The outside of the Terra An Hung - Ha Dong project in late April, one of the 22 commerical housing projects which foreign buyers are allowed to purchase. (Photo theterraanhung.com.vn)Hanoi (VNS/VNA) — The HanoiDepartment of Construction has listed 22 commercial housing projects, somecomplete and some under construction, where foreigners can ownhomes.
From November 2019 until May 2020,the capital city also listed 26 other commercial housing projects whereforeigners can buy homes.
Currently, foreigners in Vietnam canown up to 30 percent of apartments in some projects, but demand has farexceeded this level.
Therefore, the Vietnam Real EstateBrokers Association has proposed the Government consider increasing the foreignownership cap in high-end apartment projects.
Tran Minh Hoang, Deputy GeneralSecretary of Vietnam Real Estate Brokers Association, told zingnews.vn thatforeigners’ demand for real estate in Vietnam is increasing, especially forhigh-end apartments and resorts.
Foreigners with large amounts ofcapital are not really interested in middle-class and affordable products likeVietnamese people, according to Hoang. Therefore, they will not compete withlocal people in the apartment market as products targeting the two groups ofcustomers are different.
Vietnam is an attractive destinationfor foreigners due to its favourable geographical position and great potentialfor tourism development, while real estate is competitively priced andprofitable.
The State should increase theforeign ownership caps in apartment projects to attract capital, increasemarket transparency and stimulate socio-economic development, Hoang said.
He also said this proposal shouldnot be considered a short-term solution to restore the property market in thepost-COVID-19 pandemic era but should be a long-term solution./.
