How to buy real estate in Vietnam
Many people think about buying real estate by the sea. This is a promising investment, as you will not only be able to live, spend the winter by the sea or come to rest at the resort for a long time, but also rent out your real estate. One can make some good income on short-term rent. Many of those who’s visited Vietnam as a tourist consider buying some real estate in Vietnam.
Vietnamese real estate market opened for foreigners not so long ago. Previously, foreign citizens didn’t have many options for buying real estate. There are still some limitations at place, but in general everyone may buy housing in Vietnam. The climate in this country is favorable, and the Vietnamese are loyal to foreigners, that makes more and more people want to buy real estate in Vietnam.
Legislation in the field of real estate purchase
Lands in Vietnam are national treasure and belong to the state. Purchasing real estate, a foreigner receives a certificate of ownership for a period of 50 years. It is possible to further extend the effect of this document.
The nationality of the foreign buyer does not matter. The main condition is to have a valid passport with Vietnamese visa. If the foreign owner of the real estate leaves the country for a long time, it doesn’t change his status. The state cannot take it from the owner. It should be noted that a foreign citizen gets no privileges regarding the residence permit and long-term visa in case of buying real estate in Vietnam. Those documents are obtained separately.
A property owner can lease, sell, bequeath and gift it during the first 50 years. After 50 years, he can renew the effect of his documents for the next 50 years with the help of the developer.
Getting a certificate of ownership takes time. Usually the document is issued within a year. Before getting a certificate of ownership, the owner has to obtain a contract with the developer, confirming the rights to the apartment. The owner can even sell the apartment to a third party before obtaining a certificate of ownership.
Restrictions for foreigners for the purchase of real estate in Vietnam
There are some restrictions for foreigners buying real estate in Vietnam. For example, foreigners can not own more than 30% of apartments in one house or 250 houses or villas in one area. This issue is controlled by the state.
In Vietnam, a foreigner can not buy an apartment in any house. There are two categories of housing: social housing (provided to the military, low-income citizens of Vietnam, state employees and other categories of citizens) and commercial one. Foreigners can only buy commercial real estate. Sometimes the residential complex destines several floors for foreigners to buy.
Buying lands in Vietnam for foreign citizens
Registration of ownership of the land is quite expensive. Therefore, few foreigners decide to buy land in Vietnam. In addition, the land can be purchased only within certain projects, and not where you want. These projects are usually cottage villages.
Prices for apartments in Vietnam
Currently many new residential complexes are being built in Vietnam, with a special attention paid to the construction of houses with luxury apartments. This housing is in great demand among businessmen who want to invest their money in real estate. The prices for apartments vary a lot. For example, an apartment in a new residential complex in the Northern part of Nha Trang (resort town popular among tourists) costs about $ 50,000, and the price for apartments in the Central part of Nha Trang in the European quarter starts from $75000 .
Assistance in buying property in Vietnam
Of course, when buying a property in any country you need to pay special attention to the documents. Due to the fact that most developers communicate in Vietnamese, you may need help with paperwork.
Our company Dima-Tour will help to negotiate with the developer or seller of real estate and execute documents in Vietnamese. To use this service, please contact our managers. We speak English and can help you to purchase real estate in Vietnam and solve other issues.