Overseas Vietnamese given no limitation on quantity and type of owned houses

Overseas Vietnamese given no limitation on quantity and type of owned houses According to the latest draft of Housing Law, overseas Vietnamese is given house ownership right (apartment and private house included) attached to the land use right without any limitation on quantity and type of purchased houses.

Foreign organizations and individuals investing in building residential buildings for sale or lease must comply with the laws on rights and obligations of a project investor.

House ownership certificate is granted only by the State, not by project investors building houses for sale or rent. The latter is permitted to transfer house ownership certificate if houses are not yet sold or rented.

In addition, the draft law regulates that foreign individuals are allowed to own houses in time period that is in accordance with house transfer and purchase contract and within 50 years since the granting of house ownership certificate and also allowed to extend house ownership period if in demand.

P.Oanh

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