Under the revised Law on Housing that has taken effect since July 2015, eligible foreign individuals and entities can buy, receive or inherit apartments and houses in commercial projects only, not in areas that limit or ban foreigners.
Specifically, foreigners are able to own at maximum 30% of the apartments in a condo building. For individual properties in an area with a population equivalent to that in a ward-level administrative unit, foreigners are permitted to own a maximum of 250 homes.
Local individuals are not allowed to sell houses to foreigners. (Photo: cafef)
In addition, individual foreigners may extend their home ownership after 50 years. Further details about the extension process will be announced in the future.
Foreigners may lease their property for any “purposes that is not banned by law” but must also inform the provincial house management agency before leasing the property. They will also be subject to property taxes of Vietnam.
Foreign entities can already buy property to house their employees, but they are not allowed to lease or use it toward any other purpose.
The Da Nang Construction Department has recently listed 17 commercial housing projects that foreigners can buy homes, including: Da Nang Plaza, Azura, La Paz Tower, Hoang Anh Gia Lai Lake View, FPT City, Condotel Quang Nguyen Tower Da Nang, An Vien residential zone, Blooming Tower, Hoa Binh Green Da Nang complex, Golden Square complex, the Summit Son Tra, Thuy Tu Urban, the Monarchy, Harmony Tower, , Marina Complex Da Nang, Hiyori Garden Tower, and P.A Tower.
Meanwhile, foreigners are not allowed to buy apartments at 3 projects: Da Nang Diamond Tower, F-Home and Indochina Riverside Tower.
