The local government has given the green light to foreign property ownership in Khanh Hoa Province making it the newest place in Vietnam where overseas buyers can acquire real estate. International buyers will only be allowed to purchase units at the Scenia Bay condominium and several regulations have been put into place regarding foreign ownership.
Scenia Bay was granted permission by the provincial Department of Construction to sell units to international buyers. As per Vietnamese law, foreigners can only own a maximum of 30 percent of the total apartment units in the development. For Scenia Bay, that means 211 apartment units can be sold to buyers outside of Vietnam.
According to Vietnam News, the provincial Department of Construction will not allow international buyers to sell their unit for a profit. Additionally, the developer must report any transaction with a foreigner buyer to the department at the time the contract is signed.
Foreign property ownership in Vietnam moves forward
There has been a push to allow international property buyers to acquire hospitality properties in Vietnam and this development is another step in that direction. Locations like Nha Trang, where Scenia Bay is located, are increasingly popular with domestic tourists as well as international visitors.
Khanh Hoa Province is expected to act diligently when it comes to approving projects for foreign ownership. Trần Nam Bình, Deputy Director of the provincial Department of Construction, told the website that the local government will study the projects’ legality carefully together with agreements from relevant ministries and agencies before allowing apartment sales to international buyers.
He added that there are a few commercial housing projects in Khanh Hoa Province already conducting procedures for the permission of selling apartments to foreigners. A number of international-standard resort developments with condotels are being built in Nha Trang. Some of the projects are backed by well-known hotel brands which makes them appealing to international investors.
