Housing Law 2014 boost housing market
Update: 04-07-2015 | 18:02:54
Housing Law 2014 officially comes into full force from and on July 1, 2015 allowing house ownership for foreigners in Vietnam. A foreigner getting married to a Vietnamese citizen or an oversea Vietnamese citizen is allowed to own long-term houses with rights similar to a Vietnamese citizen. This is consider as a boost of real estate market in Binh Duong Province where thousands of experts and foreign employees are residing and working.
Eagerness of foreigners
Although the Housing Law 2014 comes into force from and on July 1, real estate in Binh Duong Province eyes tremendous transformation in housing market niche for foreigners.
In 3 months long, Raymond Lee, an US nationality working in Vietnam-Singapore Industrial Park I has been seeking for purchases of housing projects in Binh Duong Province including Oasis, Sora Garden, First Home Premium Binh Duong, etc.
Real estate market of Binh Duong Province includes various good conditions to promote delivery of premium houses to foreigners. This photo reveals a corner of Eco Xuan Project at Lai Thieu Ward in Thuan An Town. Photo: K. Vinh
Raymond said: "I have been in Vietnam for 2 years, married. By my attorney advises that I can buy a house in Binh Duong Province and I want to stay here fore long. Thus, I have saught all information to be prepared with financial measures as Housing Law 2014 comes into force."
By the end of June 2015, Binh Duong Province has attracted 2,474 foreign investment projects luring a great amount of foreign specialists residing and working. Before the Housing Law 2014, those experts must stay at the places of their enterprise or hire their residing places let alone many have chosen to stay in Ho Chi Minh City in premium apartments for foreigners. As the Housing Law 2014 comes into force, house ownership is wide open in Binh Duong Province.
Mr. Le Hoang Chau, President of Ho Chi Minh Real Estates Association, asserted that the approximity of Binh Duong Province to Ho Chi Minh City is an advantage as Ho Chi Minh City is a place of residence and work of hundreds of senior general directors and experts from foreign countries. Besides, 80,000 Korean, 8,000 Japanese, and 1,200 German people are residing and working nationwide. Those people only hire houses. If they can own houses in provinces and cities of many industrial parks such as Ho Chi Minh City, Binh Duong, and Dong Nai, local real estate market will flourish and become more attractive.
Open to buyers
Many investors in Binh Duong Province have made thorough preparations for product marketing and delivery aiming for foreigners as Housing Law 2014 comes into force. National Housing Organization (N.H.O) is the first investor populating its sales to oversea Vietnamese and foreigners in Binh Duong Province. At recent introduction of Binh Duong First Home Premium, according to the project manager, N.H.O and Binh Duong Branch of Vietcombank - the credit loan support of the project, have aimed for foreigner buyers.
As informed, the branch is doing researches on how to make foreigners accessible to loans for house purchase under flexible payments offered to Vietnamese people.
The reason for N.H.O and Binh Duong Branch of Vietcombank to care for foreign buyers is that many foreign experts and working people are residing for permanent working locally, thus, they would have demands for houses.
Before Housing Law 2014 comes into force, Tac Dat Tac Van Corporation - the coordinator of floor transaction of IJC@VSIP, has made their own preparation for foreigners seeking for houses. Located opposite of Vietnam-Singapore Industrial Park 2 in Binh Duong New City, IJC@VSIP accomodates over 10,000 experts, 15,000 office employees, and over 42,000 working people. Thus, the Corporate has dispatched their salespersons fluent with English, Chinese, Japanese, and Korean to be ready for introduction to the foreigners. Besides, ads and banners for the projects have been added with foreign languages for easier access by foreigners.
Currently, strategic steps have been made in major real estate projects such as Sora Garden and Gouco Land to deliver the products to foreigners. Thus, the projects have been designed with space and facilities suitable to cultures and lifestyles of different residents from different countries.
Housing Law 2014, coming into force from and on July 1, is pending for guiding decrees to open up ownership opportunities for foreigners. This is the chance for buyers and the significant leverage for real estate market in Binh Duong Province to flourish and strongly develop for the time to come.
Reported by Khanh Vinh – Translated by Vi Bao
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