Foreign ownership limits set for Vietnamese property market
Foreign entities and individuals can now own up to 30% of the residential apartments in a building, including mixed-use developments, under a new decree effective on August 1.
Hanoi (VNA) ꧃– Foreign entities and individuals can now own up to 30% of the residential apartments in a building, including mixed-use developments, under a new decree effective on August 1.
For apartment complexes with multiple blocks sharing a common base, foreign ownership is capped at 30% of the units in each block.
For standalone houses in designated areas with a specified population, foreigners can own no more than 250 units if only one housing development project exists, but in areas with two or more, they can distribute ownership across all projects and the total must not exceed 250 houses. However, once the 250-house cap is reached in one project, no further purchases can be made within that area.
To extend ownership beyond the initial period, foreigners must submit an application to the provincial People’s Committee at least three months before the expiration date. The committee has 30 days to approve or reject the request, which can grant an additional 50 years of ownership.
According to the Ministry of Construction, about 4 million people, including both foreigners and overseas Vietnamese (OVs), are expected to have demand for housing in Vietnam in the future.
A recent Dat Xanh Services report indicated that most OVs prioritise mid-range housing for living purpose rather than speculation. Investors tend to seek long-term options with high rental yields.
Suburban areas in Ho Chi Minh City are particularly popular among OVs for asset accumulation due to their prime locations, dense population, and potential for price hike and rental income./.
The Land Law, the Law on Real Estate Business, and the Housing Law, all to be effective from August 1, are expected to help remove pending roadblocks to real estate projects and promote the transparency of the market, according to insiders.
Real estate enterprises are facing significant debt maturities of nearly 59 trillion VND (2.3 billion USD) and a rapidly rising delinquency rate in the sector.
Experts believe that positive changes in real estate laws and the policies of the Government will increasingly attract many foreign investors, helping to orient the market to develop in a more healthy manner.
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