Vietnam has numerous investment sectors worth to discover, however, real estate was not among those that caught the eyes of foreign citizens and investors until several years ago when a new law was passed. To be more precise, in 2014, the Vietnam government passed the Law on Residential Housing No. 65/2014/QH13 that entered into effect in 2015 and it enabled foreigners to purchase project houses and condominiums for use here.
If you are foreigner and are interested in the acquisition of a house here, our real estate law firm in Vietnam is at your service with detailed information on the requirements you must meet. You can also rely on our Vietnamese lawyers for support during the purchase procedure. We can also advise on matters related to citizenship in Vietnam.
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The main provisions of the Real Estate Law in Vietnam
What should be noted about real estate property in Vietnam is that under the national legislation, Vietnamese citizens or companies have the right of use over lands and built properties while they are being owned and administered by the government.
This is one of the main reasons to use the services of real estate lawyers in Vietnam when coming here with the purpose of purchasing a property for use or starting a business that operates in this field (under the new law, new share capital requirements are imposed on real estate enterprises).
The most important change in the legislation provides for foreign citizens and companies, including branches and subsidiaries, to acquire various projects for use.
Our law firm in Vietnam can provide you with the latest information on the rights to acquiring real estate here.
Obtaining a certificate for the right to use a property in Vietnam
There are 3 types of right to use certificates that can be obtained by foreigners who want to acquire properties in Vietnam. These are:
- by award, which implies the government to offer the right to use a land for Vietnamese companies (you can be a foreign shareholder in such a business);
- by recognition which can be obtained from the government without paying any fee;
- by lease which is available for foreign entities and citizens through a contract with the government.
Each type of contract comes with specific requirements, which is why you can use the services of our real estate law firm in Vietnam for this purpose.
Our lawyers are also at the disposal of persons who choose to immigrate to Vietnam.
Conditions for foreign citizens and investors who want to own real estate in Vietnam
The first and most important condition for foreign citizens and investors who want to own real estate in Vietnam is to have a valid visa in order to acquire the right of use over a property.
What is also important to know is that once a foreign citizen has obtained a right of use certificate can pass the respective property as inheritance to other family members. They can also rent or sell the house or condominium with prior notification.
One important aspect to take into account is that a foreign citizen cannot hold more than 30% of the properties in a building or more than 250 houses in the same neighborhood.
In the case of companies, the ownership certificate they can obtain cannot be on a longer term than their certificates of investment.
Should you want to acquire properties here, you can rely on our real estate lawyers in Vietnam for guidance in meeting all the requirements imposed by the law.
What types of properties can foreigners buy in Vietnam?
Foreign citizens or investors can purchase various types of real estate in Vietnam, among which:
These must be part on investment projects that are not located in areas of national defense or security. A list of the premises can be obtained from the Provincial Department of Construction which falls under the supervision of the Ministry of Construction in Vietnam.
Once acquired, the new owner can enjoy the rights over the property no more than 50 years from obtaining it, however, this right can be extended for another 50 years.
If you are interested in acquiring a property in this country, do not hesitate to use the services of our real estate law firm in Vietnam for a quick procedure and to make sure you meet all the requirements in terms of documents. We can also support you in applying for citizenship in Vietnam.
The Vietnam real estate market
The Vietnamese real estate market is comparable in price ranges with some of the largest markets in Europe. For example, at the level of 2019:
- a condominium in Hanoi has an average price of approximately USD 1,400 per sqm;
- in Ho Chin Min City, the average price per sqm is USD 2,890;
- at the beginning of 2020, real estate developers were expected to deliver between 40,000 and 60,000 new units.
For assistance in buying a property here, do not hesitate to contact our real estate lawyers in Vietnam. You can also rely on us if you decide to immigrate to Vietnam.