New Vietnam Housing Law – after July 2015
5 facts foreigners need to know about Vietnam’s new laws
- Foreign individuals who are granted a visa to Vietnam are allowed to buy residential properties in the country.
- All foreign investment funds, banks, Vietnamese branches and representative offices of overseas companies are eligible to buy.
- All types of residential sector including condominiums and landed property such as villa and townhouses – previously only applicable to condominiums.
- There is no limit on the number of dwelling units a foreigner can buy, but the total number of dwelling units owned by foreigners must not exceed 30 percent of the total units in one condominium complex, or not exceed 250 landed property units in one particular administrative (or the equivalent of) ward – previously an eligible foreigner could buy only one condominium in Vietnam.
- The tenure allowed to foreign individuals buying homes is a 50-year leasehold with renewal possibility upon expiration, which remains unchanged compared to previously stipulated. Foreign individuals married to Vietnamese citizens are entitled to freehold tenure.
Vietnam Property Buying guide
● From July last year any foreigner with a valid visa can buy a property in Vietnam
● Expect to pay 10 per cent VAT when buying a property from a developer
● The monsoon season in south Vietnam runs from about May to Octob