VietNam will allow foreigners to buy houses for the first time with only one requirement, they must enter VietNam legally. (Is there any other way?)
They will be able to own the property for a maximum of 50 years and have identical rights to lease, transfer or sell the property as Vietnamese citizens. The new law will extend the rules that currently apply to apartments, according to the amended Housing Law which will take effect on 2015 July 1.
The law passed with 77.46% approval in the National Assembly last Tuesday. 372 deputies voted for foreign home ownership, while 28 other voted against it and 4 others abstained from voting.
Foreign entities who have invested in housing projects in VietNam, foreign-invested enterprises; branch and representative offices of foreign companies in VietNam, foreign investment funds; and foreign bank branches will all be entitled to purchase real estate under the law.
According to the amended law, foreign individuals and entities will only be allowed to buy, receive, or inherit apartments and houses in commercial projects and not in areas that limit or ban foreigners.
They are able to buy a maximum of 30% of apartments in a block and 250 houses in a given ward.
Individual foreigners may extend their home ownership after 50 years, according to their need. The government provide further details about the extension process in the future.
They may lease properties for any “purposes that is not banned by law” but must also inform the provincial house management agency before leasing the property and will also be subject to the nation's property taxes.
So, if you want to buy a property that has minimal fuel efficiency, poor wiring and plumbing that gurgles when you flush the toilet, insufficient power outlets and gets as hot as hell with no windows on three sides - you are in the right place.
Want to buy a lemon? Foreigners can own homes in VietNam starting July
Jaitch, you are hilarious!
Yes, what you've said is true and it's still not appealing as they've not been able to open up their markets to the world. There's a lot more to be done before foreigners will seriously consider buying properties or living in VN. Most of the expats living in Vietnam are for short term jobs or teaching jobs. Not very many of us will live and invest in VN for the long term as the rules are meant to make a sucker of us.
That is dated 2015. Does anyone know what the common answer is now? That is they pass laws and they get interpreted anyway anyone wishes. Does anyone know anyone who has bought property under the new law?
But very funny summary. My sentiments exactly. Why why why when you can rent the same place for far far less. Invest the excess in a country where there is infrastructure, and homes built to some standard etc. The toilets burp by the way because the waste lines are not vented. Try to tell them that though....ah who cares... no need to be able to drain, we just put the drain in, work, no work, same same.
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