Exploring Vietnam: Real Estate Investments in a Booming Market

Vietnam, a country in southeastern Asia, is a beautiful place with beaches, vibrant cities, beautiful rivers, and of course a budding economy. Vietnam boasts a seamless blend of modernity and tradition making it a great place for either tourism or economic activities. The country's many perks have led to a lot of foreigners either wanting to experience its beauty or invest and get a share in its fast-growing economy. Real estate in Vietnam is attractive to many as you can get residential properties like houses, villas, and flats at a very affordable rate. You may also purchase landed property or commercial property if you wish. In this article, we will pay particular attention to flats in Vietnam for sale.

Who is eligible to buy property in Vietnam

Vietnam as a country is a very attractive place to tourists who want to experience the culture and lifestyle of the Vietnamese, as well as foreign investors and expats who wish to take advantage of the growing economy. A common factor in all these groups of people is that they are aliens who may have an interest in buying a property in the country either to let it out for passive income, to live in and work in the country, or maybe just as a summer home. Luckily, the country has a very accommodating real estate law, this means that both citizens and aliens can purchase real estate in the country as long as they have the finances. Land and properties in the country is open to tourist, expats, and foreign investors although certain legislations guide the purchase.

What to consider before buying a flat in Vietnam

If you're considering buying a flat in Vietnam, especially as a foreigner, it is important to be aware of the various factors you need to look at. Here are some of the things to consider when looking for apartments in the country:

Law on housing: You may be wondering if you, as a foreigner are allowed to buy real estate in the country. The answer to that question is yes, you should however be aware of the laws that govern buying property in Vietnam as a foreigner. For example, you can buy a property with just a tourist visa, you are entitled to a lease period of 50 years, which is renewable, and you are allowed to own up to 30% of flats in an apartment building. A foreigner is also allowed freehold ownership once married to a citizen of the country.
Area of preference: Another thing to consider is the part of Vietnam you want to purchase your flat in. You may wish to live in urban areas with a bubbly atmosphere such as cities like Hanoi, Hai Phong, and Ho Chi Minh, or in a serene area abundant with local Vietnamese culture like Mekong Delta, Sapa, Minh Binh. You can also select a district based on its proximity to amenities or your workplace if you are an expat. The most important thing is to find one that suits your needs in an area that suits your taste.
Apartment specifications: There are lots of flats in Vietnam for sale and each has its uniqueness. You should carefully consider specifications such as the number of bedrooms and bathrooms especially if you plan on living there with family, children-friendly amenities in the building, parking facilities, pool, restaurant, and so on. This is to ensure that you select an apartment that is just right for you.
Cost: Although real estate in Vietnam is pretty affordable, it is still important to choose one that fits into your budget. You should therefore take your time to check out different apartments and their price range to make sure you get one that does not strain your budget.
Getting an agent: Another important factor is getting an agent. A lot of foreigners often get scammed when buying property in a different country which means anyone who wants to invest in real estate has to be wary of fake agencies and agents. You should therefore go through only a verified aggregator website to link up with an agency that will walk you through the process of the purchase.

What is the price range of flats in Vietnam?

A large determining factor in real estate is the cost of the property, many individuals are often discouraged by the amount it costs to buy real estate. The cost of an apartment in Vietnam largely depends on factors like the district in which the building is located, the available facilities as well as the number of rooms. According to Vietnam-Real.Estate, the cost of an apartment in major cities in 2023 is around $2,700 per square metre in Ho Chi Minh City and $2,122 for Hanoi. You may get as low as $1000 in some commercial housing in remote areas. For a better understanding, you may get a one-bedroom apartment in the luxurious Vinhomes Grand Park complex that is 59 m² and fully furnished in Ho Chi Minh City for $82,000. The website provides a better and detailed understanding of the prices of apartments in Vietnam no matter the area or size of the flat. However, you can be sure that you'll get apartments of your choice at a price that fits into your budget.

When is the best time to buy an apartment in Vietnam?

The rapid economic growth Vietnam is experiencing is increasing the influx of foreign investors and expats into the country inevitably leading to higher demand for properties. This demand will inevitably lead to a surge in property value; this is a perfect opportunity for investment in Vietnam as you're guaranteed capital appreciation. Therefore, with consideration of economic growth, the possibility of inflation, and an increase in property value, the best time to invest in Vietnam is now.