No influx of foreigners to buy houses in Vietnam Dinh Dung The local property market is awaiting potential foreign purchasers, following the Ministry of Construction’s proposal to loosen regulations for foreigners to buy houses in Vietnam. The market after five years under a pilot program to sell houses to foreigner has seen only some 120 houses sold to them, compared to a huge number of around 80,000 foreigners living and working in the country. The Saigon Times Daily talked to Stephen Wyatt, who has just been appointed as country director for Vietnam at the global real estate consultancy firm Jones Lang LaSalle, over the issue. Excerpts: The Saigon Times Daily: The Ministry of Construction has just put forward an idea allowing any foreigner who has a visa valid for three months to buy a house in Vietnam. What do you think about the initiative? - Stephen Wyatt: As the above figures suggest, the pilot program that allows foreign purchasers to buy residential property in … [Read more...] about No influx of foreigners to buy houses in Vietnam
Buying houses in skyrim
Under a proposal by the Construction Ministry, all foreigners staying in Vietnam on a visa that is valid for more than three months can buy houses in the country and may hold house ownership for 50 to 70 years. The proposal was mentioned in a report signed by Deputy Construction Minister Nguyen Tran Nam to Prime Minister Nguyen Tan Dung about the implementation of Resolution 19/2008 by the National Assembly on pilot permission for foreign organizations and individuals to purchase and own residential houses in Vietnam. According to the ministry's statistics, after five years of implementation of the Resolution, only 126 foreign organizations and individuals had bought houses as of the end of the second quarters of 2013. Of these, 80 percent are businesses, and the rest are individuals. Most of the house purchases were made in southern areas such as Ho Chi Minh City, Ba Ria-Vung Tau, Binh Duong and Khanh Hoa. Of these foreign individuals, most are married to Vietnamese citizens, … [Read more...] about Foreigners with over-3 month visas can buy houses in VN: Proposal
VietNamNet Bridge - Vietnam will not be able to rescue the real estate market if it only relies on the domestic resources. The government has been urged to allow foreigners to buy houses in Vietnam to increase the demand. Foreign sources would help warm up real estate market In 2008, the National Assembly released a resolution on allowing foreign individuals to buy houses in Vietnam in a 5-year trial period. However, to date, only 500 foreigners have bought houses in Vietnam so far. Most of them are original Vietnamese with foreign nationalities. This has been attributed to too many restrictions set up by the current policies. The subjects allowed to buy houses in Vietnam are limited. Meanwhile, they have to follow very complicated procedures to register the ownership of their houses. Especially, they can only buy houses for accommodations, not for the financial investment or other purposes. Experts have pointed out that by setting such limitations, Vietnam has put big … [Read more...] about Allowing foreigners buying houses in VN to rescue property market?
In early 2015, Trang An Complex, a high-end apartment project at No 1 Phung Chi Kien in Cau Giay district, was put on sale. A South Korean citizen came to see the investor and registered to buy an apartment. However, the man as well as others are still waiting for the published list. A representative of GP Invest, the investor in Trang An Complex, confirmed that none of the 800 apartments of the project has been sold directly to foreigners. “Many foreigners contacted us, but we cannot sell to them in person,” he said. Some trading floors in Hanoi confirmed that foreigners who buy houses in Hanoi have to register their houses under the names of acquaintances or their husbands or wives who are Vietnamese citizens. Hoang Minh Cong from Info real estate trading floor also said that, though the 2014 Housing Law loosens the conditions for foreigners to buy houses, the number of buyers remains modest as it’s unclear which investors can sell to foreign … [Read more...] about Foreigners who want to buy houses in Hanoi told to wait
SBV is drafting a report for the government about the source of money Vietnamese use to buy properties in the US.NAR has already released a report showing that in the time between April 2016 and March 2017, foreigners spent $153 billion to buy 284,455 properties in the US.The amount of money Vietnamese spent to buy houses in the US accounted for 2 percent, or $3.06 billion. Vietnam is listed among 10 countries with the highest number of citizens buying houses in the US. According to SBV, under the Vietnam’s Forex Ordinance and Decree No 70/2014, the purposes of one-way remittances abroad by Vietnamese do not include payments for property purchases.However, if individuals remit money for overseas settlement purposes, they may use the money to buy properties to serve the settlement. Credit institutions are allowed to provide remittance services to individuals who have one-way remittances, based on the checking of related documents.The institutions, for example, would … [Read more...] about How many Vietnamese are buying houses in the US?
