Novaland Group launched a programme called “the 100 first apartments for Vietnamese overseas and foreigners” on July 1, the day the revised Law on Housing takes effect.

The law for the first time allow overseas Vietnamese and foreigners to own houses in Vietnam.

The programme offers attractive preferential promotion packages for the first 100 apartments of the group’s four real estate projects in Ho Chi Minh City, which are The Sun Avenue, The Botanica, Lucky Place and Sunrise CityView.

General Director of the group Phan Thanh Huy said the move is made in anticipation of an expected investment wave from abroad into the real estate sector thanks to the law.

CB Richard Ellis Vietnam Co. Ltd. (CBRE) stated the revised law creates more equal opportunities for foreigners when investing in the country.

The company added that in order to attract foreign investors to the real estate market, local enterprises should take initiative in marketing their products overseas like Singapore and other successful countries.

The rising demand for home ownership in Vietnam from overseas Vietnamese and foreign investors is expected to create major momentum for the local real estate market.

The Housing Law 2015 states that foreigners with current Vietnam visas are allowed to buy property in the country, as are foreign investment funds and banks, Vietnamese branches and representative offices of overseas companies.

Such property must be in commercial housing developments and not in areas that limit or ban foreigner access.

For investment projects with separate houses for sale or lease, foreign organisations and individuals may not own more than 10 percent of the total number of units within any given administrative area.

VNA