Why foreigner can not buy house in Vietnam ?
Many foreign expats and foreign Vietnamese who are interested in the real estate market have red tapes that go beyond them. Real Estate Management Ho Thanh Ut has fingered a belief in the number of potential foreign buyers who have visited the development of their homes. In the last 6 years in Saigon Property Expert.
View from The Manhattan Of Vinhomes Complex
Thanh has an interest in the Vietnamese housing market, but said it often disappears due to complex rules and excessive documentation.
"ExPat doesn't have a clear understanding of the legal process, but some agencies aren't used to dealing with foreign buyers," he said.
Official estimates vary greatly. Local media in August reported that 750 foreigners had bought a house in Vietnam since the new housing law came into effect two years ago. The minister was six times larger than before, claiming in a statement that the new procedure was "really unveiled."
The 2015 Housing Act allows foreign investment funds, foreigners with valid visas, and international companies operating in Vietnam and abroad to purchase unlimited residential real estate for a 50-year lease.
Vision for Investor
Before that I was able to buy only one apartment if I married a Vietnamese or had a management position or contributed to the nation.
But this week, only 15 foreigners in Vietnam announced that they would buy a house in Vietnam since the new law of the Ho Chi Minh City Construction Department came into force.
Great Support for Trading in Saigon
Although the data are still competing, industry insiders have issued a statement of the work of a grain of salt. Estimated Thanh, sitting in an office overlooking Hanoi's skyscraper West Lake, reached hundreds, calculated since 2009, when Vietnam first opened a real estate market to foreigners. I will. With 80,000 expatriates and more than 40,000 overseas Vietnam, the city is essentially an unexplored gold mine.
He said, "There are many overseas residents living and working in Vietnam, but there are many foreign Vietnamese." "Many of those want to own a home in a country where they have money, but only a few can do it."
- According to industry insiders, the lack of public projects that foreigners can buy is one of the biggest obstacles.
- According to the Housing Act, developers are able to sell up to 30% of their apartments abroad in their apartments, and have the ability to ward up to 250 houses. Areas sensitive to national defense and security have no restrictions on foreign buyers. Given the regulation, the authorities have published a housing project that can be sold to foreigners, but it really isn't.
Best Potential Projects
Another barrier facing foreigners and foreign Vietnamese is the lack of property ownership insurance, which is a standard document issued in many countries. Overseas Vietnamese economist Nguyen Tri Hieu said.
This left Hieu unable to buy a house, who had lived in the United States for 30 years and came home eight years ago. “Unlike Vietnamese, who buy savings homes, expatriates often need bank loans. However, foreign banks offer insurance for property ownership that their customers cannot access in Vietnam. You can't offer a mortgage only if you can. To access your credit. "
Hieu said many foreigners in Vietnam want to buy their homes. "While many older people can buy a home and spend the rest of their lives in their hometown, young people want to invest in a profitable real estate sector."
In a plan to attract more foreign buyers, the Investment and Investment Department, in August, drafted a law proposing to provide foreigners with 99-year lease water in special economic zones.
There are 18 special economic zones in Vietnam, in the province of Kang Ninh near the border with China, in the central region of Khanh Hoa, on the Phu Quoc Island in the southern part of Kien Giang. More and more developing. Industry officials believe that removing more barriers will lead to more interest in the local housing market.
Saigon Property
According to South China Morning Post, Vietnam has become one of the most popular real estate markets for investors in Hong Kong and mainland China. More than 300 potential individual investors recently attended a two-day Vietnam real estate investment seminar in Hong Kong.
Due to rapid economic growth, government support policies and affordable entry costs, house prices have grown significantly in the last few years in the two major cities of Saigon and Hanoi.
Real estate agency Jones Lang LaSalle announced in Saigon that new condominium prices increased 6.9% in Q1 2017 and 7.3% in Hanoi in the first quarter of 2017.
Currently, we expect annual growth of 8-10% in major cities this year:
“The economic sentiment and market sentiment are very positive with a GDP target of 6.7% in 2017,” said Stephen Wyatt, national head of JLL, Vietnam.
"Foreign buyers generally like new cities like Ho Chi Minh's two districts and seven globes." "Many investors in mainland China expect this city to grow as well as Beijing and Shanghai. "
Aqua City Project in Saigon
- He also tends to buy second homes in coastal areas such as Da Nang.
- Neil Jensen, Malaysia's financial and industrial labor, said Vietnam would be an ideal of Vietnam real estate for investors once the legal process improved.
- He buys a condominium in Saigon and tries to rent it to an overseas worker. “Only if the legal process is clearer and more open, do it.” Jensen (34) does not want to take risks.