This article is aimed at individuals wishing to relocate to Vietnam (or travel there on a regular basis to work). For everyone else, this article about real estate in Vietnam, and specifically Hanoi, will be a pushing incentive to act. It’s never too late to think outside the box and do Vietnam investment!
Vietnam opened up to foreign investors to its fullest only in 2015. Since then, Vietnam has been bombarded with cash from a variety of enterprises, individual companies, ordinary visitors, and property buyers, all of which wanted a piece of the pie in this industry.
Personally, I believe that Vietnam is one of the most intriguing areas in Asia to invest in real estate right now. One square meter in one of Vietnam’s newest residential complexes, for example, costs just between 1200 and 1600 dollars in the country’s economic heart. After Japan and Korea, the rental yields in Vietnam’s major cities are among the highest in Asia.
However, before investing in Vietnam, it is critical to familiarize yourself with the dangers and trifles of the market. Also analyze all of the theory and witness practical instances of purchasing property in Vietnam as a foreigner.
In this post, I’ll cover foreign ownership regulations.
Can foreigners buy property in Vietnam?
Before, few foreigners have been able to invest in real estate in Vietnam. The main reason for this was the adverse real estate market conditions and the Vietnamese government’s tight regulations on foreign ownership.
However, in July 2015, Vietnam enacted the housing law (LRH), making it easier for foreigners to own real estate. In Vietnam, anyone (including foreigners) can currently purchase an infinite number of real estate units.
Previously, however, there was a restriction: a condominium could only have one unit. As a result, the laws for foreign property ownership in Vietnam have altered dramatically in recent years. However, foreigners should be aware that “purchasing” real estate in Vietnam constitutes a “lease” for a duration of 50 years with the option to renew.
Briefly about the new law regarding foreign ownership of property in Vietnam.
- Foreigners can buy real estate in Vietnam if they have a tourist visa;
- Foreigners are not allowed to buy more than 30% of the apartments in a residential complex and more than 10% of the real estate in a land project;
- The rental period for foreigners in Vietnam is 50 years, but it can be extended;
- If you have a Vietnamese spouse, you can acquire the right to own real estate.