Foreigners are eligible to invest in new housing construction projects, buying, renting, or inheriting houses, and buying or investing in apartments and secure properties like villas or townhouses. Keep reading to learn more about the guidelines and regulations in place for foreigners and buying property in Vietnam.
Legally, in Vietnam, land use rights are granted to land users by the Vietnamese government on behalf of the landowner. At present, foreigners are legally able to buy property in Vietnam in the form of a house, apartment, building, or commercial space investment. They are restricted to only owning up to 30% of the units within an apartment complex or 250 landed properties in an administrative ward and cannot own houses independent of a complex or designated commercial building. These rules come from foreigners not being considered legal “land users” per the government definition in Vietnam and not being eligible for land allocation, land leases, or recognition of land use rights by the state. It's important to stress that no foreign company or individual can own, rent, inherit, or buy upwards of 30% of units in a traditional ward system or apartment building.
Depending on who buys the property, the length of ownership differs slightly. Foreign-owned companies, on the other hand, have the right to own property for as long as they retain their investment license in Vietnam.
There are numerous means of successfully buying a property in Vietnam, and we will focus on the most common.
Now that you've decided to buy property in Vietnam, it's time to discover your perfect listing. There are a few trusted websites that you can explore. Savills Vietnam, DotProperty, and CBRE have up-to-date listings of residential and commercial properties situated across the country and across budgets, starting at 3 billion VND (US$ 123,330) and going up to 450 billion VND (US$ 18,499,500). Take your time and work with designated and licensed agents to find exactly what you are looking for. We do recommend using an experienced company as they will be familiar with the process and litigation. If you are marrying a Vietnamese citizen, do not be surprised if a new aunt or an uncle has “an incredible deal for you,” but do not hesitate to tell your spouse you want to be patient and not make any quick decisions.
There are a few things to look out for when making a commercial or residential purchase in Vietnam:
Although buying a property in Vietnam isn't the most complicated process, registering can take up to two or three months. Be sure to consult with a lawyer specializing in real estate and acquire the correct guidance before signing contracts or finalizing deposits.
Useful links:
Clarifying rights of foreign individuals to own property in Vietnam
The Real Estate Business For Foreign Invested Enterprises In Vietnam - Some Key Factors - Lexology
Expat Guide to Buying Property in Vietnam - Savills