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Buying property overseas
Developers around the world are targeting Vietnamese, as well as other Asians, to acquire apartments outside their countries. They have recently organised events in the commercial hubs of Ha Noi and HCM City to introduce their projects.
They are targeting businesspersons whose business extends to overseas markets, families with children studying overseas, and investors.
The real estate services firm Savills UK is offering 115 apartments in two towers of the 375 Kensington Street, one of London's most prestigious developments, at prices ranging from around US$1-9 million per unit of 34sq.m to 185sq.m. All of the Kensington apartments, owned by the company St Edward, will be completed in 2012. They will be offered a 999-year lease with a full 10-year build (Construction) warranty, according to James Tabot, Savills UK's international real estate business director.
A deposit of $7,500 will be required and in the first 18 months, buyers will pay 25 per cent of the cost. The remaining 75 per cent will be paid after the buyer receives the apartment.
The joint-stock firm NAC Real Estate has also introduced in HCM City the Sai Gon Villas apartments of the Bridge Creek company, in Westminster City in California.
Property prices in these two markets are said to have reached the bottom after the financial crisis. However, it will not be easy for Vietnamese who buy houses abroad in terms of legal regulations.
Currently Viet Nam allows only institutions, not individuals, to trade assets outside the country.
Foreign currency regulation is a main challenge. Individuals may transfer foreign currency cash to other countries for purposes including study, medical treatment and tourism via banks, after obtaining papers as required by laws. When going abroad, no more than $7,000 can be carried by each individual.
Further, investment of more than $4 million requires approval from the Ministry of Planning and Investment while lower figures need agreement from provincial authorities.
Thuy Anh
Vietnamnews
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