Foreigners allowed to own houses in Danang

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A 3D model of FPT City in Ngu Hanh Son district’s Hoa Hai ward in Danang City. FPT CITY DA NANG VIA FACEBOOK

THE Vietnamese central city’s construction department has listed 17 commercial housing projects that allow foreigners to own homes, including eight in Son Tra peninsula and six in the downtown Hai Chau district.

The department made an official announcement on Thursday, stating that these projects were built as trading centres, condominium-hotel (condotel) complexes and apartments.

It said foreigners will be given ownership certificates when buying apartments or houses at the Lapaz Tower apartment; the Han Riverside 34-storey Aruza, Hoang Anh Gia Lai Lake View; Danang Plaza; FPT City, An Vien residential Zone and Harmony apartment tower.

Other projects, including Blooming Tower, Golden Square complex; the Summit Son Tra View; Thuy Tu Urban, Green Hoa Binh Danang Complex; the Monarchy; Garden Tower apartment; P A condotel tower are already available for foreign buyers and investors.

The department also announced that three projects – F-Home apartment, Danang Diamond tower and Indochina Riverside tower – will not allow foreigners to buy and own houses.

It has yet to review the expansion of housing ownership for foreigners at other projects not included in the list of 17.

Hospitality industry

Hotel and resort projects have been booming in the city, offering 28,000 rooms for accommodation of 15 million tourists.

Soleil Danang is the biggest apartment and hotel complex project in the city with a 58-storey five-star hotel and three 47-storey apartments, and will launch 1,000 luxury flats next year.

According to the Ministry of Construction, 750 foreigners have been given housing ownership in Vietnam between 2014-17.

Danang is the most mature coastal market, catering to a range of visitors, including traditional and Meetings, incentives, conferences and exhibitions (Mice) guests. Apart from its beautiful beaches, it is also an economic hub. Most of its upscale accommodation is found along the white sandy beaches of Ngu Hanh Son district.

The city hosted 7.6 million tourists, of which 2.87 million were foreigners, earning revenue of 24 trillion dong ($1.040 billion) last year.

Danang officially announced the highest price for land at coastal property projects in Ngu Hanh Son, Son Tra and Hai Chau districts worth 98 million dong per sqm. VIET NAM NEWS/ANN