According to Housing Law 2024 the foreign individual as well as a foreign organisation has the right to own property in Vietnam.
1. Types of the property applicable for the foreign ownership:
- Apartments
- Villas
- Townhouses
- Condotels
2. Forms of obtaining the ownership rights
- Purchasing
- Lease-purchasing
- Receiving (as a gift)
- Inheriting
3. Conditions for the foreign buyer:
- Eligible to enter Vietnam, i.e. having all the valid documents permitted to enter and stay in Vietnam;
- Not possessing a diplomatic status, immunity and privileges
4. Conditions for the property available for the foreign ownership:
- The property possessing the status “commercial housing”
- The property located in the area which is restricted for foreign ownership
5. Restrictions:
- Ownership right is limited by 50 years with 50 years extension.
- Foreign individuals and entities are generally prohibited from owning land that is classified for national defense and security. This is in line with the Vietnamese government's policy to prioritize national security interests over foreign investment.
- Foreign ownership in a condominium building is capped at 30% of the total units.
- For landed properties, foreigners can own up to 250 individual houses within a defined area (typically a ward) or 10% of the total houses in a project if the project has fewer than 2,500 houses
6. Documents evidencing the ownership:
- Land Use Right Certificate or the “Pink book” is the equivalent of a Title Deed here in Vietnam.