If you are planning on a move to Vietnam, be it to teach, retire or just to bum around, housing has got to be the first issue you tackle. Now, if you are thinking of living in Vietnam for a long time or even to make it a permanent move, the good news if that you, as a foreigner, can buy houses in the land of hidden charm. There are 7 points to note though.
This is what happened to an Australian couple. Their story below:
Jane and Tommy signed the papers on the new apartment at about a minute past midnight on July 1, making them the first foreigners to adopt good thing about Vietnam’s new foreign ownership regulations. They bought into a fresh luxury real estate in Vietnam where you can get a one-bedder for $177,000.
Mr. Rogan, founder of Sydney marketing consultants Lloyds Property, and Ms. Rogan, an inside designer, met in Vietnam 21 years back when he was focusing on a project there and she was on holiday from her job as a high fashion model in her home country, Germany.
The Balmain couple’s romance with Vietnam has plainly endured as these were the first foreigners to buy a flat in the town Garden Vietnam complex in Ho Chi Minh City (Saigon), under the new regulations.
“It’s a genuine opportunity,” said Mr. Rogan who paid $438,000 for a three bed, two bathrooms, 135 square metre apartment on the 19th floor with views of the Saigon skyline. “I really believe those who enter earliest will benefit most.”
Mr. Rogan lived for per year in exactly the same apartment three floors below but there is no question that the couple is mixing business with pleasure, looking to get about $750 weekly in rent. Even though he does not have any direct links with the development, it can represent a commercial chance for his business.
“I really like this country,” Mr. Rogan said. The next phase of the development is going to seriously stream on.
“I lived here for each year so it is no accident that people chose this as our first investment under the new rules. And, hey, there is no better endorsement of something than putting your own money where the mouth area is.”
City Garden is an extravagance development of 950 apartments across six tower blocks just north of the old city centre of Saigon. A 69 square meter one-bedroom apartment in the complex happens to be for sale for $177,000. An identical apartment happens to be listed for rent at $1200 per month
The brand new law allows overseas nationals with a valid visa, as well as foreign company operating in Vietnam, to possess apartments and houses.
“The approval of the new legislation is a long-awaited law for expats and foreign investors seeking to take good thing about Vietnam’s monetary growth,” said Chip Baker, General Director of City Garden. “It marks a solid step towards checking the Vietnam market to overseas investment.”
Beneath the new rules, foreigners with visas will be permitted to own no more than 30% of the units in virtually any apartment building, or 250 houses per ward in the united states.
“Foreign property investment has been a major issue politically since I was initially in Ho Chi Minh City in 1991,” says Jane. It has been quite a while coming, however the government is treading carefully.
“Many south-east Parts of Asia have reached a spot in recent decades where in fact the general degree of affluence rises, the economy is freed up and commences to grow. And today it is Vietnam’s time.
“There is certainly massively increased shelling out for infrastructure, and the speed of urban growth is clear from a skyline packed with cranes.”
However, he did give a word of caution, not least because the entire impact of the change in the statutory laws remains to be observed.
“Vietnam will not yet own the clean and well-formed property ownership and legal structures that are overlooked in places like Australia. However the national government is pushing hard enough for transparency and clarity, that, for example, CBA and ANZ will have well-established offices in the united states.
“This isn’t an investment for everybody, but those people who have said ‘I wish I’d committed to Thailand, Singapore or Jakarta those years ago’ will jump at the opportunity to getting in the beginning.”