About four million foreigners and overseas Vietnamese have a demand for buying homes in Vietnam, Hoang Hai, head of the Ministry of Construction’s house and real estate market management agency, said at a conference in Hanoi on Thursday.
As many as 3,035 foreigners have bought apartments in Vietnam, according to Hai.
Major urban cities and provinces like Hanoi, Ho Chi Minh City, Bac Ninh, Binh Duong, and Ba Ria-Vung Tau prevail as favorite places among the foreign condo buyers.
Hai stated that there has been a substantial increase in the number of foreign individuals and organizations possessing residential properties in Vietnam, starting from the implementation of the new Housing Law in 2014.
Referring to statistical data, he said that about four million people, including foreigners and Vietnamese expatriates, are keen on buying a house in Vietnam.
Despite the high demand, legal issues make it challenging for foreigners to purchase real estate in Vietnam.
Under the 2014 Housing Law, foreign organizations and individuals are granted the opportunity to purchase and possess houses if they meet certain criteria.
The move, considered to be consistent with global norms, has created favorable conditions for Vietnam to attract foreign investments and foster the growth of both the tourism industry and the real estate market.
However, according to provisions outlined in the 2013 Land Law and the draft of the amended Land Law, foreign individuals are not eligible to buy and own residential land in the country.
Resolution No. 18, adopted in 2022 by the Party Central Committee, also fails to mention the use of land by foreign individuals in the country.
Therefore, in the draft of the amended Housing Law, the Ministry of Construction proposed that the government maintain the current regulations permitting foreign individuals to purchase and possess houses in Vietnam, including private houses and apartments.
However, the ministry has removed provisions that allow foreign organizations and individuals to own houses linked to leased land usage rights.