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May 19, 2020 / 15:29

Hanoi announces lists of housing projects open for foreign ownership

Foreigners are eligible to own houses in a tenure of 50 years with renewal possibility.

Hanoi’s Department of Construction has announced a list of 10 housing projects that allow the ownership of foreign individuals and organizations.

 Foreigners are eligible to own houses in Vietnam in a 50 year period

The projects are located in the districts of Nam Tu Liem, Ha Dong, Cau Giay, and Thanh Xuan.

Nam Tu Liem district: Keangnam Hanoi Landmark Tower in Me Tri ward invested by Korea-based Keangnam Enterprises Ltd. It’s a mixed-use supertall skyscraper with 72 stories, including two 48-storey hotel twin towers.

Other places include HH2-1A building of Golden Palace A in Me Tri and Phu Do wards invested by Mai Linh Investment JSC, and Dolphin Plaza in My Dinh 2 ward invested by TID Joint Stock Company.

Ha Dong district: There are five projects, including high-rise buildings at Duong Noi New Urban Area (Zone A) in Duong Noi ward invested by Nam Cuong Corporation; Mixed-used Hanoi Radio and Television building in Ha Cau ward invested by Phu Thinh JSC; Zone C in Kien Hung New Urban Area in Kien Hung Ward developed by Kien Hung Urban Development Investment JSC, Hop Phu Investment Development Joint Stock Company, and Tin Phu Investment and Development JSC; High-rise buildings at Park City New Urban Area in La Khe ward invested by Vietnam International Township Development JSC (VIDC), a member of Malaysia’s ParkCity Group; and Extended Van Khe New Urban Area in La Khe ward developed by Song Da – Thang Long JSC.

Cau Giay district: There are two projects namely Eco Park View mixed-use buildings at Cau Giay New Urban Area in Dich Vong Hau ward developed by Medinsco Medical Equipment JSC, Construction and Infrastructure Development JSC, and Ecoland JSC.

Thanh Xuan district: Mixed-use serviced apartment complex at No.25 Le Van Luong street, Nhan Chinh ward is invested by Hanoi Real Estate Business and Services JSC.

 More foreigners are interested in owning houses in Vietnam

Under Vietnam’s revised Law on Housing that took effect from 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 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 total number of units owned by foreigners must not exceed 30% of the total units in one condominium complex, or 250 landed property units in one particular administrative ward or its equivalent.

Foreigners can buy houses from developers of residential projects on the primary market and only from foreign individual/entity owners (not from local owners) with the remaining ownership tenure (renewal possibility available upon expiry) on the secondary market, according to CBRE.