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Foreigners allowed to buy houses in 17 real estate projects in Da Nang

Valerie Mai Valerie Mai

mnghonganh@gmail.com

April 17, 2021 | 16:14

Authorities in the central city of Danang have listed 17 commercial housing projects in which foreign organizations and individuals are allowed to buy homes.

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Foreigners allowed to buy houses in 17 real estate projects in Da Nang
Photo: Vietnamnet

The Da Nang Department of Construction has made public a list of commercial housing projects in which foreign organizations and individuals are allowed, or not allowed, to buy apartments or houses, according to Vietnamnet.

This list includes 17 commercial housing projects that allow foreigners to buy and own houses: Blooming Tower Da Nang; Golden Square complex of commercial services, hotels, and apartments; Quang Nguyen commercial apartment building; P.A Tower hotel and apartment complex.

Apartment building No.38 Nguyen Chi Thanh (Lapaz Tower); Apartment building No. 6 Nguyen Du Street (Danang Plaza); HAGL Lakeview apartment building; Thuy Tu urban area; Monarchy resort complex; Harmony Tower Apartment building; Summit Apartments;

An Vien residential area; Da Nang Green Hoa Binh Complex; Tower Garden Apartments; Azura Apartments; Da Nang estate and Da Nang cruise wharf; FPT Da Nang Technology Urban Area.

Da Nang also named three projects that do not allow foreigners to own houses, including F-Home Apartments, Da Nang Diamond Tower (hotel complex, Marriott serviced apartments and houses for sale), and Indochina Riverside Tower, according to Tien Phong.

The department suggested the Department of Natural Resources and Environment and relevant agencies review the grant of licenses to foreign organizations and individuals in projects that are off-limits to foreign buyers.

Foreigners allowed to buy houses in 17 real estate projects in Da Nang
Photo: VIR

Buying property in Vietnam: The Complete Guide

The Law on Housing was issued by the National Assembly of Vietnam on November 25, 2014. One of the highlight features is the separate chapter on home-ownership of foreign organizations and foreigners in Vietnam. In other words, foreigners now have legal rights to buy houses in Vietnam.

Unfortunately, foreigners are not allowed to purchase land in Vietnam. But thanks to Vietnam’s Land Use Rights (LUR) (also known as Ownership Certificate of Property), foreigners are allowed to use and control the land they lease with a leasehold period of up to 50-70 years. The leasehold period is renewable. Do keep in mind that freehold ownership is not permitted for foreigners unless a foreigner is married to a Vietnamese national.

Foreign entities (organizations and individuals) eligible for home-ownership in Vietnam:

(1) Foreign entities investing in housing construction projects in Vietnam, as prescribed in this law and relevant legal regulations;

(2) Foreign enterprises, branches and representative offices of foreign enterprises, foreign investment funds, and branches of foreign banks which are operating in Vietnam;

(3) Foreigners who are allowed to enter Vietnam.

Types of home-ownership of foreign entities in Vietnam:

(1) Invest in housing construction projects in Vietnam, as prescribed in this law and relevant legal regulations;

(2) Buy, purchase, and rent, receive or inherit commercial houses including apartments and separate houses in housing construction projects, except for projects in the areas of national defense and security as prescribed by the Government.

Conditions for home-ownership, rights, and obligations of foreign entities when owing houses in Vietnam:

Foreign entities investing in housing construction projects in Vietnam must have:

(1) The Certificate of Investment Registration;

(2) Houses are built in the projects as prescribed in this law and relevant legal regulations.

Foreign enterprises, branches and representative offices of foreign enterprises, foreign investment funds, and branches of foreign banks that are operating in Vietnam must have:

(1) The Certificate of Investment Registration or other documents proving their legal operation in Vietnam (hereinafter referred to as the Certificate of Investment Registration) issued by competent agencies in Vietnam.

Foreigners buying houses in Vietnam must be:

(1) Allowed to enter Vietnam legally;

(2) Not granted diplomatic immunity and privileges as prescribed by the law.

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Valerie Mai