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Hi,just wanted opinions on the rules regards buying an apartment in HCMC.

Am I allowed to buy and keep,sell or rent as I please or is there a nasty catch in the future?

Thanks

Nobody can tell you some “catch“ in the future:-)

By catch I meant could the government just introduce new rules and confiscate it or are Vn part of WTO for its merits?

Gee your funny...

Excat, who will know this..........ALL the Gouvernment do what the want if WTO or not!!!!!! USA -  asset forfeiture without any proof of wrongdoing........................ Check Google and you know!

Cheers pal,yes I understand your point though foreclosure and taking a property by other means are not the same.Though Vn a little more risky than the States it would appear.Google is good but not exact...

Are you living in VN now?

G'day Dongha, welcome to the forum.

There are numerous threads here highlighting the pitfalls of "buying "property here...ie, ownership rights, paperwork , poor quality workmanship and materials etc etc.    Personally, I could never get that warm fuzzy feeling about property ownership that I had back home , here in Vietnam.

Just rent a place and keep your eyes & ears open and you'll soon start hearing the many "issues" that foreigners have in buying property here.

The warm fuzzy feeling Yogi gets here is paying peanuts in rent and having freedom of choice to move when I like and where I like.   When the location or "neighbours" become a problem , Yogi just finds a nicer place.   

Neighbours......?   They can be a problem here.   A lot of people failed to take that into account when buying .   Nothing worse than being stuck next to assholes & savages .   Good luck trying to sell then.
They'll scare off any potential buyer , just to annoy & irritate you. 

Welcome to Vietnam.

Neighborhood and Neighbors are a huge part to consider when buying or leasing properties in VN. Neighbors disregard their other neighbor's needs, feelings, interests, and health. For example, I know of a neighbor who uses part of his tiny compound to raise livestock ( cows, goats, and dogs). Imagine that for a second.

His ten ton truck moving in and out to bring foods at night and day. Parking close to his other neighbor's driveway without respect.

Then the bad smells that fill and pollute the air and homes of all the neighbors adjacent his property. Remember most of these homes are very very close. Another thing is the noises or crying of the cows and goats anytime in the  day or night when  they need food or drinks or when they feel something.

Then the fear of him retaliating if those neighbors reported him to the police. If even he brides  the police, reporting to police would yield no positive result. I gave some specific advice to the people I visited but they were wary to take actions, yet they are living in that poor sanitary condition. 

The final part is that the neighbor I visited cannot easily find a buyer for their house because the environment is polluted. And their living room, bedroom, and kitchen smell as if  all the mess from the cows are disposed right in there.  This story is true, I witnessed it, and it continues right now.

Some key points for real estate investment in Vietnam:

(1)  There is no such thing as "freehold" property for foreigners. You own the right to use the land (and the housing/apartment on it). For foreigners, maximum ownership term is 50 years from the date on which you receive the Land Use Right Certificate (essentially, your title document to the use of the property)

(2)  Foreigners can only buy apartments as part of a project-based housing from the developers,  or from other foreigners.

(3)  Currently, the term for foreign ownership is not clear. There is no guarantee you will get it for 50 years -- in fact, it is extremely rare to see a foreigner who has been issued the Land Use Right Certificate for their apartment ownership. The authorities here are still hesitant to issue it.

(4)  You can rent out or sell your apartment as an investment. However, you're subject to income tax on the income generated from the rental or sale.

(5)  Be wary of purchasing off the plan. Many developers, especially local ones, will try to ask for as much money up front as possible from the buyer to finance the project development. Under law, developers are not permitted to take more than 70% (or 50% if developer is foreign-owned) of the purchase price from you until the project is completed. They also cannot take more than 30% as an initial instalment. Many local developers have flouted this regulation - the result being investors having paid a good chunk of money upfront while the project is abandoned or suspended.

Fair point you make and I for one have no desire to be awoken by the sounds of oink oink or moo moo though let's be considerate the beeping of the motorcycles may,just maybe would overcome such noises though the fragrant smell of Winnie the .... Would get right up my nose so too speak.

I'm sorry for those guys and yes I could foresee the police doing little to help and the reprisals for complaining looks self defeating as you point out..wow nice people they've the bad fortune to live next to.

Yogi I think that's the way to live in Vn,move as you like,when and where without that kind of hassle from the fired up neighbours.

I appreciate the welcome from you guys though have spent much time in Vn from 2010-2013 when buying wasn't possible and I guess the risks are still too great.

You've got the "vibe" about this place Dongha,   Yogi lives a good life here by taking advantage of the positives and staying away from the negatives. 

The "smart money" comes here purely for what they can get at minimal cost....ie, the big Multi Nationals getting their goods assembled for ridiculously cheap wages.   That won't go on forever though. In a few short years "Industry 4 " will hit them like a ton of bricks.   Also , the massive property boom in apartment construction will need to be paid for. The " flippers" are getting nervous, AND  the banks they borrowed the money off are also getting very concerned. 

Yogi knows several of these local property flippers..(resellers) ..they are in debt up to their little flat nostrils, and have jobs paying peanuts.    The word bubble keeps bobbing up as well. 

Remember the "Sub Prime" mortgage game in the states that kicked off the GFC.   Fanny & Freddy,  Lehmans etc etc ....they all lent money to "bogans" with limited incomes to buy property at highly inflated prices.     Didn't work out too well did it🤓     Property prices plummeted.  You could buy houses for virtually nothing.   I was in the US at the time to see the carnage.

Similar story here.  People with jobs paying peanuts borrowing money to flip a property. 

When the music stops, there's going to be a massive adjustment in property values .

Caveat emptor, mate.

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