7 things to note for “international residents” wanting to buy a house in Vietnam

Currently, under the Housing Act 2014, foreigners living and working in Vietnam have the right to own houses or apartments. This has created many advantages for real estate development in HCM City in particular and in the whole country.

Why foreigners looking to buy a house in Vietnam?

In recent years, we can clearly see that the real estate market is “transforming itself” with hundreds of large and small projects spreading across Ho Chi Minh City. And this in particular attracted the attention and attention of “international residents”; As compared to the price of buying a luxury apartment or housing in areas such as Korea, Singapore, USA, Hongkong … the housing market and apartments in Vietnam are quite “soft”.

In addition, thanks to the support and conditions from the State we have the opportunity to own houses, apartments of foreigners more favorable. The evidence is that in districts such as District 2, District 7, Tan Binh District, District 1 has been forming residential areas reserved for foreigners living.

However, in addition to the advantages and conveniences that foreigners have when looking to buy houses in Vietnam, there are many points to note to avoid many difficulties!

Luxury apartment projects are gaining the attention of foreigners

What do “international residents” should buy when buying a house or apartment in Vietnam?

Note 1:

If you are a foreigner living and working in Vietnam, you must prove your entry and residence legally.

Note # 2:

If you use the money earned from your business or income from your current job in Vietnam, you need to prove that your business and work are legitimate.

If you use foreign currency to buy a home, you need to prove your home financing clearly and should transfer money through an account in Vietnam to have the documents and information stored when needed. query.

The demand for buying houses of foreigners in Vietnam is increasing

Note # 3:

Foreigners are only allowed to own a number of residential and apartment projects from newly established residential areas, not owned homes in existing residential areas. Therefore, you need to check the information of the projects to avoid risks.

Note 4:

When signing a contract of purchase or sale of a house or apartment, you need to ensure that the investor complies with the form of contract registered with the State agency and the transaction is legal, protect. Pay special attention to the terms or the attached rights and responsibilities when moving in.

Note # 5:

Pay for the contract and monthly payments in case you borrow money to buy a home.

Luxury apartment projects are a priority choice for foreigners

Note # 6:

You need to pay attention to issues applying for the certificate of ownership of houses, apartments of the seller or the investor of the project.

Note # 7:

Where there is a need to transfer the ownership of a house or flat, you need to prove the legal origin of the property and provide the full documentation of the relevant obligations, such as paying the house tax. land for example.

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