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Hanoi lists homes for foreign owners

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Foreigners can own homes in Van Phu-Invest Investment JSC’s Terra An Hung project in Hanoi’s Ha Dong district. Photo supplied

Hanoi lists homes for foreign owners

The Hanoi Department of Construction has listed 22 commercial housing projects, some complete and some under construction, where foreigners can own homes.

They include four projects in Ha Dong district, like Van Phu-Invest Investment JSC’s Terra An Hung project, Military Petrochemical JSC’s housing project in Kien Hung Ward and Capitaland-Hoang Thanh apartment, commercial and service complex.

Long Bien district has three projects, including a high-end apartment building in the Sai Dong New Urban Area and the Plaschem apartment, commercial and office complex.

Thanh Xuan district has two projects, the Stellar Garden Apartment Complex and Nguyen Tuan DLC Complex Project.

Hoang Mai district has the Rose Tower project, while Hoai Duc district has two projects in the Nam An Khanh urban area.

In addition, there are other projects in Nam Tu Liem, Cau Giay, Ba Dinh, Bac Tu Liem and Gia Lam districts, such as the Hanoi Paragon Project in Cau Giay and an office, commercial and residential complex in Ba Dinh, reported the Kinh Te Do Thi (Urban Economy) newspaper.

From November until last month, Vietnam’s capital city also listed 26 other commercial housing projects where foreigners can buy homes.

Currently, foreigners in Vietnam can own up to 30 per cent of apartments in some projects, but demand has far exceeded this level.

Therefore, the Vietnam Real Estate Brokers Association has proposed the government consider increasing the foreign ownership cap in high-end apartment projects

Vietnam Real Estate Brokers Association deputy secretary-general Tran Minh Hoang told zingnews.vn that foreigners’ demand for real estate in the country is increasing, especially for high-end apartments and resorts.

Foreigners with large amounts of capital are not really interested in middle-class and affordable products like Vietnamese people, said Hoang. Therefore, they will not compete with local people in the apartment market as products targeting the two groups of customers are different.

Vietnam is an attractive destination for foreigners due to its favourable geographical position and great potential for tourism development, while real estate is competitively priced and profitable.

For instance, data from Savills Vietnam Co Ltd, the Vietnamese unit of the UK-based real estate services provider, shows that the price of new houses in Ho Chi Minh City averages $5,500-6,500 per sqm. Overall, apartment prices in both Ho Chi Minh City and Hanoi are still lower than regional markets such as Kuala Lumpur and Bangkok.

The state should increase the foreign ownership caps in apartment projects to attract capital, increase market transparency and stimulate socio-economic development, said Hoang.

He also said this proposal should not be considered a short-term solution to restore the property market in the post-Covid-19 pandemic era but should be a long-term solution.

This would increase liquidity and reduce inventories in the market, said Savills Vietnam director of Ho Chi Minh City residential sales Nguyen Khanh Duy.

However, the state must consider carefully because it can affect Vietnamese people’s market shares, he cautioned.

VIET NAM NEWS/ASIA NEWS NETWORK

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