Allowing foreigners to buy houses: 'Vietnam is the most open in the region'

Overseas Vietnamese are allowed to own houses like Vietnamese people, while foreigners are allowed to own houses for a period of 50 years and can extend for another 50 years...

“By allowing overseas Vietnamese to own houses like Vietnamese people, and foreigners to own houses for a period of 50 years and extend for another 50 years, it can be said that Vietnamese law has the most open provisions in Southeast Asia, even the world.”

The above assessment was given by Chairman of the Vietnam Real Estate Association (VnRea) Nguyen Tran Nam at a recent working session with the delegation of the Association of Vietnamese Real Estate Professionals in the US (VnARP).

The Government continues to amend a number of laws to suit the new situation, including allowing foreigners to buy, own, and use real estate in Vietnam.

At the meeting, Chairman of VnRea Nguyen Tran Nam shared the factors affecting real estate development in Vietnam.

Specifically, the population structure, large young workforce, increasing rate of young families... are factors positively affecting the domestic real estate market.

Besides, people's income is gradually increasing, the home ownership rate in Vietnam is 95%, new real estate projects are also consumed quite quickly due to high demand.

In particular, recently, the Government has continued to amend a number of laws to suit the new situation, including allowing foreigners to buy, own, and use real estate in Vietnam; overseas Vietnamese can own houses like Vietnamese people, and foreigners can own for a period of 50 years and extend for another 50 years.

In addition, in Vietnam today, infrastructure systems, especially transport infrastructure, are prioritized for investment. Furthermore, housing prices in Vietnam are higher than people's income, so we will have to focus on investing in small and medium-sized houses that are suitable for payment capacity.

Mr. Nguyen Tran Nam also added that the general planning of the capital has been approved by the Prime Minister, increasing the area and population of Hanoi many times.

Commenting on the Hanoi real estate market in the coming time, the Chairman of the Vietnam Real Estate Association said that the northern area of ​​the capital will develop strongly. Because infrastructure issues such as traffic, airport, cheap land prices in the area... are attracting investors to carry out projects.

“All these factors are creating momentum to help the Vietnamese real estate market and Hanoi real estate market develop strongly, attracting the attention of large domestic and foreign investors,” said the Chairman of VnRea.

According to VnEconomy