Hanoi announces 5 projects for sale to foreigners

The Hanoi Department of Construction has just announced a list of projects that are allowed to be sold to foreigners. Of these, 4 projects are located in Nam Tu Liem district and 1 project is in Thanh Xuan district.

The project in Thanh Xuan district is Viha Complex (mixed housing area 107 Nguyen Tuan), invested by a joint venture of Xuan Loc Tho Company Limited and Thong Nhat Printing and Trading Joint Stock Company.

The 3 projects are located in Vinhomes Smart City urban area (Tay Mo ward, Nam Tu Liem district). Specifically, the 3 apartment buildings Z38M.1, Z38.1 and U39.1 belong to land lot F2-F4-CH04 (commercial name is Imperia Smart City).

Two other apartment buildings also belong to the Imperia Smart City complex, namely Z38M.1 and Z38.1 on lot F2-F4-CH05. These projects are invested by HBI Joint Stock Company.

The Masteri West Heights project located in Vinhomes Smart City urban area is also eligible for foreign ownership, including apartment buildings U35.1, U35.2, U35.3 on land lot F2-CH01. The project is invested by SV Tay Ha Noi Real Estate Development and Trading Joint Stock Company.

In addition, building HH2-1A of The Matrix One project of Mai Linh Investment Joint Stock Company is also on the list just announced by the Department of Construction that is allowed to be sold to foreigners.

The five projects above are mainly luxury apartments. Surveys on real estate websites show that the market prices of the projects range from 60-100 million VND/m2.

According to the Ministry of Construction, more than 3,000 foreigners have bought houses in Vietnam from 2015 to the end of the third quarter of 2023, mainly apartments in commercial housing projects and concentrated in large provinces and cities.

Of which, Hanoi accounts for more than half with 1,765 units, Ho Chi Minh City 850 units, Bac Ninh 110 units, Binh Duong 210 units, Ba Ria - Vung Tau 50 units... Most buyers come from China, Korea, Singapore, America, Australia, Japan, Malaysia.

In the first half of this year, foreigners bought more than 1,000 apartments in Hanoi, mainly from China; South Korea; Hong Kong, Taiwan (China); Singapore; the US; the UK...

According to the Housing Law 2023 (effective from August 1), foreign organizations and individuals are allowed to own up to 30% of the total number of apartments for residential purposes in a building and no more than 250 apartments in an area with a population equivalent to a ward. They can have their ownership extended once, for a period not exceeding 50 years, when needed. Thus, the maximum ownership period for foreigners in Vietnam is 100 years, double that of before.