attempt to boostthe market where sales are slowing, the Ministry of Construction, theState Bank of Vietnam and the Ministry of Justice will allow lowincome buyers to mortgage their new houses or apartments to access loansfrom the 30 trillion VND (1.3 billion USD) housing stimulus package.
Previously, banks had asked home buyers to provide proof of income and to prove their ability to repay debts.
They were also asked to mortgage other assets to borrow money from the package.
Statistics from the ministry show that by February 17, the centralbank had approved lending contracts to 17 realty companies to the tuneof 1.46 trillion VND (69.5 million USD), of which 536 billion VND (25.5million USD) was disbursed to 11 enterprises.
More than 2,270home buyers are scheduled to receive loans worth a total of 821 billionVND (39 million USD), of which 505 billion VND (24 million USD) wasdisbursed to 2,261 people.-VNA
