The Ministry of Construction (MOC) has asked to amend the 2014 Housing Law and Real Estate Business Law, allowing foreign institutions and individuals to buy tourism properties in Vietnam.
The Vietnam Real Estate Association (VNREA) has also sent a document to the National Assembly, asking to amend Article 14 of the Real Estate Business Law to allow foreigners to buy non-housing real estate products.
|Since the amended Housing Law took effect on July 1, 2015, 549 certificates for land-use rights and ownership of houses and other properties built on land (red book) have been granted to foreign institutions and individuals.|
According to Huynh Tan Vinh, CEO of Furama Resort, many other countries allow foreigners to buy tourism properties, which is one solution to attract investment in the business field.
Detailed regulations are needed to promote a healthy condotel market, which has been going off-track for years due to an unclear legal framework, experts have said.
Real estate experts believe that the condotel growth will not depend on state agencies but on investors.
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