Foreigners still inhibited by strict home ownership laws

A recent draft amendment to Vietnam’s Housing Law is drawing criticism, as experts and lawmakers say its regulations on foreign home ownership are still too restrictive. According to government statistics, only 126 foreigners have purchased apartments in Vietnam since 2009, when an official resolution first granted non-citizens the right to own property, though Vietnam estimates approximately 80,000 foreigners live within its borders. Real estate professionals have also chimed in, expressing concern that barring foreigners from property ownership in Vietnam sends the wrong message about the country’s interest in attracting foreign investment. Currently, only those who are “studying, working and living” in Vietnam are able to purchase property, excluding a significant number of foreigners who reside in the country part-time or are frequent visitors to Vietnam.

http://www.thanhniennews.com/business/foreigners-face-strict-home-ownership-rules-in-vietnam-31466.html

Photo: Dinh Son