Eight more housing projects in Hanoi open to foreign purchase

Eight more housing projects in Hanoi are now open for foreign organization and individual purchase, according to the municipal Department of Construction.

They include the high-rise housing project N03-T3&T4 in the Diplomatic Corps Area in Bac Tu Liem district, with the Vietnam Construction and Engineering JSC as investor; and the low-rise housing project in Lot TT6-2 in the Tay Tuu urban functional area, invested by Xuan La Construction Investment JSC.

Another is a project at No. 55 on K2 street, Cau Dien ward, Nam Tu Liem district, with Hanoi Transformer Manufacturing and Electric Material JSC as investor.

In Long Bien district, there are the HH4 and HH5 high-rise apartment buildings, part of the Khai Son City project in Thuong Thanh ward, with Khai Son JSC as investor; and a high-rise housing project at Lot CT7, Phuc Dong ward, invested by Long Bien Construction Investment JSC.

In Hoang Mai district, foreigners are allowed to own housing at NO-02, NO-04 apartment buildings of the low-rise commercial and resettlement complex in Hoang Liet ward, with Linh Dam Real Estate Investment Co., Ltd as investor.

In Tay Ho district, foreigners can purchase houses from a high-rise apartment, trade-services and low-rise building project at Lot CT02A in the Nam Thang Long urban area, Phu Thuong ward. Its investor is Sunshine Sky Villa JSC.

In addition, a low-rise housing project at Lot TT6-2 under, part of the Tay Tuu urban functional area in Tay Tuu ward, invested by Xuan La Construction Investment JSC, will be also offered for sale to foreigners.

The number of housing projects allowed to be sold to foreigners in Hanoi was 50 in 2018-2019 and dropped to only 17 in 2020-2021.

Nationwide, since the 2014 Law on Housing entered into force, 253 foreign organizations and 2,610 individuals have been permitted to own houses in Vietnam, mainly in big cities and provinces like Hanoi, Ho Chi Minh City, Binh Duong, Bac Ninh, Ba Ria-Vung Tau and Danang.

Under exisiting rules, foreign individuals can only own property in the form of apartments or separate houses in an investment project to build commercial housing. They are not allowed to purchase houses in areas deemed important to national defense and security.

There are other limits to property ownership. Foreign organizations and individuals cannot own more than 30% of the total number of apartments in an apartment building, and no more than 10% of an individual housing project of less than 2,500 units.