Real Estate in Vietnam
Purchase of real estate in Nha Trang
Real estate is the most promising investment direction for foreigns in Vietnam and particularly in Nha Trang city. Prices in new Commercial Projects at at the ground-excavation phase from 650 USD per square meter, in the process of construction the price grows exponentially as it approaches to the date of commissioning. In a brand-new constructed compound, the prices of a fully furnished apartment start from 2000 USD per square meter. Under the law of Vietnam, apartments less than 30 square meters can't be sold to foreigners. These apartments are not issued a certificate of ownership - "Pink Book". In my experience, the minimum size of a one-bedroom apartment is slightly more than 40 square meters.
Under Vietnamese law, foreigners become owners of a certain category of real estate for a period of 50 years, which can be extended. Since the law was adopted in 2015, of course we can’t verify this statement, so I propose to consider a realistic scenario and look forward to only 50 years. And during these 50 years, you are the owner of the purchased real estate, you have a Certificate of Ownership (the so-called “Pink book”), all the rights and obligations of the Owner (the right to own, use and dispose of your home, namely, to live in it, sell, buy, give, bequeath, exchange, reschedule, after the death of the owner the apartment goes to the heirs).
You can check on website of the Province People's Committee how many apartments in this or that project are sold to foreigners.
Residential property in Vietnam is divided into several categories:
- Social housing - for low-income and large families, for veterans of war, etc;
- Housing for settlers - from areas with disadvantaged living conditions;
- Official housing;
- Commercial housing (projects with approved quotas for sale to foreigners. In each house, the number of apartments sold to foreigners can not exceed 30% of the total number of apartments in a compound).
As usual, foreigners buy objects under construction, or newly commissioned apartments, so-called commercial housing, where they become the first owner of the property. Sometimes in social buildings, there are some apartments allocated for sale to foreigners, anyway foreigners can buy no more than 30% of the total number of apartments.
Deal - making process of purchase real estate depends on few factors:
You have to pay attention to pitfalls with purchase of real estate in Vietnam.
In accordance with the provisions of Article 8 of the Law on Entry, Transit and Stay of Foreigners in Vietnam No. 47/2014 / QH2013 of June 16, 2014 and entered into force on January 1, 2015, the purchase of real estate in Vietnam is not a basis for issuing and extending visas. It’s mean that you can’t get a visa on the basis of a Certificate of Property.
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