It cited figures from 17 major property businesses in the country as showing that 12,335 foreigners have bought housing from them since July 2015.
As many as 10,020 people, or over 81 percent of the total, bought housing in HCM City.
The association said the number of apartments bought by foreigners, equivalent to some 0.85 percent of units in commercial housing projects, is still not large and the property market for foreigners has not expanded to any great extent.
Given this, it proposed authorities allow foreigners to purchase or own condo-tels, tourist villas, and shop-tels, while those wishing to invest in resort tourism projects must do so via financial investment under the Investment Law.
Here is the summary the most important information to take note of Vietnam’s new law to foreign ownership of property
- Foreigners can buy properties by simply possessing a tourist visa
- There’s no cap to the amount of properties you can buy
- Foreigners are restricted to buying a maximum of 30% of the units in condominiums and cannot own more than 10% of the properties in a landed project
- Foreigners can now buy houses, but only 250 of the houses in a given ward (division).
As a foreigner in Vietnam, if finding it challenging to buy a property and obtain title documents, you should contact a lawyer or talk to an agent. GBS can be a good choice.