Vietnam To Allow Foreign Property Ownership
The struggling Vietnamese real estate sector is expected to gain momentum on news that lawmakers have approved reforms for foreign property ownership.
According to news source Bloomberg the National Assembly has vetted a mandate, which will allow foreigners who hold visas as well as foreign companies doing business in Vietnam to own property.
This will include both freestanding homes and apartments. There is a threshold though with 30% in an apartment complex or 250 houses in an estate.
That said the concept of freehold property remains alien in Vietnam, where the State retains the ultimate owner and 50-year leases are considered to be full tenure.