|The number of foreigners buying property in Việt Nam on the 2015-20 period increase sharply compared with 2008-14 period, especially in HCM City. — VNS Photo Văn Châu|
HCM CITY — Foreigners have bought some 16,000 housing properties across the country since they were allowed to in 2015, according to the Hồ Chí Minh City Real Estate Association (HoREA).
Their number is increasing, especially of those buying in HCM City, with most buyers coming from mainland China, Japan, Singapore, and South Korea.
Vingroup, Novaland, Phú Mỹ Hưng, CBRE, and Hưng Thịnh sold around 10,571 of the units. HCM City has accounted for about 80 per cent of all their purchases.
Many apartments in major projects in HCM City like the luxury Centennial Bason, The Grand Manhattan and Alpha City in District 1, where prices range between US$6,000 and US$10,000 per square metre, have been bought by foreigners.
Developers need to work with foreign real estate agencies to look for foreign buyers and investors, experts said.
Companies like Khang Điền, Novaland, Vingroup, and Him Lam Land work with TVC Communication Company (Singapore) to sell apartments they build to foreign buyers.
Such co-operation is especially useful to sell in the high-end and luxury apartment segments, which attract foreign buyers, especially Chinese, HoREA said.
Some luxury projects in HCM City have even sold the maximum allowed 30 per cent of their units to foreigners.
Thus, at projects such as Gateway Thảo Điền, Nassim and Thảo Điền Pearl in District 2 foreigners have to instead sign 50-year rental contracts.
In the case of townhouse projects, foreigners can buy up to 10 per cent or 250 units.
HoREA believes that this limit is low and inappropriate, for some places with a large concentration of foreigners, such as Phú Mỹ Hưng New Urban Area in District 7 with about 20,000 permanent foreigners.
To promote foreigners’ trading of real estate products on the local market, Việt Nam should increase the portion of property products available for foreigners in each project, experts said. — VNS