The requirement is said to reflect the responsibility of government’s management agency, in monitoring and managing the home ownership status of foreign organizations and individuals in Vietnam, under Article 79 of Decree 99/2015 instructed Housing Law.
The Ministry of Construction is currently being assigned by the Government to construct an economic security scheme for the field of housing and real estate market, ensuring social security. That includes assessing the implementation of housing ownership policies for foreign organizations and individuals, and overseas Vietnamese.
The contents of the report will be carried out in 2 phases, before and after the 2014 Housing Law takes effect. The report entails the total number of organizations and individuals who have brought or owned houses, and the location of each property.
In addition, the localities are required to: (1)evaluate the publicize of projects that may or may not be allowed to sell to foreign organizations and individuals; and (2)monitor, update, and publish information on the buying and selling house activities of foreign organizations and individuals.
Foreigners are taking over the luxury apartment market in HCMC. (Source: investasia.com)
At the end of 2018, CBRE Vietnam market research firm published a report depicting that, in the first 9 months of 2018, the number of Chinese people buying apartments in Ho Chi Minh City suddenly increased, accounting for 31% of total trading volume.
Not only the Chinese, Korean home buyers also rised robustly in 2016 and 2017, accounting for 6 and 8% of total transactions through CBRE Vietnam, respectively.
The top 5 groups of customers who brought apartments in Ho Chi Minh City in the first 9 months of 2018 were listed by CBRE including Chinese (31%), Vietnamese (24%), Korean (19%), Hong Kong (10%), and Americans (3%).
Grade A, luxury apartment in Ho Chi Minh City is the most popular among foreigners, the report noted.