Prime Minister Nguyen Tan Dung has agreed that the Ministry of Construction will introduce the revised regulation. Currently, buying a house in Vietnam is difficult for foreigners. Minister of Construction Trinh Dinh Dung noted that one of the most important features of the revised Housing Law is including the requirements and conditions for overseas Vietnamese, foreign individuals and organisations to buy houses in Vietnam. The final draft of the law comes after extensive revisions to 80 articles and three chapters, Minister Dung said, adding that the change in the housing law is expected to mobilise capital resources, technology and management expertise to help the development of the country and the real estate market. Minister of Planning and Investment Bui Quang Vinh said that, in the past, he had urged the Ministry of Construction to speak to the government about permitting the sale of houses to foreigners to reduce the real estate market's inventory, especially of luxury … [Read more...] about Law gives foreigners right to buy houses in Vietnam
A revised version of the Housing Law will soon allow foreigners and overseas Vietnamese to buy houses in Vietnam. Prime Minister Nguyen Tan Dung has agreed that the Ministry of Construction will introduce the revised regulation. Currently, buying a house in Vietnam is difficult for foreigners. Minister of Construction Trinh Dinh Dung noted that one of the most important features of the revised Housing Law is including the requirements and conditions for overseas Vietnamese, foreign individuals and organisations to buy houses in Vietnam. The final draft of the law comes after extensive revisions to 80 articles and three chapters, Minister Dung said, adding that the change in the housing law is expected to mobilise capital resources, technology and management expertise to help the development of the country and the real estate market. Minister of Planning and Investment Bui Quang Vinh said that, in the past, he had urged the Ministry of Construction to speak to the government about … [Read more...] about Law to give foreigners right to buy houses in Vietnam
VietNamNet Bridge – The government has issued its policy for foreigners to buy houses, but the guiding circulars have not been released. In the past seven months, the volume of overseas remittances poured into property accounted for 21.8% of total remittances to HCM City, according to official statistics. Many argue that the capital flow was far too concentrated in real estate, neglecting other channels of financial investment. The cause, they said, was the open-door policy that allows foreigners to own and purchase houses in Vietnam. "From my own analysis, from now till the end of 2015, the domestic real estate market will be getting hot because foreign capital flowing into the market is quite huge. In particular, at the end of the year, the community of overseas Vietnamese who want to buy houses in big cities will be very high," said Dr. Nguyen Tri Hieu. There are about 500,000 to 1 million overseas Vietnamese who want to return to Vietnam to live in retirement. … [Read more...] about Nearly 1 million overseas Vietnamese want to buy houses in Vietnam
“Only a few expats are able to buy houses in Vietnam because there are still so many legal barriers,” said real estate manager Nguyen Chien Thang, counting on his fingers the number of potential foreign buyers who had visited the housing developments he's in charge of in Hanoi over the past two years. Thang said there is foreign interest in Vietnam's housing market, but it often fades due to the complicated rules and excessive paperwork. “Expats do not have a clear understanding of the legal procedures here, while some administrative agencies are not used to dealing with foreign buyers,” he said. Official estimates vary greatly. The Ministry of Construction was widely quoted by local media last August as saying that 750 foreigners had bought houses in Vietnam since a new housing law came into effect two years before. That’s six times more than before, the ministry said in a statement, claiming that the new procedures were “really clear and … [Read more...] about Why foreigners aren’t buying houses in Vietnam
VietNamNet Bridge - Though some problems still exist in the legal framework, more and more foreigners are registering to buy houses in Vietnam. This is just one deal the footballer has made in the Asian real estate market. An analyst commented that the real estate projects developed by Japanese and South Korean investors receive high attention from Japanese and South Korean citizens. The Eastern apartment block in district 9, HCM City, for example, attracts many South Korean buyers. A high percentage of South Korean citizens choose to live there, though they have to travel long distances every day to the central area of the city, where their offices are located. According to Hong Soon Chang, South Korea Deputy Consul General in HCM City, about 850,000 South Korean people come to Vietnam every year. Though some problems still exist in the legal framework, more and more foreigners are registering to buy houses in Vietnam. The representative of a real estate firm which develops … [Read more...] about Foreigners buy houses in Vietnam as green light turns on