Wanna own property in Vietnam?

Of course that's a great news!
Can you give the respective links?
Thanks in advance!

@Rosyvn The folks that aren't in the know might think that the proposal is going to be great, but if you look at the link below you'll see that just regular VN citzens have problems getting land ownership certificates:

http://tuoitrenews.vn/politics/12399/mi … rtificates

On another note, the land law was revised back in 2009 to allow Viet-Kieu to own a plot of land and one home. Guess how many as of 2013 have successfully completed the process and been given the "Red Book", less than 150 people in all of Vietnam.

http://www.vietnam-briefing.com/news/vi … laws.html/  . If I can rent a house for $300 a month not worth the hassle of buying one.

You are right that during 5 years from the issued date of Degree No. 19/2008/QH2 that allow foreigner can buy property in Vietnam, only 126 foreigner got the house following this way till now. But, as i said that this is new proposal from Ministry of Construction and it is highly possiblely approved by goverment in begin 2014.

Rosyvn wrote:

You are right that during 5 years from the issued date of Degree No. 19/2008/QH2 that allow foreigner can buy property in Vietnam, only 126 foreigner got the house following this way till now. But, as i said that this is new proposal from Ministry of Construction and it is highly possiblely approved by goverment in begin 2014.

I'm sure it'll be passed. The lawyers and real-estate people are already adding up the money their going to be able to bleed out of the folks that want to try.

Hi,

Can you tell me more about this?
You mean a foreginer now can buy a house in VN ?

@leoibh0602 No not yet, at this point it's only a proposal, I'm sure it'll be passed and take effect in 2014. Please what ever you do, go into the procedure with an open mind and be prepared to spend lots of money. Here's a link with some of the information:


http://www.vir.com.vn/news/en/property/ … ulled.html

Rosyvn wrote:

Pursuant to the proposal of Ministry of Construction, every foreigner that have stayed in Vietnam over 3 months have a right to own the condo or land in Vietnam. Moreover that, you can rent out your house by yourself or corporation with developer.
Is that good news for you?

you sure they allow you to rent out your house? Hmm it'll be something I'll have to look into.

Folks you need to think about this. Do you really believe  that you could come to Vietnam on a 3 month visa, complete the process, get the "Red Book and fly back home during that short time frame? Much less try and rent it out?

@khanh44: It's a part of new proposal. Even now, if you get married with Vietnamese lady, you can rent out your house under her name.

And how wise is it for a foreigner to purchase land in a socialist country run by communists? Hmmm!!

You are just really renting but at a greater cost and for a longer period. Do the maths rent vs buying in Nam renting wins hands down.

@BIGJED1975 - There is difference between long term leasing and buying. If you own property (even in 50 years instead of freehold), you have right to transfer, give, re-sell your property to any one, at any time and get back your money.
About the cost, just simple calculation: for example: you buy the house with price 80,000 USD  in 50 years (1 ground, 2 floors, 4 bedrooms), mean that you will pay around 133 USD/ month. For this situation, you have to pay for renting around 500 USD/ month. Which way you choose?

Rosyvn wrote:

@BIGJED1975 - There is difference between long term leasing and buying. If you own property (even in 50 years instead of freehold), you have right to transfer, give, re-sell your property to any one, at any time and get back your money.
About the cost, just simple calculation: for example: you buy the house with price 80,000 USD  in 50 years (1 ground, 2 floors, 4 bedrooms), mean that you will pay around 133 USD/ month. For this situation, you have to pay for renting around 500 USD/ month. Which way you choose?

You got to be a real-estate agent Rosyvn, so how about adding in the cost for the paperwork process to actually get the "Red Book", or do you provide that as a free service?

Rosyvn wrote:

@BIGJED1975 - There is difference between long term leasing and buying. If you own property (even in 50 years instead of freehold), you have right to transfer, give, re-sell your property to any one, at any time and get back your money.
About the cost, just simple calculation: for example: you buy the house with price 80,000 USD  in 50 years (1 ground, 2 floors, 4 bedrooms), mean that you will pay around 133 USD/ month. For this situation, you have to pay for renting around 500 USD/ month. Which way you choose?

How about adding in taxes, insurance, monthly maintenance, major repairs??? Your calculation also suggest paying cash so what about loss of ROI (return on investment) of 10% per year?????

