Business

Newly-ratified law allows foreigners’ property ownership

Foreigners now feel secure to buy houses in Vietnam, Savills Vietnam Co., Ltd said on November 26, the day after the National Assembly adopted the amended Law on Housing, which allows foreigners and Vietnamese people residing abroad to hire and own real estate in Vietnam.
Foreigners now feel secure to buy houses in Vietnam, Savills VietnamCo., Ltd said on November 26, the day after the National Assemblyadopted the amended Law on Housing, which allows foreigners andVietnamese people residing abroad to hire and own real estate inVietnam.

Under the Law, foreigners will be entitled to own up to30 percent of the apartments in a building, or 250 villas/ townhousesin a project. Moreover, the housing ownership certificate will be validfor 50 years.

Statistics of Savills Vietnam show thatoverseas remittances to Vietnam in 2013 hit 11 billion USD, up 10percent against the previous year. This is an abundant source to bepoured into the real estate market once the law officially comes intoforce on July 1, 2015, said the firm.

The amendment of the lawwill make Vietnam ’s real estate market more competitive and allowinvestors to gain better access to this attractive and potential market.

Theadoption of the law at a time when foreign investors are paying moreattention to the local property market will help promote businessactivities and create a more competitive and healthier financialclimate, said Savills Vietnam.

According to the US-based propertyservice provider CBRE Group, it is essential to simplify and concretiseadministrative procedures so as to create conditions for foreigners torent and buy houses in Vietnam .

The law will help increasethe liquidity in the segment of high-end apartment in the coming time,said CBRE CEO in Hanoi Richard Leech, noting that it needs time to bringthe law into life.-VNA
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