In the last years, Vietnamese Real Estate market is registering a rapid growth, becoming more and more attractive especially for foreign investors. So, let’s take a look at Vietnamese real estate.
Compared to the other Asian countries, the prices of Vietnam Luxury Residential are much lower, and plus, we should consider that the Vietnam’s landscapes are also very enchanting!
Vietnam is also accelerating its urbanization process, so the Government is providing affordable housing for low-income people.
In 2015 the amendments of the Vietnamese“Housing Law”has strongly encouraged foreign investments in the Vietnamese Real Estate market.
In accordance with the abovementioned amendments, foreigners could buy houses, apartments and villas with land property rights with 2 limitations: 1) the housing property right isn’t permanent, it’s valid for 50 years; 2) in an apartment district or in a section of the Administrative Division of Vietnamese cities, every person can only buy a set of houses.
The influence of the first limitation is the following: the land of Vietnam belongs to the State, and the land use right (also called“LUR”) can be granted for undefined long time period or for a limited period of time. However, generally speaking, LURs for undefined long time period are granted for very few purposes, such as for residential or personal use. As for the second limitation, although foreign investors can only buy one set of housing within one apartment district or section of the administrative division, the total amount of units and housing squares is not limited.
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