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Foreigners 'can buy apartments in Vietnam from 2009'
13 Oct 2008
The Vietnam news agency reports that the ministry's move is intended to help with the management of apartment ownership and avoid speculation in the property market.
According to the new resolution, foreign individuals and companies who invest directly in the nation will have the right to purchase a property, as will those hired to be executives at Vietnamese firms and those who have made special contributions to the country and are recognised as having done so by the state president and prime minister.
It is being implemented on a trial basis for five years and will see those eligible being able to buy apartments in commercially-purposed housing development projects for a maximum of 50 years, after which they are required to sell or donate their properties.
The ministry anticipates that some 10,000 foreigners will take advantage of this new offer.
In related news, Matthew Koziora, director of sales and marketing at VinaCapital Real Estate, recently stated that there is a high demand for serviced apartments in Vietnam, adding that such developments are a good investment opportunity, reports Thanh Nien News.
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