Vietnam is on the rise and foreigners are pouring money into the country by buying the properties. The manufacturing cost is less than other countries. You can easily buy property Vietnam. There are many investment opportunities are available. Vietnam has opened up and welcomed the tourists and investors around the world to grab the piece of the exploding properties.
In the past, few foreigners have invested in the properties but the regulations for the foreigners were very unfavorable and strict. However, in 2015 the government has introduced a housing law which makes it easier for the foreigners to buy and sell properties. The regulations have been drastically changed for the foreigners.
Properties for sale in Vietnam have become very easy. There are some regulations for foreigners who are investing in Vietnam. A foreigner can buy property by only showing his visa. There are no restrictions on the properties they can buy but they cannot own a land. The real owners are Vietnamese people but properties are governed by the state. In a given ward, a foreigner can only buy 250 houses. Foreigners cannot buy more than 30% units in condominiums. They cannot own more than 10%of the properties in a landed project.
The property can be terraced houses, detached houses, and semi-detached houses. The Vietnam citizens who live abroad, this rule is not for them. A foreigner cannot own the land but get the lease with a leasehold period of up to 50 to 70 years. The government is considering extending the lease time from 50 years to 99 years.
Maybe the regulation will be less strict and probably loosen up over the coming years but there is no guarantee for the foreigners to renew the leasehold period. The Vietnam law is reducing the risks for the foreigners who are investing in Vietnam. This law gives them the right to control the land that they got on the lease. In order to get the lease for the land, they have to submit the Land Use Rights Certificate to the Vietnamese Government.
It is important to receive ownership certificate for the developer when you are purchasing the property. In the past, the foreigners have faced many issues to get the certificate which caused them much frustration. The areas that are reserved to protect the national defense and security, the foreigners are not allowed to own the properties in those areas.