Novaland Group launched a programme called “the 100 first apartmentsfor Vietnamese overseas and foreigners” on July 1, the day the revisedLaw on Housing takes effect.

The law for the first time allow overseas Vietnamese and foreigners to own houses in Vietnam.

Theprogramme offers attractive preferential promotion packages for thefirst 100 apartments of the group’s four real estate projects in Ho ChiMinh City, which are The Sun Avenue, The Botanica, Lucky Place andSunrise CityView.

General Director of the group Phan Thanh Huysaid the move is made in anticipation of an expected investment wavefrom abroad into the real estate sector thanks to the law.

CB Richard Ellis Vietnam Co. Ltd. (CBRE) stated the revised law createsmore equal opportunities for foreigners when investing in the country.

Thecompany added that in order to attract foreign investors to the realestate market, local enterprises should take initiative in marketingtheir products overseas like Singapore and other successful countries.

The rising demand for homeownership in Vietnam from overseas Vietnamese and foreign investors isexpected to create major momentum for the local real estate market.

The Housing Law 2015 states thatforeigners with current Vietnam visas are allowed to buy property in thecountry, as are foreign investment funds and banks, Vietnamese branchesand representative offices of overseas companies.

Such property must be in commercial housing developments and not in areas that limit or ban foreigner access.

For investment projects with separate houses for sale or lease,foreign organisations and individuals may not own more than 10 percentof the total number of units within any given administrative area.-VNA