Da Nang City: “Okay” for foreigners to own homes

The construction department of Da Nang City, one of the most popular locations in the country has listed 17 commercial housing projects that allow foreigners to own homes, including six in the downtown Hai Chau district and eight in Son Tra peninsula.

The department made an official announcement on February 15th, stating that these projects were built as apartments, condotel complexes and trading centers, and that foreigners will be given ownership certificates when buying apartments or houses in these developments.

Among the approved projects are: 

•  An Vien residential zone 
•  Azura Residences
•  Blooming Tower
•  Da Nang Plaza
•  FPT City
•  Garden Tower Apartments
•  Golden Square Complex
•  Green Hoa Binh Da Nang Complex
•  Harmony Apartment Tower
•  Hoang Anh Gia Lai Lake View
•  Lapaz Tower Apartments
•  The Monarchy
•  The Summit Son Tra View
•  Thuy Tu Urban

The department also announced that three projects – Da Nang Diamond Tower, F-Home Apartments and Indochina Riverside tower – will not allow foreigners to buy and own houses. Beyond the city’s current list of 17 approved projects, it has not stated will it will review the expansion of housing ownership for foreigners at other projects.

Real estate industry executives have said that the city will need to see what types of foreigners are buying apartments and houses and what their percentages are. The city does not what its home ownership to be dominated by owners from only one or two countries and hopes to have a mixture of people from many countries buying property.

Da Nang is Vietnam’s most mature coastal market, catering to a range of visitors, including both domestic and international travelers as well as MICE guests. Apart from its beautiful beaches, it is also an economic hub. In 2018, the city welcomed 7.6 million tourists, including 2.87 million foreign guests and generated tourism revenue in excess of $1 billion USD.

Hotel and resort projects have been booming in the city, offering 28,000 rooms for visitors. Soleil Da Nang 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 in 2020.

Most of its upscale accommodation is found along the white sandy beaches of Ngu Hanh Son District and it is expected that apartments and homes in this area will be popular with foreign buyers. According to the ministry of construction, 750 foreigners have been given housing ownership in Viet Nam between 2014 ~ 2017. Real estate industry experts say that this figure has been low due to many issues related to foreigners receiving “red books” of ownership.

With Da Nang officially announcing that foreigners will be given ownership certificates when buying apartments or houses in the approved developments, the foreign ownership figures in Da Nang should go up dramatically. And, if other cities follow Da Nang’s lead in defining approved and non-approved projects, foreign ownership in apartments and homes will become much easier in the years to come.