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Allowing foreigners to buy houses: Signal fun for the housing marke

Housing Law allows foreigners to buy houses may be seen as a huge boost to the real estate market From May 1-7, 2014 Official Housing Law into effect, including provisions to allow foreigners to own houses in Vietnam.

   Housing Law allows foreigners to buy houses may be seen as a huge boost to the real estate market
From May 1-7, 2014 Official Housing Law into effect, including provisions to allow foreigners to own houses in Vietnam. If individual foreigners married to citizens of Vietnam or married to a Vietnam residing abroad will be in the long-term home ownership and rights as citizens of Vietnam.
This is a positive signal, increase confidence for investors and good for the real estate market (real estate). However, where a positive level depends of the bylaws, guidelines for those applying the easiest implementation.
Eager market
   Le Hoang Chau, Chairman of the HCM City Real Estate Association (Horea), said that allowing foreigners to own houses in Vietnam as a new wind blowing in the property market. The market is stable, well developed over time in part due to this information. "Instead of exporting construction materials, we build houses and sell to foreigners. This is clearly a form of spot exports, attract foreign investors and overseas Vietnamese bearing foreign currency in Vietnam "- Mr Chau said.
According to Hoang Thi Giang (live Tan Binh District, HCMC), to hear of the real estate market in Vietnam recently active again, a group of women in Singapore continuously for advice to find suitable projects for investment , profit. Especially when said Vietnam allows foreigners to buy houses from 1-7 days, they even eager, to bring the money to buy a house here.


 
Allowing foreigners to buy houses is considered to boost the real estate market. Photo: TAN THANH


   Le Hoang Chau, said HCM City has about 30,000 general manager senior professionals who are foreigners working or living. Not to mention, there are about 80,000 Koreans living and working in the country; 8,000 Japanese and 1,200 Germans ... They are those who have to work or live in Vietnam veteran but only rent to stay. If this object is owned home in the provinces and cities have many industrial areas such as Ho Chi Minh City, Dong Nai, Binh Duong ... will help the housing market in these areas become more attractive.
General Director Nguyen Nam Hung Thinh Land Hien said: "Can not expect the real estate market massive price increases when there are many foreigners or overseas Vietnamese to buy houses but need to recognize the fact that the law has psychological effect will make good to the people and investors. They believed that the government was "open" rather than actively supporting policies to make markets work better. "
Do not be too quick to celebrate
   Under the Housing Act 2014, foreigners can only purchase, hire purchase, donation, inheritance, and property do not exceed 30% of the apartments in the first building of 250 apartments or housing units for private 1 residential retail, or 1 unit ward administration. Talking about this issue, Le Hoang Chau said that this provision again "stuck" for a number of projects with good location, convenient but foreigners is restricted buying. In fact, some areas have good projects, senior, attracting foreigners as Phu My Hung (District 7), Thao Dien (District 2) The law does allow buy too little ... So come, associations will have specific recommendations to "untie" this provision.
Also, according to Mr. Zhou, authorities should have specific guidelines on the transfer of money purchasing apartments for foreigners. Or even the Department of Defense, the Ministry of Public Security guidelines region foreigners not allowed to buy, accommodation, travel ...
Dr. Su Ngoc Khuong, investment director of Savills Vietnam, said that the actual provisions for foreigners to buy houses in Vietnam had before but only applies to 4 objects, so far only about 200 cases were purchased. New Housing Law has broadened the participants was positive news for the housing market.
In recent Savills also have many customers who are interested, to learn about this issue. However, saying this is information that can make "hot" market or no fear that it is too early to assert as much depends on whether the bylaws or circulars have created good conditions for water , overseas Vietnamese to buy houses or not.
"The most important thing is that the state authorities have ready answers to information, guidance ... help investors feel secure and convenient when" poured "into Vietnam capital to buy a house or not. In particular, the instructional information must be consistent, avoid this agency explain this, other organs like the other guides will make investors lose confidence, "- Mr. Jiang said.
   Tran Hoa Phuong, Deputy Chairman of the Vietnam Committee on overseas visits HCM City, also said that the key issue now is the guidance documents will arrive faster or slower, have created favorable conditions for the people abroad, overseas Vietnamese to buy houses or not. If the text is slow or no guidance will reduce the validity of the law. The competent authority should realize this, but soon removed.

NLD News

 

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