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.

Under the Law, foreigners will be entitled to own up to 30 percent of the apartments in a building, or 250 villas/ townhouses in a project. Moreover, the housing ownership certificate will be valid for 50 years.

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

The amendment of the law will make Vietnam ’s real estate market more competitive and allow investors to gain better access to this attractive and potential market.

The adoption of the law at a time when foreign investors are paying more attention to the local property market will help promote business activities and create a more competitive and healthier financial climate, said Savills Vietnam.

According to the US-based property service provider CBRE Group, it is essential to simplify and concretise administrative procedures so as to create conditions for foreigners to rent and buy houses in Vietnam .

The law will help increase the 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 bring the law into life.-VNA