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The Hanoi Department of Construction recently published the list of projects approved for foreign ownership. Among these, four projects are located in Nam Tu Liem district and one in Thanh Xuan district.

The project in Thanh Xuan is the Viha Complex (mixed-use residential area at 107 Nguyen Tuan), developed by a joint venture between Xuan Loc Tho LLC and Thong Nhat Printing and Trading JSC.

Three projects are situated within the Vinhomes Smart City urban area (Tay Mo Ward, Nam Tu Liem District). Specifically, these are the Z38M.1, Z38.1, and U39.1 apartment towers in lot F2-F4-CH04, branded as Imperia Smart City.

Additionally, two other apartment towers, Z38M.1 and Z38.1, are also part of the Imperia Smart City complex, located in lot F2-F4-CH05. These projects are developed by HBI JSC.

The Masteri West Heights project, also within the Vinhomes Smart City urban area, qualifies for foreign ownership, comprising the U35.1, U35.2, and U35.3 apartment towers in lot F2-CH01. This project is developed by SV Tay Hanoi Real Estate Development JSC.

Furthermore, the HH2-1A tower within The Matrix One project, developed by Mai Linh Investment JSC, is also included in the list announced by the Hanoi Department of Construction.

These five projects primarily consist of high-end apartments, with market prices for these projects ranging from 60 to 100 million VND per square meter according to real estate surveys.

According to the Ministry of Construction, over 3,000 foreigners have purchased homes in Vietnam from 2015 until the end of Q3 2023, mainly in apartment units within commercial housing projects, concentrated in major cities and provinces.

Among these, Hanoi accounts for more than half with 1,765 units, followed by Ho Chi Minh City with 850 units, Bac Ninh with 110 units, Binh Duong with 210 units, and Ba Ria - Vung Tau with 50 units. Most buyers come from countries such as China, South Korea, Singapore, the United States, Australia, Japan, and Malaysia.

In the first half of this year, over 1,000 apartments were purchased by foreigners in Hanoi, primarily from China, South Korea, Hong Kong (China), Taiwan (China), Singapore, the USA, and the UK.

According to the 2023 Housing Law (effective from August 1), foreign organizations and individuals can own up to 30% of the total number of apartments designated for residential use in a building, with a maximum of 250 units in an area equivalent to a ward population. They can extend ownership once for a period not exceeding 50 years upon request. Thus, the maximum ownership duration for foreigners in Vietnam is now 100 years, doubling the previous limit.

Hong Khanh