Buying a property in Ho Chi Minh City as a foreigner: The ultimate guide
Vietnam was never opened to foreign investors before 2015. After the year the country changed its laws and welcomed corporations, tourists, expats and property buyers. All the buyers wait was over they all wanted to invest in this beautiful city. Vietnam is one of the most progressive country to invest in the real estate investments sector in Asia. The Rental yields are very high in the country specifically in the market of Vietnam but in Ho Chi Minh City real estate market you have to pay very less as USD 1,500 per square meter for getting a new apartment around the Ho Chi Minh City.
Can foreigners buy property in Vietnam?
Yes definitely after the relaxed regulation set by the government of the country in 2015, some foreigners managed to buy property in Vietnam in Ho Chi Minh City real estate. Previously it was not possible due to the stringent foreign control laws. But in the year 2015, the Vietnamese Government launched the Vietnamese Law on Residential Housing (LRH), which got it very relaxed for immigrants to purchase the property. Now you can buy the property anywhere in the country, as the country doesn’t have any constraints on the number of properties one can buy.
Ho Chi Minh City ownership certificates of property
When you buy a property from an agent dealing with homes for sale in Ho Chi Minh City, it’s very essential that you take an occupancy record. In previous years when people were not aware of the property ownership certificates they faced many issue, so don’t make a mistake do ask for the property ownership certificates. According to regulations, foreigners cannot have the ownership of properties in areas that are reserved for the protection of the national defense and security. And to check this you have to consult with the officials of the Ministry of National Defense and the Ministry of Public Security as they are the right people who decide whether a property is positioned in an enclosure that is maintained to preserve the national and security. This is very important to make sure that the land whose certificates you possess doesn’t lead in that area.
The ownership certificate in the city of Ho Chi Minh and entire Vietnam is mentioned as the pink book. The title is derived from the little pink book that you should get after you purchased a property in the Ho Chi Minh City. The book shows your ownership and rights of your property. This pink book will give you the It will give you the power to lease your property whenever and to whosoever, you want to and you can maintain data regarding the estate. So primarily these pink books are managed for the title to support the claim of properties. Another kind of book which reflects the title to ownership of land is the red book which is worked for a greater period of time than the pink book. This book is most commonly used for the title of the land.
So these are certain set of thing you need to remember while purchasing a property in Ho Chi Minh City being an immigrant.