Foreign investors are looking at Vietnam property market because the country has become competitive among other Southeast Asian countries. Ever since Vietnam opened its doors to foreign investors as late as 2015, it did not stop the country into becoming one of the world’s fastest-growing economies. In fact, the expected economic growth for 2019 is around 6.7% amid global trade woes.
Vietnamese government relaxed property ownership regulations
Just like in Thailand, foreign investors cannot own a Vietnamese land. Locals are not even permitted because it is collectively for and by all the Vietnamese people.
However, foreigners and expats can lease the land for 50 years, renewable. As of 2015, foreign investors must possess a tourist visa in order to purchase a Vietnam property. Also, they can own up to 30% of condominium units and 250 houses within the given districts or wards in Saigon. Moreover, those who have a Vietnamese spouse can acquire freehold Vietnam property.
Promising prices and rental yield in Vietnam
Real estate has become a new trend in Vietnam, especially the project developments in Ho Chi Minh. Chinese, Singaporean and Japanese find Saigon a suitable place to invest because it is where all types of economic activities in Vietnam revolve.
Vietnam’s rental yield is one of the highest in Southeast Asia. It ranges from 6% to 8%, particularly in Saigon’s city centre. The new mass transit line in Ho Chi Minh delivers a positive income not only to real estate developers but also to property investors. Apartments and condos for sale near the new metro line face a higher property value as well as revenue. Price adjustments are seen to increase by 10% to 20% after the completion of the Vietnam Metro line.
Before deciding to purchase a Vietnam property, check property requirements, laws, restrictions as well as the current market situation.
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