Vietnam grants permission to 3,035 foreign residents for home ownership

Vietnam grants permission to 3,035 foreign residents for home ownership

According to data from the Ministry of Construction (MoC), since the implementation of the 2014 Law on Housing in Vietnam, a total of 3,035 expatriates have purchased homes, primarily apartments in commercial housing facilities. Among the cities, Hanoi has the highest number with 1,765, followed by Ho Chi Minh City with 850, Bac Ninh with 110, Binh Duong with 210, and Ba Ria-Vung Tau with 50. The majority of foreign individuals and organizations who own property in Vietnam come from South Korea, China, Singapore, the United States, Australia, Japan, and Malaysia.

There is a high demand for housing among foreigners residing and working in Vietnam, with approximately 4 million expatriates and overseas Vietnamese expressing their interest in purchasing a home in the near future, according to MoC statistics. However, despite the increasing number of expatriates in the country over the past nine years, the demand for home ownership remains relatively low. Between 2018 and 2022, the homes purchased by foreign nationals accounted for less than 0.53% of the total housing volume in Vietnam.

The Vietnam Association of Realtors (VARS) emphasized the significance of the number of foreigners purchasing homes as an indicator of the market outlook and the country’s economic dynamism, openness, and potential. The policy outlined in Resolution No.19/2008/QH12 permits foreign organizations and individuals to purchase and own homes in Vietnam. Since the 2014 amendments to the Law on Housing, the number of individuals and organizations owning homes in the country has increased.

Foreigners are allowed to buy commercial houses in Vietnam through a 50-year lease, receiving them as gifts, or inheriting them, as long as they do not own more than 30% of the apartments in a block or 250 units for separate houses in a residential area. The General Statistics Office reported that as of March 2022, there were 100,000 foreign employees licensed to work in Vietnam, a significant increase compared to 2005 when only 12,000 foreigners were authorized to work in the country.

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