Sep 09, 2020 / 16:47

Hanoi announces 23 more housing projects for foreign ownership

The Hanoitimes - So far this year, Hanoi has made public 45 housing projects that allow foreign ownership.

Hanoi’s Department of Construction has publicized a list of 23 more housing projects in which foreign individuals and organizations are eligible to be direct buyers.

 It's estimated that approximately 16,000 houses have been under foreign ownership in 2015-2020 

In the newly-announced list, four projects are located in Ha Dong district; three in Long Bien district; two each in Hoang Mai, Cau Giay, Thanh Xuan districts, Son Tay town, and the outlying districts of Hoai Duc and Gia Lam; one each in Bac Tu Liem, Tay Ho, Nam Tu Liem, and Ba Dinh districts.

Ha Dong district has four projects namely An Hung New Urban Area commercial complex, high-end serviced apartment, and low-rise housing area developed by Van Phu Invest Investment JSC; Kien Hung Residential Area in Kien Hung ward invested by Military Prochemical JSC; HH complex in An Hung developed by Van Phu Invest Investment JSC; CapitaLand – Hoang Thanh commercial complex in Mo Lao New Urban Area in Mo Lao ward by CapitaLand – Hoang Thanh Co., Ltd.

Thanh Xuan district has two projects namely Thanh Xuan Tower office and high-rise apartment building invested by Quang Minh Construction and Trading JSC, and DLC Complex Nguyen Tuan developed by DLC and An Viet Consulting Co.

In June 2020, the Hanoi’s authority announced a list of 22 projects of the same purpose.

Reality

Under Vietnam’s amended Law on Housing that took effect in July 2015, all foreigners who are granted a visa to the country and not entitled to privileges and diplomatic immunity are eligible to buy not only apartments but also landed property (villas and townhouses), and requirements for their home ownership rights have been significantly relaxed.

The tenure is 50-year leasehold with renewal possibility. Foreign individuals married to Vietnamese citizens are entitled to freehold tenure.

The Ho Chi Minh Real Estate Association (HoREA) cited the Ministry of Construction’s report on nationwide real estate market in 2009-2019 that the number of houses developed in the decade reached 3.77 million.

Meanwhile, the number of houses that foreigners have probably bought in 2015-2020 is about 16,000, accounting for 0.85% of the total houses in commercial housing projects.

Under the law, the ratio of apartments owned by foreigners does not exceed 30% of each commercial housing projects.

Vietnam argues that the ceiling of 30% is aimed to ensure security.

HoREA insists on keeping the ceiling of 30% without relaxing it.

According to HoREA, only the Hanoi People’s Committee has granted ownership certificates to foreigners who buy houses in the city.