Foreigners own 2 pct of Vietnam housing supply: report

Foreigners own around 16,000 apartments in Vietnam, or 2 percent of the total housing supply, and this has not affected local people’s opportunity to buy houses, a report says.

From 2015 to 2020, 17 major real estate developers in Vietnam have sold 12,335 property units to foreigners, 81 percent of them in Ho Chi Minh City, according to a report by the Ho Chi Minh City Real Estate Association (HoREA).

Assuming these companies, which include popular names like Vingroup, Novaland and Phu My Hung, account for up to 80 percent of the total units sold to foreigners in Vietnam, about 14,000-16,000 units nationwide have been sold to foreigners in the last five years, or 2 percent of total housing supply, the report says.

This shows that there’s not been a foreign ownership wave in the Vietnam property market in the last five years. Furthermore, since foreigners mostly buy properties in the high-end segment, their demand has not created any major negative impact on low- and medium-income locals looking to buy their own homes, it adds.

Dat Nguyen