"This [the increase in the number of foreigners buying houses] is a positive sign for the real estate market, as it helps to realize a large number of unsold luxury and premium properties," the association said, adding that they expect further sales growth.Foreigners can buy 30% of apartments in any residential complex.
The number of foreign workers coming to the north of Vietnam in search of work is growing.Citizens of other countries are employed as managers, specialists, and technicians. Many of them are looking to buy a house in Hanoi, the association said.A report by CBRE Vietnam, a consulting company, said last year that since 2015, when the government began removing barriers to foreigners acquiring real estate, 75% of apartments sold to foreigners were bought by residents of China, Hong Kong, Taiwan and South Korea.
Most foreigners who buy property in Vietnam do so with the expectation of rising prices, and only a few rent out their properties.
"Few foreigners, except those who plan to live in Vietnam in the long term, buy houses for personal use," CBRE added.
Source: VN Express
