Developers must verify with foreign homeowner's database before sales
Developers must verify with foreign homeowner's database before sales
The Vietnam Chamber of Commerce and Industry (VCCI) has proposed the creation of a shared database by local governments for the number of foreign homeowners of independent houses under their jurisdiction.
A housing project under construction in the southern province of Đồng Nai. — VNA/VNS Photo |
The 2023 Housing Law stipulates that foreign owners cannot exceed more than 30 per cent of the total number of units in an apartment complex and not more than 250 independent houses in an area of 10,000 residents.
Once the limit is reached in an area, all subsequent property projects must be informed that no more independent houses can be sold to foreigners. In order to strictly enforce this rule, a comprehensive database is required to keep developers and buyers updated on the number of available houses in the area.
The chamber said developers, before executing any sales, lease, or gift contracts to foreigners, must verify first with the local government’s database to see if they can be authorised. Following contract signings, developers must promptly notify the local housing management agency of the transactions so that the database can be updated.
Regarding apartments, the chamber said it is not necessary to keep a database because developers already know the 30 per cent cap for their projects.
