With more flexible regulations on home ownership for overseas Vietnamese, the estimated amount of remittances of billions of USD each year is expected to support the real estate market in the coming time.
Welcoming billion dollar capital source
Recently, Danh Khoi Group announced the signing of a strategic cooperation agreement with Knightsbridge Partners - a real estate distributor in the international market, with the expectation of offering products of the Astral City Commercial Complex and Luxury Apartment Project to foreign investors.
The Group's representative said that the signing of a strategic cooperation agreement with Knightsbridge Partners aims to promote product distribution and project development activities in the international market, bringing products to a larger customer base.
Previously, the real estate market also recorded a series of "handshakes" between Vietnamese real estate developers and international distributors, with the aim of expanding the customer base of overseas Vietnamese and foreign investors, especially in the context of the Land Law, Real Estate Business Law, and Housing Law expected to take effect on August 1, creating more favorable conditions for overseas Vietnamese to invest and buy houses in Vietnam.
“After working with overseas Vietnamese, I have found that most of them own a certain amount of assets and are considering investing in their home country, and may even consider returning to live in their homeland,” said Troy Griffiths, Deputy Managing Director of Savills Vietnam.
In fact, there are regulations allowing overseas Vietnamese to buy houses in Vietnam. However, the complicated procedures and paperwork discourage them, so many overseas Vietnamese choose to have relatives stand in their names when buying real estate in the country. This also leads to many disputes and lawsuits when problems or incidents occur in the family.
According to Mr. Troy Griffiths, the new legal corridor will solve this problem, with clear and open regulations, creating more favorable conditions for overseas Vietnamese to invest and own houses in Vietnam. Remittances will then flow into the real estate market.
The Vietnam Association of Realtors (VARS) believes that the reform of the Land Law, allowing overseas Vietnamese to be granted land use right certificates, is in line with international trends and is positive. It is estimated that the amount of remittances flowing into Vietnam will increase, supporting the real estate market in the coming time, especially in the context of many real estate businesses being thirsty for capital.
“Currently, the market has begun to record a large number of new overseas Vietnamese customers. The number of transactions from overseas Vietnamese is also many times higher than the same period in previous years,” VARS informed.
Read the investment "taste" of overseas Vietnamese
According to experts, in the long term, remittances will be a strong source of demand to help the real estate market develop. This capital flow will be directed towards apartment products in the central and neighboring areas, which can be exploited for rental operations.
In addition, the luxury villa segment in big cities and tourism and resort real estate products are also favorite segments, suitable for the affordability of overseas Vietnamese.
Mr. Trinh Hoai Duc, Chairman of the Board of Directors of RealPlus Joint Stock Company, said that for the residential real estate market, the mid-range and high-end segments in the central areas of major cities always attract great attention and investment from overseas Vietnamese and foreign investors. Typically, apartment projects in Thu Thiem and Thao Dien areas always have a rate of 20-30% of the number of products sold to foreign customers.
Mr. Duc commented that the new regulation not only helps foreigners buy houses in Vietnam conveniently, but more broadly, the market is expected to attract more investment capital from enterprises and foreign investment funds to participate in housing real estate projects, contributing to the excitement of product supply, as well as creating more internationalized types of real estate.
Therefore, to attract this demand, VARS believes that businesses need to continue researching and building real estate projects that meet high standards in design, construction quality and amenities, serving both the residential and investment needs of overseas Vietnamese. Use diverse media channels to promote the project.
In addition, we support overseas Vietnamese with legal procedures, taxes and issues related to buying, selling and renting real estate. We provide after-sales services such as property management, maintenance and repair, helping overseas Vietnamese feel secure and satisfied.
Source: https://baodautu.vn/batdongsan/bat-dong-san-chuan-bi-don-dong-von-lon-tu-viet-kieu-d217955.html
Comment (0)