Seventeen housing projects foreigners allowed to buy in HCMC

Ho Chi Minh City has announced a list of 17 residential projects located in areas where foreign organizations and individuals are allowed to own houses.

The decision was made based on a proposal from the Department of Construction, with agreement from the Ministry of National Defense, the Ministry of Public Security, and the HCMC People's Committee.

The projects include the Urban Green in Hiep Binh ward; Diamond Island in Binh Trung ward; a high-rise residential area in Tan Phu ward (lots B1, B2, B3, B4) and in Tan My ward; an apartment area at Lot 3-15 in the Thu Thiem new urban area; City Garden apartment building in Thanh My Tay ward; Dragon Village residential area in Long Truong ward; Phu Long high-rise building area - Subdivisions 15A2, 15B in Nha Be commune; High-rise residential area in Subdivision 13 in Nha Be commune; Thao Dien Green in An Khanh ward; Cuu Long apartment building in Vinh Hoi ward; Celadon City in Tan Son Nhi ward; Pi City High Park in Thoi An ward; Mizuki Park - CC1, CC2 apartments in Binh Hung commune.

In addition, the municipal People's Committee requested inspection into four housing projects that foreign organizations and individuals are not allowed to own.

The four projects include Hung Vuong 2-R13 project in Tan Hung ward, Hung Vuong 1-R16 in Tan Hung ward, and C15B area of Star Hill in Tan My ward, invested by Phu My Hung Development Company Limited; and The Prince Residence in Phu Nhuan ward, invested by The Prince Residence Joint Stock Company.

If violations are detected in the sale of housing to foreigners in the above four projects, the Department of Construction must report to the People's Committee to handle them.

To cater for the housing demand of foreigners living and working in Vietnam, the Housing Law 2023 has more open regulations than the old law.

In particular, foreigners are only allowed to buy commercial housing in projects that do not affect national defense and security, with foreign ownership not exceeding 30% of the number of units in an apartment building or 250 individual houses in a ward-level area.

Expert Nguyen Hoang commented that the Housing Law 2023 has been revised in a more positive direction, helping foreigners easily access real estate in Vietnam.