Foreign buyers can only own properties for a limited time

During the year-end session, the proposed amendment to the Housing Law will be presented to the National Assembly.

Foreigners in Vietnam can own houses for a limited period, not land. They are granted the same buying and selling privileges as local citizens and can renew their ownership once the term expires.

Foreigners can own property in Vietnam for a limited time

Individuals from other countries are permitted to possess a residence for a specified period.

The Ministry of Construction will include the newest proposal in the amended Housing Law draft after considering input from National Assembly representatives. The updated law will still follow the 2014 Housing Law's guidelines, which state that foreigners must be allowed to enter Vietnam before buying and possessing property.

Vietnam has a policy that promotes foreign investment and offers a welcoming environment for foreigners to reside and work in the country. The Housing Law may undergo amendments, which will be presented to the National Assembly during the end-of-year session. According to the Ministry of Construction, foreigners have been allowed to buy and own property in Vietnam since 2008. 

In 2014, the Ministry suggested an expansion of property ownership rights for foreigners in Vietnam. The government and the National Assembly approved the proposal.

Foreign buyers can only own properties - According to the Housing Law 2014, non-Vietnamese citizens can own commercial properties in Vietnam for 50 years. They can also inherit or receive these properties as gifts. Moreover, foreigners can hold less than 30% of the total apartments in a condominium building or a maximum of 250 individual houses in a project. Statistics from the Ministry of Construction showed that some 3,035 foreigners had bought properties in Vietnam since 2014, mainly in central provinces and cities such as Hanoi (1,765 houses), Ho Chi Minh City (850), Bac Ninh (110), Binh Duong (210), and Ba Ria-Vung Tau (50). Most buyers are from South Korea, China, Singapore, the US, Australia, and Japan.

Based on statistics, around four million foreigners and Vietnamese expatriates have shown interest in purchasing homes in Vietnam.

Currently, apartments are being released for sale, including display units, available for foreign buyers to take immediate ownership of during a limited period. Some of these developments include Sunshine Golden River, Summit Building 216, and Heritage West Lake.

To learn more about the developments for sale to foreigners, please contact us for in-depth consultations:

Hotline: 0986 720 720

Website: bdstanlong.com

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