Towards this, current laws on real estate ownership should be changed to increase the foreign ownership cap in apartment buildings and allow foreigners to own hospitality properties like condotels and villas, it suggested.The real estate market is facing difficulties including low demand and decreased foreign investment, while supply of hospitality real estate like resorts and condotels has been increasing with the approval of many projects, the ministry noted.Vietnam currently allows foreigners to own up to 30 percent of an apartment project, but there is no regulation on ownership of hospitality properties.Industry insiders say that the lack of such a legal framework is robbing the real estate market off the opportunity to attract foreign investment in condotels, of which there were 39,100 units last year.With another 5,000 condotel and villa units being approved in the first quarter of this year, the hospitality property can present attractive options to an estimated 83,500 foreigners living in Vietnam.Nguyen Hoang, director of research and development at real estate consultancy DKRA Vietnam, said that the lack of regulations has kept Vietnam behind Thailand, Indonesia and Malaysia. All three Southeast Asian peers have established regulations on foreign ownership of hospitality property.”Vietnam’s hospitality real estate has great potential… Read full this story
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