ID :
24303
Tue, 10/14/2008 - 14:30
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http://m.oananews.org//node/24303
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Each foreigner allowed to own one apartment
Hanoi (VNA) - The Ministry of Construction said it has worked to ensure each eligible foreigner is permitted to own only one apartment in Vietnam as from January 1, 2009.
Local construction departments are requested to send the list of foreigners
who want to buy apartments to the ministry to help with the management of
apartment ownership by the targeted individuals.
The move also aims to prevent the speculation in the real estate market,
said the ministry.
On May 22, the National Assembly adopted a resolution giving foreign
individuals and organisations in Vietnam the right to buy and own
apartments in the country. The resolution will be implemented on a trial
basis for five years, beginning January 1, 2009.
According to the resolution, foreign individuals and organisations
investing directly in the country and those hired to be executives by
Vietnamese or foreign-invested enterprises will be entitled to purchase and
own apartments in Vietnam .
Also benefiting are foreigners who have made special contributions to
Vietnam recognised by the State President and the Prime Minister, those
are college graduates with special expertise working in socio-economic
fields, and foreigners who have married to Vietnamese citizens.
Foreign apartment hunters are also required to have an authorised permit
for residency in Vietnam for more than one year and not the recipients
of diplomatic treatment.
Those meeting the criteria are allowed to buy and own apartments in
commercially-purposed housing development projects carried out in areas
where foreigners are not banned to live or move around.
They are permitted to own apartments for a maximum 50 years from the
certified date of ownership and are obliged to sell or donate their
apartments within one year from when their ownership certificates expire.
The resolution also gives foreign-invested businesses the right to buy and
own apartments. However, they must not operate in real estate development
and they must have demands for employee accommodation.
Foreign-invested businesses are required to have investment licences
granted by Vietnamese authorised agencies and are allowed to own apartments
for a time equivalent to their investment duration written in their
investment licenses.
The Construction Ministry's Housing Management Department reported that
about 80,000 foreigners are living and working in Vietnam , of which
21,000 pass the criteria for owning property in the country.
It said foreigners have leased around 220,000 sq.m of housing space in
Hanoi and close to 660,000 sq.m in Ho Chi Minh City . They rent mostly
villas, attached houses and apartments for the period ranging from three to
five years.
The Construction Ministry estimates that around 10,000 foreigners will buy
apartments with a total area of 1.5 million sq. m after the resolution takes
effect-Enditem
Local construction departments are requested to send the list of foreigners
who want to buy apartments to the ministry to help with the management of
apartment ownership by the targeted individuals.
The move also aims to prevent the speculation in the real estate market,
said the ministry.
On May 22, the National Assembly adopted a resolution giving foreign
individuals and organisations in Vietnam the right to buy and own
apartments in the country. The resolution will be implemented on a trial
basis for five years, beginning January 1, 2009.
According to the resolution, foreign individuals and organisations
investing directly in the country and those hired to be executives by
Vietnamese or foreign-invested enterprises will be entitled to purchase and
own apartments in Vietnam .
Also benefiting are foreigners who have made special contributions to
Vietnam recognised by the State President and the Prime Minister, those
are college graduates with special expertise working in socio-economic
fields, and foreigners who have married to Vietnamese citizens.
Foreign apartment hunters are also required to have an authorised permit
for residency in Vietnam for more than one year and not the recipients
of diplomatic treatment.
Those meeting the criteria are allowed to buy and own apartments in
commercially-purposed housing development projects carried out in areas
where foreigners are not banned to live or move around.
They are permitted to own apartments for a maximum 50 years from the
certified date of ownership and are obliged to sell or donate their
apartments within one year from when their ownership certificates expire.
The resolution also gives foreign-invested businesses the right to buy and
own apartments. However, they must not operate in real estate development
and they must have demands for employee accommodation.
Foreign-invested businesses are required to have investment licences
granted by Vietnamese authorised agencies and are allowed to own apartments
for a time equivalent to their investment duration written in their
investment licenses.
The Construction Ministry's Housing Management Department reported that
about 80,000 foreigners are living and working in Vietnam , of which
21,000 pass the criteria for owning property in the country.
It said foreigners have leased around 220,000 sq.m of housing space in
Hanoi and close to 660,000 sq.m in Ho Chi Minh City . They rent mostly
villas, attached houses and apartments for the period ranging from three to
five years.
The Construction Ministry estimates that around 10,000 foreigners will buy
apartments with a total area of 1.5 million sq. m after the resolution takes
effect-Enditem
