(CLO) The Ho Chi Minh City Real Estate Association proposed that the Ministry of Construction submit to the Prime Minister for consideration and submit to competent authorities to allow foreign individuals to buy or lease condotel apartments in condotel apartment projects and resort projects outside of national defense and security protection areas.
Over the past decade, Vietnam has become one of the ideal destinations for foreign investors. As a result, a large number of foreign workers have come to Vietnam. Most of them are high-quality workers, focusing on the positions of managers, executives, experts, and technical workers.
The Vietnam Association of Realtors (VARs) believes that, before August 2024, the number of home ownership by foreigners in Vietnam in general and Hanoi in particular, will be relatively low.
HoREA proposes allowing foreigners to buy condotels in projects outside defense areas. (Photo: ST)
However, after August 1, 2024, the Housing Law 2023 officially takes effect. The law stipulates that foreign organizations and individuals are allowed to own houses according to agreements in transactions of sale, lease-purchase, donation, and inheritance of houses, but not more than 50 years from the date of issuance of the Certificate and can be extended once for a period of not more than 50 years if needed.
The 2023 Housing Law also stipulates that the number of apartments in an apartment building must not exceed 30% and that there must not exceed 250 individual houses, including villas and townhouses, in an area with a population equivalent to a ward.
VARS believes that the increasing trend of foreign home ownership in Vietnam in general, and Hanoi in particular, will continue to grow. This is a positive signal for the real estate market. It will contribute to absorbing a relatively large amount of high-end, luxury products that are still "in stock" on the market.
“This is both a great opportunity, but also poses many challenges for investors in meeting the needs of this potential customer group,” VARs said.
Although there are clear regulations, some opinions still hope that the authorities will continue to "loosen" the regulations related to foreigners owning real estate in Vietnam.
The Ho Chi Minh City Real Estate Association (HoREA) has just sent a document requesting the Ministry of Construction to submit to the Prime Minister for consideration and submit to competent authorities to allow foreign individuals to buy or lease condotel apartments in condotel apartment projects and resort projects outside of national defense and security protection areas.
According to HoREA, this proposal aims to increase liquidity and add more investment capital to develop condotel apartment projects, creating conditions for the tourism industry to develop sustainably, becoming a key economic sector according to Resolution 08-NQ/TW dated January 16, 2017 of the Politburo.
Source: https://www.congluan.vn/de-xuat-cho-phep-nguoi-nuoc-ngoai-mua-condotel-tai-cac-du-an-ngoai-khu-vuc-quoc-phong-post334111.html
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