 |
| Illustrative image__Photo:VNA |
Foreign organizations and individuals can now own up to 30 percent of total apartments of a condominium, according to a new decree that became effective on August 1.
Under Decree 95/ND-CP dated July 24, foreign ownership is capped at 30 percent of the units in each block, for apartment complexes with multiple blocks sharing a common base.
For independent houses in designated areas with a specified population, foreigners can own no more than 250 units if only one housing development project exists, but in areas with two or more, they can distribute ownership across all projects and the total must not exceed 250 houses. However, once the 250-house cap is reached in one project, no further purchases can be made within that area.
To extend the house ownership duration, foreigners must submit an application to the provincial People’s Committee at least three months before the expiry date. The committee has 30 days to approve or reject the grant of an additional 50 years of ownership.
According to the Ministry of Construction, about 4 million foreigners and overseas Vietnamese (OVs) are expected to have demand for housing in Vietnam in the future.-(VLLF)
