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The outside of the Terra An Hung - Ha Dong project in late April, one of the 22 commerical housing projects which foreign buyers are allowed to purchase (Photo: VOV)

From November 2019 until May 2020, the capital city also listed 26 other commercial housing projects where foreigners can buy homes.

Currently, foreigners in Vietnam can own up to 30% of apartments in some projects, but demand has far exceeded this level.

Therefore, the Vietnam Real Estate Brokers Association has proposed the Government consider increasing the foreign ownership cap in high-end apartment projects.

Tran Minh Hoang, Deputy General Secretary of Vietnam Real Estate Brokers Association, told zingnews.vn that foreigners’ demand for real estate in Vietnam is increasing, especially for high-end apartments and resorts.

Foreigners with large amounts of capital are not really interested in middle-class and affordable products like Vietnamese people, according to Hoang. Therefore, they will not compete with local people in the apartment market as products targeting the two groups of customers are different.

Vietnam is an attractive destination for foreigners due to its favourable geographical position and great potential for tourism development, while real estate is competitively priced and profitable.

The State should increase the foreign ownership caps in apartment projects to attract capital, increase market transparency and stimulate socio-economic development, Hoang said.

He also said this proposal should not be considered a short-term solution to restore the property market in the post-COVID-19 pandemic era but should be a long-term solution.

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