Good news ! Foreigners can own houses in VietNam after July 1st, 2015

What happens after 50 years? Do you lose the property and it's value, or can you sell it after 49 years and the new owner gets 50 years?

Cabrinha wrote:

What happens after 50 years? Do you lose the property and it's value, or can you sell it after 49 years and the new owner gets 50 years?

Hi,
It's still all a proposal, the "laws" have only been drafted, not "set in stone" yet. Anything can happen here.  It's a lawless frontier.

However, you can hand over your money no problem.  The proposed law states you can sell the balance of the lease.   Ok, so if you sell the balance after 49 yrs the guy that buys it only gets 1 yr as I've read.  So...the lease you have , it will decline in value by the day. Not good.

It's a good idea for fools.    Nobody here owns anything.   The locals only have a LUR land usage right and foreigners have Leasehold status.

The Japanese investors are already questioning the value of such a system.   Telling people they can OWN property in Vietnam is simply a Lie, intended to mislead the buyer.     

You can buy houses in Europe, USA , Australia etc and have absolute ownership for ever.  The value and quality of construction here is poor.
I've always said in Vietnam  LEASE , DONT BUY.     

Why buy a cow, when milks so cheap.
And that applies to other forms of "baggage" here as well😄

As for what happens in 50 yrs......the Lease is renegotiated, you,get to buy it again....ha ha ha.   But, you probably won't be here anyway, or you'll get to renegotiate with China who will have annexed this joint by then anyway.

bophan wrote:

Dear all Foreigners !

Here is a good news for you that after July 1st, 2015 - Foreigners have 3 mouths visa can own houses and apartments. Vietnam will allow the foreign citizens to buy house for the first time with a simple requirement, they must enter Vietnam legally. The new law is extended the rules that currently apply to apartments, according to the amended Housing Law which take effect on July 1 2015. This allow the Foreigners own any property for a maximum of 50 years and enjoy the same rights to lease transfer or sell the property as Vietnamese citizens.

This is really amazing for Foreigners who is living in VietNam, working and its awsome for Property Investors

According to a VN lawyer we can own an apartment for 50 years, but a individual home can only be purchased if your wife is still a VN citizen. Then it can only be in her name & all the expat is entitled to is the homes value if the wife would die first (along with a notorized letter from the wife stating this). The expat does not end up owning this home even if the eife passed first. Not really much real change.

The lease (land use rights certificate) is renewable and transferable. You can buy and sell like a normal property overseas.

Yogi just saw a pig fly 😄

Well after having doubts as to the honesty and integrity of the property developers here,   Yogi has renewed faith in the property market in Vietnam.

In the news today a property developer in Saigon is "promising" to refund in full, the purchase price of any property if the customer isn't pleased with the deal within 30 days.    Well how about that.!!!

Restores your faith in human nature doesn't it.😄

There is a slight problem though.  Nobody here knows how to draw up a sale contract since the "draft" "proposals are just that...they are not Law yet.     So the contracts cannot be based on anything since the new "laws" actually don't exist .

The Japanese are very sceptical.   Other buyers are already asking questions, but no one can give an answer based on existing law, because nothing official yet.   

What a stuff up.

Hands up anyone out there that can see a developer handing back a suitcase full of cash.😃

Good one, Yogi !

For years now newspaper headlines have been screaming, "Foreigners can buy houses [sic]", but then you read the fine print so realise that only a very limited number of foreigners can actually buy. I'm waiting still to read the fine print on the latest headlines.  Don't hold your breath.

This new 'proclaimed law' is a piece of gold biscuit in the pocket of real estate mafia    With that they already started to catch their preys! Locals can relax a bit. Many cheating stories of realtors including government owned companies are in the news now. To cheat money, realtors will go any extend. One Ha Noi based Apartment company cheated their buyers  4000 billion VND. In news, they are indebted to 6000 billion!! Simply file a pauper suit, huh? Many of them paid money with the expectation to occupy their apartment within 1 year. How many of them saved their disposable income to pay for that? May be very few. Most of them borrow money to own their dream shelter. Just file a cheating case? Or civil proceedings? They already dead half. Want to spent their remaining life in court halls? This is the situation of Vietnamese citizens. How about if expatriates face similar situation? Do you think the law will protect us which cannot favor it's own citizens?