Nghe An: 112 real estate projects allow foreigners to own property.

Specifically, according to statistics from the Housing and Real Estate Management Department (Nghe An Department of Construction), housing construction projects located in areas where foreigners are allowed to own houses in the province are mainly concentrated in Vinh City with 98 projects.

For example, projects such as: Low-income housing area (Trung Do Joint Stock Company); New urban area of ​​Tay Dai Lo Xo Viet Nghe Tinh, Hamlet 19, Nghi Phu commune (Vinaconex 9); C1 Quang Trung commercial and service housing area (Tecco Corporation branch in Nghe An); Hung Loc commune mixed-use service and social housing project, Vinh City (Tecco Central Vietnam Company); Commercial center, high-rise hotel, office for rent, apartment building and townhouses complex project (Vinaconex 20); Eurowindow Nghe An tower (Vinh Commercial Center Investment Joint Stock Company); Mixed-use complex project including commercial center, services, offices, housing and high-end apartments (T&T Group Joint Stock Company)...

The remaining projects are located in Hoang Mai town and the districts of Quynh Luu, Dien Chau, Nghi Loc, Anh Son, Con Cuong, and Nam Dan.

Nghe An province now has 112 real estate projects that allow foreigners to own property. (Photo: a high-end apartment project in Hung Binh ward, Vinh city).

According to Mr. Phan The Phiệt, Deputy Head of the Housing and Real Estate Market Management Department of the Nghe An Department of Construction, as of now, after the announcement of housing construction projects located in areas allowing foreigners to own property, only one individual of South Korean nationality has completed the procedures to obtain the right to use a house in Vinh City.

Following the issuance of Circular 19/2016/TT-BXD by the Ministry of Construction, which guides the implementation of the Housing Law and Government Decree 99/2015/ND-CP, clearly stipulating the ownership of housing in Vietnam by foreign organizations and individuals, the Nghe An Department of Construction, along with other relevant departments and agencies, has begun processing applications from investors seeking to register housing construction projects in the area that allow foreign ownership.

At real estate exchanges in Nghe An, the housing market segments are very diverse, but there are still not many foreigners participating in ownership.

The housing market for foreigners currently permitted to own property in Nghe An is very quiet, with foreign individuals and organizations registering for ownership rights concentrated in major cities such as Hanoi, Ho Chi Minh City, and Da Nang…

This also means that the real estate market in Nghe An has not experienced many major fluctuations because foreign individuals and organizations have not invested capital in buying and selling properties.