According to Dr. Su Ngoc Khuong, selling real estate to foreign investors is also a form of exporting real estate on the spot. Foreigners owning tourist apartments or houses in Vietnam, the property is still in Vietnam.
The Ministry of Construction proposes for foreigners to buy tourist property. (Photo: Khanh Hoa Newspaper)
At the recent press conference, the Ministry of Construction offered a number of solutions to remove difficulties for the real estate market (real estate).
In particular, there is a content to amend and supplement the Law on Housing, the Law on real estate business 2014 in the direction of increasing the number of houses owned by foreign organizations and individuals in each apartment building and allowing Foreign organizations and individuals are allowed to buy and own tourism properties in Vietnam.
Concerning this proposal, TS. Su Ngoc Khuong, Senior Director of Savills Vietnam thinks this is the right thing to do.
Because in terms of geography, Vietnam has the strength of a coastline of 2,500 km long, has great potential for tourism, rental, and resort to be fully exploited.
Therefore, according to Khuong, selling real estate to foreign investors is also a form of export real estate on the spot, if foreigners own a tourist apartment or a house in Vietnam, the property is still in Vietnam. Male.
Not only that, the ownership of real estate in Vietnam also increases consumer spending, foreign currency inflows pouring into other economic sectors such as tourism, services, and finance are also good.
Meanwhile, the trend of receiving foreign investment for tourism products has been deployed quite effectively in neighboring countries in the region such as Thailand, Singapore,
This expert also pointed out three key points to ensure the realization of this policy of the State in encouraging foreigners to invest in tourism real estate.
The first is the development and synchronization of the tourism industry in Vietnam. The tourism industry needs to develop and be very attractive so that when an investor is considering spending money on an apartment or villa, it will reap profits over many years instead of the investor only interested in profits.
“Therefore the tourism industry plays a very important role and we must fully demonstrate the advantages of Vietnam”, Mr. Khuong affirmed.
The second problem is about legal paperwork. Barriers must be removed, allowing tourism real estate projects to be implemented, creating an open investment environment, thereby attracting not only residential real estate but also foreign investment in various types of services department, sales, production.
Last but not least, it is the guarantee of security and defense factors, in the placement of these projects in locations that do not affect national security like near the military bases, political sector.
Data from the Ministry of Construction compiled from 54/63 People’s Committee reported data, in the second quarter of 2020 there were 92 projects with 6,300 condotels, 197 tourist villas (resort villas) and 46 office apartments. Combined stay (officetel) is licensed.
The key localities for new projects of major resort tourism are Khanh Hoa (3 projects), Phu Yen (2 projects).
In addition, in the second quarter, there are 91 projects with 19,878 condotels and 8,407 tourist villas under construction.
- MoC proposes allowing foreigners buy Vietnam’s tourism real estate
- Allowing foreigners to buy tourism property developments needs careful consideration
- Allowing foreigners to buy tourism property developments needs careful consideration: experts
- Real estate expert proposes policy allowing foreigners to own land
- Should Vietnam allow foreigners to own hospitality property?
- Can foreigners buy apartments from Vietnamese individuals?
- Nha Trang property developer sells apartments illegally to 20 foreigners
- Foreigners’ housing demand is increasing in the domestic property market
- Real estate tech company rolls out platform for finance, insurance, real estate