09:35 (GMT +7) - Saturday 25/11/2017

Property

750 foreigners have received home ownership certificates

Released at: 14:19, 25/08/2017

750 foreigners have received home ownership certificates

Illustrative image (Source: cafef.vn)

Legal procedures for foreign home ownership have received positive feedback from both vendors and buyers, according to real estate expert.

by Van Long

According to a source from the Ministry of Construction, home ownership certificates have been granted to over 750 foreigners since the Law on Housing 2014 took effect on July 1, 2015. 

Several real estate experts, however, said the figure is yet to meet expectations despite the housing policy for foreigners being loosened, partly due to their employment duration and property locations and prices. 

Mr. Nguyen Khanh Duy, Director of Savills’ Ho Chi Minh City Housing Sales Department, was quoted by local media as saying that legal procedures for foreign home ownership have received positive feedback from both vendors and buyers after nearly three years of enforcement. 

Thousands of real estate transactions involving foreigners have been conducted in Ho Chi Minh City over the last two years, he said.

Attracting foreign home buyers in Vietnam is hoped to increase capital inflows and liquidity in the market, particularly in the high-end segment.

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