Deputy Minister of Construction Nguyen Tran Nam
Ownership, by foreign individuals or companies, would be on the basis of a renewable 50-year lease, but property purchases would have to go through recognised legal entities, such as real estate firms or developers.
Foreign ownership would be restricted to no more than 30 percent of an apartment building, or 250 houses in a residential street.
“Foreigners who are allowed to enter Vietnam can own houses in the above-mentioned cases except for national defense and security areas,” Nam said.
