Hanoi announces five more housing projects for foreign ownership

Foreign organizations and individuals can now own five more housing projects in Hanoi, according to an announcement by the municipal Department of Construction.

Among the five projects, four are located in Nam Tu Liem district and the other one in Thanh Xuan district.

Under Government Decree No.95/2024/ND-CP, dated July 24, 2024 and effective on August 1, which provides guidelines for the Law on Housing 2023 (amended), foreign entities and individuals (foreigners) can now own up to 30% of the residential apartments in a building, including mixed-use developments.

For apartment complexes with multiple blocks sharing a common base, foreign ownership is capped at 30% of the units in each block.

For standalone houses in designated areas with a specified population, foreigners can own no more than 250 units if only one housing development project exists, but in areas with two or more, they can distribute ownership across all projects and the total must not exceed 250 houses. However, once the 250-house cap is reached in one project, no further purchases can be made within that area.

To extend ownership beyond the initial period, foreigners must submit an application to the provincial People’s Committee at least three months before the expiration date. The committee has 30 days to approve or reject the request, which can grant an additional 50 years of ownership.