The Law on Housing taking effect from July 1, 2015 allowed foreigners to have the right to own houses in the same way as local Vietnamese citizens which was considered as a push for property market; yet, it is not like expectation.
According to statistics made by the Land Registration Office under the city Department of Natural Resources and Environment, for one year and a half, just 217 foreigners registered to buy houses, most of them bought condos in districts 2, 7, and Binh Thanh; lower than in 2014 with 279 people registered to buy.
Also according to the Land Registration Office, formality is the hiccup preventing foreigners from buying houses because there has no guideline for issuance of ownership certificates to foreigners, head of the Office Pham Ngoc Lien said.
Demands for ownership certification increased days by days and foreigners were angry to apply for registration yet the office can not solve. Mr. Lien explained that as per the guideline of Ministry of Defense, the Ministry of Public Security and people’s committees in provinces, the departments of construction are responsible for publicize the index of housing projects where foreigners are eligible to buy yet so far the city Department of Construction has not announced any information on the issue.
Le Hoang Chau, chairman of the city's Real Estate Association, said that recently the Ministry of Defense, the Ministry of Public Security liaised with the association upon the matter. The three sides agreed that foreigners can buy commercial condos which are not located in the national defense and security areas, except for Ly Son, Cu Lao Cham and Nam Du islands.