Starting July 1, overseas Vietnamese will be able to buy property in Vietnam without any restrictions.
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The amended Housing Law will put overseas Vietnamese on equal footing with Vietnamese residents, reports Thanh Nien.
The law also states that foreigners in Vietnam can buy houses in "certain urban areas" though these have yet to be specified. Additionally, diplomats are not eligible to buy property.
“Foreigners and foreign organizations which invest in housing projects in Vietnam can also buy houses in the country, so as foreign-invested companies, banks or funds operating here, the law said,” wrote the paper.
Last November, Vietnamese lawmakers passed a law permitting land ownership for individuals that hold a valid visa and companies operating in the country with the caveat that foreign ownership not exceed 30% of any apartment building or 250 houses in a ward.
Time will tell if the amended law will be effective as previous attempts to even the playing field have proved unsuccessful due to their vagueness and that fact that land-lease certificates granted in real-estate purchases are good for a maximum of 50 years.
A draft degree announced last month sought to increase foriegn ownership periods to 100 years and give foreign individuals married to Vietnamese citizens freehold tenure.
[Photo via Hà Nội: CAPITAL City]
