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REAL ESTATE TOP STORIES

Foreigners reportedly buying houses in Vietnam despite no law instructions

Foreigners-reportedly-GBO

There have been no instructions to implement the Housing Law that permits foreigners to buy houses, but some real estate companies are reporting that a lot of them have managed to purchase houses and apartments in HCMC

In Thu Thiem new urban area, some projects have been opened for sale although their foundations have not been built to meet capital mobilisation regulations. They comprise Empire City Thu Thiem and Metropole Thu Thiem which are said attractive to foreign house buyers.

While the city of Empire City Thu Thiem still remains an empty land apart from a sample house, a sale staff of the project told that some buildings have been opened for sale since 2016.

While there have been no apartment sale contracts, customers have signed deposit contracts to book the location they want in the project. Some of the customers are native Hong-Kongers who have been weighing between sale contracts and 50 years long tenancy contracts.

With the former type of contract, only 30% of apartments in a project will be sold to foreigners and granted with pink book, which is a house ownership certificate. With the latter, foreigners can buy more than that are resell to Vietnamese who are eligible for getting the certificate, told a sale staff at Empire City Thu Thiem.

Similarly, nearby Metropole Thu Thiem project is a vacant land plot. The project’s marketing and opening for sale has taken place at the investor’s headquarters in Nguyen Dinh Chieu street, District 3.

An investor representative said that the company owns four unconnected land plots with the total area of 7.6 hectares. On December 14, 2018, it offered the first phase with a 450 apartment building for sale. Construction of the building’s foundation is scheduled in the first quarter this year.

Customers have to leave a deposit of $8,605 to book an apartment. A sale man said that in the last opening for sale, foreigners purchased over 50% of apartments.

The investor has given priority to foreign customers with purchase lease contracts because of complicated procedures in selling houses to foreigners. Currently, there is no instruction to implement the regulation enabling foreigners to buy houses in Vietnam.

The time limit of both lease purchase and sale contract to foreigners is 50 years.

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