SG No foreign rush to buy in Hanoi
Property Here - Friday, May 17, 2013
By Andrew Batt:
The widely predicted influx of foreign property buyers and investors into Vietnam’s capital city following a relaxation of foreign ownership regulations has failed to materialise – at least for now.
One week after the Hanoi People’s Committee agreed to grant certificates of land-use rights and houseownership to overseas Vietnamese and foreign home buyers, there has been no response according to local real estate agencies.
Vu Cuong Quyet, CEO of Northern Green Land Real Estate and Service Joint Stock Company, was quoted as saying that the relaxation of foreign ownership rules is a good thing, and added that it could take up to six months for the policy to start working.
Data from CB Richard Ellis in Vietnam noted that Hanoi currently has around 21,600 unsold apartments, mostly in the mid- and high-end sectors.
Statistics provided by the General Department of Land Management noted that just 427 overseas Vietnamese and foreigners currently own homes in Vietnam. Just 64 of the reported 80,000 foreigners living and working in the country own their own house.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email firstname.lastname@example.org