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Asia:- Vietnam Property Guides » Vietnam Real Estate Buying
Guide
The Real Estate Buying Process in Vietnam
The laws relating to the direct foreign ownership of property in
Vietnam are currently under review by the Vietnamese government –
the law as it stands does not permit foreign ownership of real
estate anywhere in Vietnam.
A new draft law was submitted to the National Assembly in 2005 and
it is due to be ratified sometime in 2006; under the terms of the
draft law the real estate market will become more accessible to
foreign investors.
The real estate buying process in Vietnam for foreigners currently
does
The real estate buying process in Vietnam for foreigners currently
does not therefore exist! All expatriates living in Vietnam rent
accommodation and foreign investors are restricted to the
development of housing and commercial real estate.
Foreign direct investment is being targeted but the Vietnamese
government are incredibly determined to remain in tight control of
their country and therefore all those who wish to invest in the real
estate construction and development industry have to deal with a
maze of laws, rules and regulations before they are permitted to
invest in the fast growing property market in Vietnam.
There’s no denying the fact that the government’s determination to
remain so restrictive is holding back the potential in the real
estate market in Vietnam. There is a massive requirement for
residential accommodation that is not being met at the current
construction rates - and furthermore there is strong demand for
residential property from expatriates, investors, Vietnamese living
outside of Vietnam and those seeking an exciting second home
destination.
This ever increasing demand for investment property in Vietnam
coupled with the fact that the Vietnamese government is slowly
adapting laws to allow for the foreign ownership of real estate
means that Vietnam is one to watch. It is a country where there is a
property boom waiting to happen and those who remain ready and
watchful and who will be able to move when restrictions are lifted
will likely profit the most.
Because of the nature of the country and its government, potential
investors determined to enter the real estate market in Vietnam when
the time is right should be aware that it is likely that short term
gains will be an unachievable prospect because it is likely the
government will restrict speculative property investment.
Instead the best returns will be made by targeting the tourism and
expatriate rental markets. Those who wish to profit from property in
Vietnam today should consider investing in development and
construction projects. For more information about the new draft
property law in Vietnam click here.
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