Rosyvn wrote:

@BIGJED1975 - There is difference between long term leasing and buying. If you own property (even in 50 years instead of freehold), you have right to transfer, give, re-sell your property to any one, at any time and get back your money.
About the cost, just simple calculation: for example: you buy the house with price 80,000 USD  in 50 years (1 ground, 2 floors, 4 bedrooms), mean that you will pay around 133 USD/ month. For this situation, you have to pay for renting around 500 USD/ month. Which way you choose?

So in 30 years I sell the property with only 20 years left on the lease and how much am I expected to recoup??

@Budman1 - Well, pursuant to regulations, when transfer and complete processing for pink book, you have to pay 0.5% of total value of house (remember that only house value not total value you paid) for registration. As my example, you may pay to government around 4-5 million VND. That's all.
@Solo1 - When transfer, new owner can re-new for 50 years also. . For ROI, if you compare to other sectors, invest to real estate may be most safety. It depends on you.

Speaking of socialistic republics that are communist run Cuba comes to mind. Not only were consumer investors property confiscated but even large corporations like Pepsi and Levi were thrown out of the country. Everybody lost everything.  Of course we won't elaborate on the financial solvency of VN or the 10% minimum inflation rate that is taking place. But as you say Rosyn it depends on you.

As for me and my house we will consider other venues.

Furthermore leasehold property rights have yet to play out. In Thailand the immediate family of the deceased lessor have reclaimed the said property and/or renegotiated the leasing term monetarily. Just saying!!

Solo1 wrote:

And how wise is it for a foreigner to purchase land in a socialist country run by communists? Hmmm!!

Probably not very wise??

MIA2013 wrote:

Solo1 wrote:

And how wise is it for a foreigner to purchase land in a socialist country run by communists? Hmmm!!

Probably not very wise??

My point exactly!!

I was working on loan repayments over 25yrs which is $437 a month not 133. But I will rent as I wouldn't feel comfortable with might or May renewing of lease. Plus the easy of changing laws that could ruin any resale.

BIGJED1975 wrote:

I was working on loan repayments over 25yrs which is $437 a month not 133. But I will rent as I wouldn't feel comfortable with might or May renewing of lease. Plus the easy of changing laws that could ruin any resale.

She divided 80,000 USD by 600 months (50 yrs) = 133 month but negating many other conflicting factors.

I guessed that but I worked on a loan for that amount. Anyway I hope it does become easier but the whole 50yrs you don't own the land thing would stop me from buying anyway.

BIGJED1975 wrote:

I guessed that but I worked on a loan for that amount. Anyway I hope it does become easier but the whole 50yrs you don't own the land thing would stop me from buying anyway.

Yeah, what do they think? It's like someone buying a mobile home and renting the lot to put it on?

Nobody is be able to move the house off the piece of land when they want to move without the help of an earthquake.

lol I was thinking the same thing. Rosyvn we got to hook up show me some houses.

Budman1 wrote:

Rosyvn wrote:

@BIGJED1975 - There is difference between long term leasing and buying. If you own property (even in 50 years instead of freehold), you have right to transfer, give, re-sell your property to any one, at any time and get back your money.
About the cost, just simple calculation: for example: you buy the house with price 80,000 USD  in 50 years (1 ground, 2 floors, 4 bedrooms), mean that you will pay around 133 USD/ month. For this situation, you have to pay for renting around 500 USD/ month. Which way you choose?

You got to be a real-estate agent Rosyvn, so how about adding in the cost for the paperwork process to actually get the "Red Book", or do you provide that as a free service?

khanh44 wrote:

lol I was thinking the same thing. Rosyvn we got to hook up show me some houses.

Budman1 wrote:

Rosyvn wrote:

@BIGJED1975 - There is difference between long term leasing and buying. If you own property (even in 50 years instead of freehold), you have right to transfer, give, re-sell your property to any one, at any time and get back your money.
About the cost, just simple calculation: for example: you buy the house with price 80,000 USD  in 50 years (1 ground, 2 floors, 4 bedrooms), mean that you will pay around 133 USD/ month. For this situation, you have to pay for renting around 500 USD/ month. Which way you choose?

