The Danang’s Department of Construction on April 13 announced a list of 17 commercial housing projects that are subject to foreign ownership.
|Restaurant with banner in Chinese rampant in Danang. Photo: VTCNews|
It includes Danang Blooming Tower; Golden Square Complex; Quang Nguyen Commercial Apartment Bloc; P.A Tower; Lapaz Tower at No.38 Nguyen Chi Thanh Street; Danang Plaze at No.6 Nguyen Du Street; Hoang Anh Gia Lai Lakeview.
The list continues with Thuy Tu Urban Area; Monarchy Complex; Harmony Tower; The Summit; An Vien Residential Area; Green Peace Danang Complex; Garden Tower; Azura Danang Apartment; Danang Marina Complex; FPT City Danang.
The department also made public three projects that ban the foreign ownership. They are F-Home, Danang Diamond Tower, and Indochina Riverside Tower.
It’s unclear which foreign subjects are entitled to own property in the beach city that accommodates a large number of foreigners, including Chinese nationals.
Danang, one of the world’s six most beautiful beaches by Forbes Magazine, was listed in Top Trending Destinations in 2020 voted by tourists and members of TripAdvisor.
Under Vietnam’s revised Law on Housing that took effect from July 2015, all foreigners who are granted a visa to the country and not entitled to privileges and diplomatic immunity are eligible to buy not only apartments but also landed property (villas and townhouses), and regulations on their home ownership rights have been significantly relaxed.
The tenure is 50-year leasehold with renewal possibility. Foreign individuals married to Vietnamese citizens are entitled to freehold tenure.
The total number of units owned by foreigners must not exceed 30% of the total units in one condominium complex, or 250 landed property units in one particular administrative ward or its equivalent.
Foreigners can buy houses from developers of residential projects on the primary market and only from foreign individual/entity owners (not from local owners) with the remaining ownership tenure (renewal possibility available upon expiry) on the secondary market, according to CBRE.