Since they allowed foreign property investment and ownership in 2015, Vietnam has gained more and more attention in terms of property sale. Over the years, the country’s real estate market has been a prime contributor to its thriving economy. This is especially seen in Ho Chi Minh City or Saigon, as it is the country’s biggest city.
Finding a property for sale here should not be an opportunity to miss given the conditions. But, before you consider new project launches and buying and/or selling properties, it is important to understand the policies around foreign ownership of properties.
Conditions for foreign property ownership
The biggest change brought about by the revised law for Vietnam property investment is that foreigners are now able to buy a home unit in HCMC. A foreign investor who is granted a visa to the country is already eligible for foreign property ownership. But there are still limits placed upon them, and surely for good reason.
• Foreigners can only own a maximum of 30% of units in a condominium or other residential buildings.
• 10% of total land property units in a compound; and
• 250 landed property units including apartments and the like.
Hotspots in Ho Chi Minh City
Obviously, selling, buying, and leasing will be different anywhere. If you’re serious about property investment though, you’ll have to look in the right places. And that’s exactly what Ho Chi Minh City is today, the right place.
Given how big Saigon is, there are a lot of areas where you could choose to buy property. There are certain districts, though, that gain much attention from foreign and local investors alike. Whether you’re looking for a property for sale, real estate or good apartments to invest in, here are some of the best areas to look:
District 1 (D1) is basically the central district. There are many major attractions here like the Notre-Dame Cathedral and the Independence Palace. Because of this, it is one of the more expensive areas in the city. Even so, you’ll certainly be able to find an apartment for sale.
District 2 (D2) is a popular area for many foreign Asians and Westerners. This is because the district is filled with villas that mostly appeal to Americans, Europeans and the British. Though it was once one of the poorest areas in the city, it has now a place of high-end housing and a go-to for dining, drinking, and other activities. Having apartments in this district can also be advantageous given there are a lot of schools in the area.
District 4 (D4), where Lancaster Lincoln is situated, is the smallest district in the city. However, because of new project launches over the years, the district has seen significant growth, especially in the beautiful place at Lancaster Lincoln, in terms of real estate and property sale overall. More and more investors are buying property in this area, both residential and commercial.
Things to take note of
Buying real estate in Ho Chi Minh, as said earlier, is an opportunity that should not be missed. For instance, Millennium properties just completed a launch, and is one of the most sought-after property in the real estate market of Vietnam today. With that being said, Millennium is rapidly selling out because of the reasonable price and the ease-of-process for foreigners to own a unit from the said property.
But to whom can foreigners buy land and the building/s standing on it? In the real estate market, you can basically buy from the developers of the residential projects or those with the remaining ownership. The payment for purchases is handled by a licensed credit institution, typically a bank. It’s quite easy to send money to Vietnam, though you’ll still have to process the proper documents to avoid any issues.
It is also important to note that Saigon property prices depend on many. Many of those who put their apartment for sale, open up a condominium unit, or sell their properties take into account the sentimental value whatever they’re selling. The typical foreign investor won’t usually consider this, but it can actually affect the price.
Looking for a property for sale in Vietnam has never been easier for foreigners and locals alike. All credit goes to the country’s efforts to open the market to more people to be able to make the economy even better. More than that, understanding property investment before anything else can contribute to a lot of gains on your part as a potential buyer. Picking the right districts and buying the right properties largely depends on you.