Amended housing law comes into being on July 1, allowing foreigners into the country's property market.
The amended Law on Housing, which takes effect from July 1, allows overseas Vietnamese buy houses in Vietnam without any restriction.
Foreigners in Vietnam can also buy houses, in “certain urban areas”. Housing developers have asked the government to specify such areas.
The right to buy housing, however, is not available to diplomats.
Foreigners and foreign organizations that invest in housing projects in Vietnam can also buy houses in the country, as can foreign-invested companies, banks, and funds.
The new law limits foreigners from owning more than 30 per cent of a single apartment block or more than 350 houses and apartments in a ward, which is a sub district-level administrative area that may contain thousands of properties.