According to new regulations, foreign organizations and individuals can own up to 30% of the total number of residential units in a condominium building (including mixed-use condominium buildings). In the case of condominium buildings with multiple units or blocks sharing a common base, foreign entities and individuals are allowed to own up to 30% of the total number of residential units in each unit or block.
For detached houses in a specified populated area with only one real estate project, foreign entities and individuals can own up to 250 houses. However, if there are two or more real estate projects in the specified area, they are permitted to own houses in all the projects but still not exceeding a total of 250 houses.
Foreigners are not allowed to own more than 30% of the units in an apartment building.
If there are multiple real estate projects in a specified populated area and foreign entities or individuals have already owned the maximum allowed number of detached houses, they are not permitted to own additional detached houses in other projects within the same area.
The decree states that at least three months before the expiration of the minimum ownership period, foreign organizations and individuals who wish to extend their ownership period must submit a dossier as specified in Clause 1 of this Article directly, via postal services, or online to the provincial People’s Committee where the property is located for consideration and resolution.
Within a maximum of 30 days from receiving a valid dossier from foreign entities and individuals as specified in Clause 1 of this Article, the provincial People’s Committee is responsible for inspecting the dossier. If the dossier still meets the criteria and conditions prescribed by the Law on Housing, they will issue a written approval for a one-time extension of the ownership period, upon the owner’s request, for a maximum of 50 years from the expiration of the initial ownership period stated on the certificate of ownership.
According to statistics from the Ministry of Construction, there are approximately 4 million people with a demand for buying real estate in Vietnam in the future, including both foreigners and overseas Vietnamese.
For the purpose of asset accumulation, overseas Vietnamese often choose real estate in the outskirts of Ho Chi Minh City, favoring locations with a strategic position and a dense population. These areas hold potential for future price increases and offer easier rental options, thus generating a stable income.
Propose Solutions for Developing Vietnam’s Stock Market: Korean Embassy’s Advisory Meeting
On the morning of February 28th, in Hanoi, Prime Minister Pham Minh Chinh chaired a conference to discuss the implementation of tasks for the development of the stock market in 2024. Attending the conference, the Counsellor of the Embassy of Korea delivered a speech on the Vietnamese stock market.
Why are Hanoians racing to find homes in alleys?
In a context where apartment prices are rising and supply is limited, people in need of housing are turning to buying houses under 45 m2 in alleys and streets, priced from 3 – 5 billion VND.
