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New property law piles risk on banks

HCM CITY (VNS)— A proposed decree to guide the recent amendments to the Law on Real Estate Business that requires housing developers to get guarantees from banks before they can sell or lease out units needs to be more specific to ensure safety, a developer has warned.

Japanese group invests in HCM City

HCM CITY (VNS) — Japan's Creed Group, a real estate firm specialising in principal investment and property development, has signed a comprehensive investment co-operation contract with An Gia Real Estate Investment and Development JSC.

Nearly $1.7b of FDI pours into real estate market

HCM CITY (VNS)— The country's property market attracted US$1.69 billion in foreign direct investment (FDI) for 15 projects in the first seven months of 2015, according to the Foreign Investment Agency. This figure accounted for 19.3 per cent of the total FDI capital of $6.92 billion.

Foreigners Buy Houses In Vietnam - Stimulus Resource For Real Estate

On July 1st 2015, the law for foreigners to buy houses in Vietnam began to take effect. 2015 07 15 1This will make the real estate market have a larger demand. Thus, for approaching international standards, the investors have to adjust operations, ways of working and management to introduce the products with strict requirements on quality and attentive service ... so as to meet the requirements of this new market.

City's real estate boom needs good planning

While residential developments in the west and north of HCM City have few customers, the property spotlight is falling on the east and south of HCM City where Districts 2, 9, and Binh Thanh are seeing plenty of transactions.

Vietnam real estate market continues attracting foreign investors

Foreign direct investment (FDI) capital to Vietnam’s real estate market has continued increasing recently with high-value deals of many giants from South Korea, Japan and Singapore. The Foreign Investment Agency under the Ministry of Planning and Investment reported as of July 20, the country has licensed 1,068 new projects with the registered capital of US$6.92 billion, up 1 percent over the same period in 2014

VIR - New law widens foreign home rights on July, 2015

With a majority of 77 per cent vote the National Assembly last week passed the long-awaited amended Law on Housing which would expectedly make positive changes to home-ownership rights for foreigners. Bich Ngoc reports.

Foreigner property rights to boost Vietnamese realty market

Viet Nam's real estate market will become more competitive within the region because foreigner property rights will soon be allowed, Savills Viet Nam said in a statement last November 26.

Foreigner property rights to boost Vietnamese realty market

Viet Nam's real estate market will become more competitive within the region because foreigner property rights will soon be allowed, Savills Viet Nam said in a statement last November 26.

 

The amended Housing Law, taking effect on July 1 2015, enable foreigner property rights. — Photo baomoi
The amended Housing Law, taking effect on July 1 2015, enable foreigner property rights. — Photo baomoi

 

The amended Housing Law that the National Assembly adopted last November 25 takes effect on July 1, 2015. It allows foreigners to lease and own a maximum of 30 per cent of an apartment building or a maximum of 250 villas or townhouses. This effectively provides a registered 50-year leasehold title.

Savills said the lengthily-discussed regulations had the full support of the country's property industry.

The amendment follows the relaxation on overseas Vietnamese, who now have full and unfettered ownership rights. In 2013, overseas remittances increased by 10 per cent year-on-year to US$11 billion, and much of this can now be invested effectively and confidently in real estate.

Foreigners now have an enforceable title that, at the same time, opens up a far deeper purchaser pool. This will add greater liquidity to a residential property market that is now showing signs of modest recovery across the nation.

It will also allow investors with entry visas to have exposure to a very attractive asset class within an emerging market that has excellent structural characteristics and strong growth potential.

Foreigners are also allowed to pay for the property via a financial organisation operating in Viet Nam. The banking sector is highly competitive, and this should promote easier access to property mortgages for foreigners.

"These amendments follow wholesale legal reform influencing many sectors, and comes at a time when foreign investors are showing increasing interest. Viet Nam's rapidly changing legal landscape is creating greater business certainty and a healthier and more competitive financial enviroment," the statement said.

HCM City Real Estate Association Chairman Le Hoang Chau told VnExpress online that a country that enabled foreigner property rights could be considered as "exporting on the spot," which would help increase demand in the property market and national asset values.

Foreign organisations entitled by the amended law to own houses in Viet Nam include entities investing in housing projects and foreign invested enterprises, as well as their branches or representative offices here. They also comprise foreign investment funds and foreign bank branches operating in the country.

Foreign individuals and institutions may inherit apartments and houses in commercial projects which are not located in areas restricted by the Government. Individuals may extend their home ownership or lease their property in specific cases.

Foreign homeowners are subject to Viet Nam property taxes.

VietnamNews

* More informations, please contact: An Phat Real Estate - Hotline: 0938.218.206 or saigon4sale4rent@gmail.com

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