Foreign investment funds, foreigners with valid visas, international firms with Vietnam operations and overseas Vietnamese will soon be able to buy residential properties in Vietnam.
This after the Vietnamese government eased restrictions on foreign ownership of property in order to revive the country’s property market.
The changes in the law on foreign property ownership will take effect in July 2015. Reuters reported that the amended law, however, limits foreign ownership to 30% of an apartment building and a maximum of 250 homes in one city neighborhood ward.
Vietnam’s property market has been saddled with oversupply since the real estate bubble burst in 2011. – BusinessNewsAsia.com