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The Da Nang Department of Construction allows two urban area projects with more than 1,000 apartments to be sold to foreigners.
According to the list of Da Nang Department of Construction updated earlier this week, two projects allowed to sell to foreigners include Capital Square 2 Urban Area of Mega Assets Company Limited and Capital Square 3 Urban Area of SIH Real Estate Company Limited. The two projects are both located in An Hai Bac ward, Son Tra district.
According to the current Housing Law, foreign organizations and individuals are allowed to own a maximum of 30% of the total number of residential apartments in a building and no more than 250 apartments in an area with a population equivalent to a ward.
Accordingly, Capital Square 2 urban area has a total number of more than 1,680 apartments, the maximum number of apartments sold to foreigners is 502 apartments. Capital Square 3 urban area has 512 apartments sold to foreigners, out of a total of more than 1,700 apartments.
The Department of Construction notes that investors need to provide full legal information about the project to customers before signing lease or purchase contracts. If the project is in an area that needs to ensure national defense and security as announced by the Ministry of National Defense and the Ministry of Public Security, the investor must cancel and liquidate the housing lease purchase and sale contract with foreigners.
At the end of last year, more than 1,700 apartments and houses in 4 projects in Da Nang City were also allowed to be sold to foreigners by the Department of Construction. Projects include Olalani Riverside Towers, apartment buildings at land plots B4-1 and B4-2 in the Han River Riverside Tourist Area, Hoa Quy-Dong No Riverfront Urban Area and New Town high-end commercial and sports service urban area.
The Housing Law 2023 stipulates that foreigners can buy, rent-purchase, receive gifts, or inherit apartments or individual houses in the project, except for areas ensuring national defense and security. The condition is that they are not restricted from entering Vietnam and their passport is still valid.
For apartment projects, the law stipulates that foreign organizations and individuals can have their ownership extended once, for a period of no more than 50 years when needed. Thus, the maximum ownership term for foreigners in Vietnam is 100 years, doubled compared to before
Dinh Tri