The Vincom Center A building in Ho Chi Minh City (Photo: VNA)Savills Vietnam on October 27 announced the launch of its International Residential Sales and Leasing Department in Ho Chi Minh City intended to provide services for foreigners.
According to the real estate service provider, the number of foreign experts flocking to Vietnam has seen a sharp rise since the beginning of 2015.
The firm has been receiving increasing enquiries from foreign clients who expressed interest in purchasing or leasing a property in Ho Chi Minh City and surrounding areas.
The trend is largely owing to the newly-amended Housing Law which allows foreigners to lease and own a maximum of 30 percent of an apartment building or a maximum of 250 villas or townhouses. The new law effectively provides a registered 50-year leasehold title.
Besides, overseas experts and specialists are expected to extend their staying in Ho Chi Minh City once the Trans-Pacific Partnership (TPP), the ASEAN Economic Community (AEC) and the Vietnam-EU Free Trade Agreement come into effect.
Timo Schmidt, who has over 9 years of experience in residential property, was appointed as head of the department. He will support foreign clients to find properties not only in Ho Chi Minh City but also in resort cities, such as Nha Trang and Da Nang.-VNA
