Property investment is one of the most stable sources of passive income available in the market, and while there are a lot of interesting markets when it comes to purchasing stable real estate, there is one particular place that has emerged in recent years.
With its rich history, its lively culture, and the natural beauty of its urban and rural landscapes (with ancient temples, foggy mountains, and sunny beaches all in the same country), it’s no surprise that Vietnam is definitely a sight for sore eyes for a lot of expats and investors alike.
However, there are other reasons to move to the country – and here are the biggest ones why you should look into Vietnam for the investment opportunity of a lifetime:
1. Recent legislation has now made it easier to buy property in Vietnam.
Because of recent laws that have been passed, every foreign investor that has been granted a Vietnam visa can take advantage of the property launch in Ho Chi Minh City and invest on real estate industry in the country. Whether it be a condominium, an apartment or a villa, any qualified foreigner can own a residential property here in Saigon.
As long as the purchases don’t go over thirty percent of the total available units of a particular complex, there’s no limit in the number of properties that a foreign investor can purchase.
Property can also be sub-let, inherited, or collateralized for foreign investors, and though land can only be technically “leased” from the state, this lease can be constantly renewable. This in turn allows Vietnam to have one of the most open and lucrative property markets in all of Asia.
2. New project launches are constantly emerging in the country.
Ho Chi Minh City is currently budding with real estate opportunities for expats and investors, with the biggest of them being District 1, the city’s commercial and trading hub. Also, Binh Thanh District has quite a lot to offer, with vinhomes central park for sale as one of the popular residential projects in Vietnam. This residential complex features modern apartments and officetel units alongside shopping malls, cinemas and many dining options.
District 1 is also the busiest district in Ho Chi Minh City, so you can expect a lot of traffic in the downtown and business areas of the city. But you can also find the most amenities and the best nightlife here.
Closely following District 1 when it comes to attracting foreigners and expats are District 2 and District 4. District 2, particularly Thao Dien (the district’s north end), is a popular area for expat families to settle because of its calm, relaxed atmosphere.
District 4 is surrounded by these two districts, but occupies its own small “island” with the Saigon River on one side and two canals on the other. This makes the district famous for its abundance of fresh seafood, and a lot of the city’s fish hauls often stop by at this district first.
3. Your investment’s safety is assured with strong warranties and safeguards.
There’s every reason to rest easy when planning to invest in premium properties, such as in one of those superior units in property launch for De La Sol in Vietnam. These newly opened upscale housing projects are major investments, so it pays to ensure you have good warranty coverage.
This is because all developers are required to secure bankers’ guarantee from local banks that are approved by the state. These banks are liable to pay back the buyer if the property isn’t completed and given on time.
Here, the pressure is now on the banks and developers to make sure that the property is completed on time, or the buyer is compensated if it isn’t.
When it comes to construction, a 1-year warranty is provided for buyers to cover any defects, fixtures and fittings within the property, as well as a 5-year contractor warranty for any structural issues that could happen with the property.
4. The process itself is now more investor-friendly.
While the Sales and Purchase Agreement is still signed in Vietnamese (and is of course, subject to Vietnamese law), most developers and real estate agents in the country now have versions of the SPA in English translated by lawyers, and signing on both language copies makes them both equally valid.
It’s also a lot safer since there’s no need to consult a conveyancing lawyer beforehand. This is because developers in the primary market are the ones who take care of most of the documentation on the homeowner’s behalf.