Illustrative image (Photo: laotiantimes.com) Vientiane (VNA) - Foreigners will beable to own condominiums in Laos once the authoritiesenforce the newly revised Law on Land, theVientiane Times reported on September 22.
The Lao Official Gazette, a government website that publishes statelegislation, has posted the latest version of the Law on Land, which permitsforeigners to own condominiums.
Under Article 132 of the law, foreigners can now purchase and own condominiumsin Laos.
Under the revised law, foreigners can also own land use rights under land leaseand concession agreements with Lao citizens and the government. However, landownership 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 and120 of the law.
Officials from the Lao National Chamber of Commerce and Industry say said thegovernment’s decision to allow foreigners to own condominiums will be a majorboost to the real estate market.
In the past, foreigners faced difficulties in purchasing real estate as therewas no supporting legislation.
This slowed the development of the real estate market, they said, adding thatsome foreigners bought property using a Lao proxy.
“The new legislation will give foreigners confidence about buying real estatein Laos as there is now legal backup for such transactions,” the Vientiane Times cited the Managing Director of RentsBuy, HoumphanhSalyalath, as saying, adding that there was a brightfuture for the real estate business./.
VNA
