Foreigners strongly buy houses in Vietnam, the Ministry of Construction asked to report the situation

Foreigners strongly buy houses in Vietnam, the Ministry of Construction asked to report the situation

The Ministry of Construction has issued a written request to provinces and cities to report on the status of house ownership in Vietnam by foreign organizations and individuals and overseas Vietnamese.

According to the Ministry of Construction, on October 20, 2015, the Government issued Decree No. 99/2015 / ND-CP detailing and guiding the implementation of the Law on Housing 2014, including regulations on responsibilities of agencies. local state management agencies in monitoring and managing the situation of ownership of houses in Vietnam by foreign organizations and individuals (Article 79 Decree No. 99/2015 / ND-CP).

Pursuant to the provisions of Article 79 and Article 85 of the Government's Decree No. 99/2015 / ND-CP and to conduct research and develop a scheme on economic security in the housing and real estate market. to ensure social security (including the contents of assessing the implementation of the policy on housing ownership in Vietnam for subjects being foreign organizations and individuals and overseas Vietnamese). To report to the Prime Minister, the Ministry of Construction requests localities to synthesize and report on the situation of house ownership in Vietnam of the above-mentioned subjects.

Accordingly, the Ministry of Construction requires localities to report on the status of ownership of houses in Vietnam by foreign organizations and individuals and Vietnamese residing abroad in two stages before and after the time of the Law. 2014 housing effect.

The content of the report shows the total number of organizations and individuals who bought and owned the house, the place of purchase, the type of purchase of an apartment or a separate house.

In addition, localities must also report on the implementation of the housing ownership policy in Vietnam of foreign organizations and individuals and overseas Vietnamese.

Specifically, it is required to report on the implementation of regulations to announce unauthorized projects, to sell houses to foreign organizations and individuals in the area. At the same time, report on the monitoring and updating of information on buying, selling, owning houses of foreign organizations and individuals in the area.

The Ministry of Construction requests People's Committees of provinces and cities directly under the Central Government to send reports to the Ministry before March 15.

A report by CBRE Vietnam previously published showed that in 9 months of 2018, the number of Chinese people buying apartments in Ho Chi Minh City through this unit rose to No. 1, with 31% of total transactions. Compared to previous years, this is a leap of Chinese investors into the Vietnamese apartment market.

Not only China, buyers from Korea also increased strongly (2016-2017 only accounted for 6-8% of total transactions through CBRE).

Of the 5 groups of customers who bought apartments in HCMC through this unit, CBRE statistics next to Chinese people accounted for the largest proportion with 31% of the total transactions, followed by Vietnamese (24%), Korean ( 19%), Hong Kong (10%) and the US (3%).

Some house distribution companies for foreigners also said that foreign visitors mostly target Grade A and luxury apartments for investment. Because these are projects in the central area, with potential for rental and price increases.

Mr. Stephen Wyatt, general director of JLL Vietnam, also judged that since the Government of Vietnam for foreigners to buy houses in 2015, there have been many international customers come to learn about opportunities and investment in apartments.

The increase in Chinese customers buying houses in Vietnam is a real trend, because apartments in Vietnam are attractive investments with relatively low selling prices compared to real estate prices in China or Taiwan. Loan, Hong Kong, Singapore, Japan, Korea ...

In particular, Chinese customers often compare the most is the housing price of HCMC with Shanghai. Foreigners who buy houses in Vietnam hope that in the future, house prices in Vietnam will increase to enjoy profits.

Nam Phong