Illustrative image (Photo: laotiantimes.com) Vientiane (VNA) - Foreigners will be able to own condominiums in Laos once the authorities enforce the newly revised Law on Land, the Vientiane Times reported on September 22.
The Lao Official Gazette, a government website that publishes state legislation, has posted the latest version of the Law on Land, which permits foreigners to own condominiums.
Under Article 132 of the law, foreigners can now purchase and own condominiums in Laos.
Under the revised law, foreigners can also own land use rights under land lease and concession agreements with Lao citizens and the government. However, land ownership rights are limited to 30 years and 50 years respectively.
Land leases and concessions may be renewed with the consent of the government, National Assembly or provincial People’s Council, according to articles 117 and 120 of the law.
Officials from the Lao National Chamber of Commerce and Industry say said the government’s decision to allow foreigners to own condominiums will be a major boost to the real estate market.
In the past, foreigners faced difficulties in purchasing real estate as there was no supporting legislation.
This slowed the development of the real estate market, they said, adding that some foreigners bought property using a Lao proxy.
“The new legislation will give foreigners confidence about buying real estate in Laos as there is now legal backup for such transactions,” the Vientiane Times cited the Managing Director of RentsBuy, Houmphanh Salyalath, as saying, adding that there was a bright future for the real estate business./.
VNA
