Foreigners studying the plans for a housing project. The Ministry of Construction has asked provinces and cities to report on home ownership by foreigners and Viet kieu. (Photo: infonet.vn) Hanoi (VNS/VNA) - The Ministry ofConstruction has asked provinces and cities to report on home ownership byforeigners and Viet kieu (overseas Vietnamese) in Vietnam.
The report would include the number of foreigners owning homes, as well as thelocations and types of their properties in two periods – before and after the2014 Law on Housing took effect.
The report will help evaluate the implementation of the policy of allowingforeign organisations, individuals and Viet kieu to own homes in Vietnamwhile the Ministry of Construction develops a project on economic security inthe housing and real estate market.
Provinces and cities were also asked to report which housing projects allowedand did not allow foreigners to own homes.
At the end of 2018, CBRE Vietnam revealed that purchases by Chinese buyersaccounted for 31 percent of the foreign purchasers of homes in HCM Cityconducted via the real estate company in the first nine months of the year,followed by those from the Republic of Korea (19 percent), Hong Kong (10 percent)and the US (3 percent). Most of their purchases were high-end apartments.
Le Hoang Chau, Chairman of the HCM City Real Estate Association, said CBRE’sfigures did not represent the entire market.
According to the HCM City Department of Construction,there have not been official figures about foreign home ownership in the citybecause there was no regulation requiring developers to report informationabout their home buyers to the management agency.
Onlywhen the procedures for house ownership certificates were conducted could themanagement agencies count the number of foreigners that own homes.
Real estate services firm JLL said that foreign interest in Vietnam’s propertymarket has grown significantly since the Law on Housing officially allowedforeigners to own homes in the country.
Statistics from the ministry’s Department of Housing and Real Estate MarketManagement showed that as of the end of 2017, more than 800 foreigners weregranted house ownership certificates in the country.-VNS/VNA
The report would include the number of foreigners owning homes, as well as thelocations and types of their properties in two periods – before and after the2014 Law on Housing took effect.
The report will help evaluate the implementation of the policy of allowingforeign organisations, individuals and Viet kieu to own homes in Vietnamwhile the Ministry of Construction develops a project on economic security inthe housing and real estate market.
Provinces and cities were also asked to report which housing projects allowedand did not allow foreigners to own homes.
At the end of 2018, CBRE Vietnam revealed that purchases by Chinese buyersaccounted for 31 percent of the foreign purchasers of homes in HCM Cityconducted via the real estate company in the first nine months of the year,followed by those from the Republic of Korea (19 percent), Hong Kong (10 percent)and the US (3 percent). Most of their purchases were high-end apartments.
Le Hoang Chau, Chairman of the HCM City Real Estate Association, said CBRE’sfigures did not represent the entire market.
According to the HCM City Department of Construction,there have not been official figures about foreign home ownership in the citybecause there was no regulation requiring developers to report informationabout their home buyers to the management agency.
Onlywhen the procedures for house ownership certificates were conducted could themanagement agencies count the number of foreigners that own homes.
Real estate services firm JLL said that foreign interest in Vietnam’s propertymarket has grown significantly since the Law on Housing officially allowedforeigners to own homes in the country.
Statistics from the ministry’s Department of Housing and Real Estate MarketManagement showed that as of the end of 2017, more than 800 foreigners weregranted house ownership certificates in the country.-VNS/VNA
VNA