You got to be a real-estate agent Rosyvn, so how about adding in the cost for the paperwork process to actually get the "Red Book", or do you provide that as a free service?

If she is a real estate agent she sure is not very convincing!!

Hi guys,

Why are you here? expats community!!! Because you are falling in love with our country? you like our life style? or the life is easier/ happier than your hometown?
My post just like information for your reference (As my side, i do think that it's good news), if you are interested in, that's fine. if not, it's fine too.

Rosyvn wrote:

Hi guys,

Why are you here? expats community!!! Because you are falling in love with our country? you like our life style? or the life is easier/ happier than your hometown?
My post just like information for your reference (As my side, i do think that it's good news), if you are interested in, that's fine. if not, it's fine too.

Don't be offended. Obviously you struck a nerve on this expat forum with your "simple calculation" formula. It's great that you have an opinion but be prepared to defend it. Just  saying!

Rosyvn wrote:

Why are you here?

We are here for various reasons.  But, none of them is to be fleeced by unscrupulous people!

i do think that it's good news

That is great.  Go buy your piece.  Then, in a few years, you can tell us all about what you have made and how much of a joy that was.

I suspect that a large part of the govt's motivation is to entice wealthy foreigners to buy in areas where there are currently large, distressed sellers, e.g. tourist-type developments.  If you travel to Bali, Phuket, etc., you will find that many foreigners have purchased (i.e. long-term leased like the VN proposal) apartments and villas which they use for 2-8 weeks a year but make available for short-term rentals during the rest of the year.  The popularity of sites like airbnb and vrbo make this a viable strategy as long as the initial purchase price is not too high. If, by increasing the pool of potential buyers, the govt can soak up some of the excess supply (lots of uncompleted developments on the beach between Da Nang and Hoi An) and thus rescue the local developers and their banking partners, it would be a good thing for all concerned.  In sum, I don't think the proposal is aimed at the denizens of the Expat.com, but rather at the investors/bankers in Hong Kong and Singapore.

I have one colleague who now is also from Taiwan, and now he is no longer working in our company but focuses on property..

he has to used his gf's name to buy and the only way he makes the profits is to sell them in a certain period of time..50yrs? never happens

always look at China as one solid example. my boss owns a lot of land and property in China and one small policy change or some authority loses his position, then his investment will (is) be a nightmare..

it is the same in China, you can only own it for 50yrs

Rosyvn wrote:

Hi guys,

Why are you here? expats community!!! Because you are falling in love with our country? you like our life style? or the life is easier/ happier than your hometown?
My post just like information for your reference (As my side, i do think that it's good news), if you are interested in, that's fine. if not, it's fine too.

Rosvyn don't be offended you mean well. Just you can't see from the perspective of an expat. What if the government wanted to build roads or a condominium highrise? What happens to the land and house?

I own 2 rental properties here in Canada. I see Vietnam has much higher cap rate. I'd like to invest in Vietnam but trust from the government can't be gained overnight. It's a good step forward though it will take years before any real investment goes on in Vietnam from expats.

Right now Jilulu's idea is the more feasible one if you can find someone you trust.

Dear All,

So...Sorry, if i had some words make you misunderstand my meaning.
Please do not think so hard and do not push the meaning gone so far.

I am not sure about the land ownership as I thought all land would just be leased to the owner for a fixed period of time.
But I do understand foreigners can buy a condo and developers will be happy to even discount prices a little to get the sale..

wasn't it no one can own land in Vietnam even their own citizen? You can lease the land and own the house.

My granny willed over her land over to my mom. So I think it only applies to foreigners or Viet Kieu ppl?

In Vietnam, no one, other than the government, owns any land.  The so-called Red Booklets (for lands) and Pink Booklets (for structures) are nothing but the rights to use.  That is all people buy, sell or transfer.  Those booklets are good for 50 years, starting in the early '80s; and since none has expired yet, no one knows how the renewal processes will work. 

But, even if your booklet is current and desirable, the State can make it obsolete and worthless in many ways; re-zoning your area, change your classification or your status...  Then, if you are lucky enough to have any value dued to you, it will be a fraction of what you paid.

Legal recourses?  Yeah, submit your grievances to the same people who want your valuables...  You should know the rest!