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Expanded land use rights expected to attract OV investment in real estate

The expansion of land use rights for overseas Vietnamese (OV) in the recently passed 2024 Land Law is good news for OVs who want to own real estate in Vietnam, said experts from Savills Vietnam.
Expanded land use rights expected to attract OV investment in real estate ảnh 1Apartment buildings in Ho Chi Minh City. (Photo: VNA)
HCM City (VNA) - The expansion of land use rightsfor overseas Vietnamese (OV) in the recently passed 2024 Land Law is goodnews for OVs who want to own real estate in Vietnam, said experts from SavillsVietnam.

This is even more meaningful considering thestrong remittance flow to Vietnam in 2023, which exceeded 16 billion USD, up 32% annually, they said.

The 2024 Land Law, taking effect on January 1,2025, introduces significant changes for OV land users. They will be entitledto almost all the land use rights previously reserved for Vietnamese citizens.Additionally, foreign-invested economic entities and people of Vietnamese originabroad will benefit from the expanded rights, including receiving transferredland use rights and re-renting land use rights at industrial and hi-tech parks.

This change will bring more investment opportunities for the OV homebuyer group, said DeputyManaging Director of Savills Vietnam Troy Griffiths.

Expanded land use rights expected to attract OV investment in real estate ảnh 2Illustrative image (Photo: baodautu.vn)

According to the Savills Vietnam experts, in the past, OVs wanting to invest in property in Vietnam had to do so via family members or relatives, resulting in disputes. The new Land Law has solved this problem, facilitating investment and minimising risks for OV investors.

Statistics provided by the State Committee forOverseas Vietnamese Affairs revealed a substantial flow of remittances intoVietnam. From 1993, the first year remittance data was collected, to the end of2022, the total amount of remittances surpassed 190 billion USD, almost equal to the FDI sum disbursed in the same period.

A significant portion of remittances, primarilyfrom Asian countries through workers, has already been directed towards realestate sector, according to Griffiths./.

VNA
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