Even though Viet Nam has relaxed the policies that allow foreigners to buy houses in the country, the numbers are not as high as expected.

More than 750 foreigners have been granted house ownership certificates in Viet Nam since the Law on Housing came into effect in 2014, reports the Ministry of Construction.

The figure is six times higher than that of eight years since Viet Nam implemented the Resolution No 19/2008/QH12, which piloted the scheme to allow foreign organisations and individuals to buy and own homes in the country.

However, a representative from the Ministry of Construction’s Housing and Real Estate Market Management Department told the Vietnam News Agency that the number of foreigners buying houses in Viet Nam was still low due to many other factors including their financial capacity, jobs, demand and the cost of real estate.

The regulations on housing and the policies on house ownership in Viet Nam have been relaxed including the conditions of house ownership and the number of houses being owned by foreigners, which all suit the current situation, the representative said.

Nguyen Khanh Duy, director of sales at Savills Vietnam in HCM City, said legal procedures on real estate ownership of foreigners in Viet Nam had basically received positive feedback from both buyers and sellers.

The attraction of foreigners buying homes in the country in accordance with the law is expected to develop the country’s real estate market, especially in the segment of luxury housing which is abundant. — VNS